Personal loan options for contractors

[jim2406]

Folks,

I find myself needing a personal loan.

I am a homeowner but have very little equity, and I have significant unsecured loans already (12k on cards, and my car is on lease purchase).

MyCo takes around 70k but I pay myself via the salary and dividends route. None of the normal lenders take dividends into account so won't touch me with a barge pole.

Please don't pitch in with 'you should know better its your own fault' etc... the money was spent on medical bills that *had* to be paid - it hasn't been pissed up a wall..

Does anyone have any advice regarding companies that may be sympathic to contractors?

Cheers
Jim

[Troll]

How much do you need?

[jim2406]

Ideally 15k but it's basically entirely for debt consolidation.

I owe bits of money all over the place and can't get 0% cards anymore. I've been juggling it for a while but I don't think that's an option now.

I'm finally in a position to pay the debt off (I can comfortably afford to repay 700 a month), but my credit cards have all just ticked over into ridiculous interest rates.

There may be a better way to do this, I don't know. Feel like i'm stuck between a rock and hard place tbh.

[Churchill]

Ideally 15k but it's basically entirely for debt consolidation.

I owe bits of money all over the place and can't get 0% cards anymore. I've been juggling it for a while but I don't think that's an option now.

I'm finally in a position to pay the debt off (I can comfortably afford to repay 700 a month), but my credit cards have all just ticked over into ridiculous interest rates.

There may be a better way to do this, I don't know. Feel like i'm stuck between a rock and hard place tbh.

Talk to your bank. Explain what the loan is for. They should help.

[jim2406]

Hiya,

I've tried (Abbey). They don't want to know - they said dividends are based on profit thus not guaranteed, so they can't base a loan on them.

I'm going to give contractor financials a ring this morning. They sorted out my mortgage and from what I remember were pretty good. I'll post back here with the results.

Cheers
Jim

[VectraMan]

I had no trouble getting a loan out of Barclays when I started, and they keep sending me letters offering me larger and larger pre-approved unsecured amounts (I think the last one was £22K). But I am a Barclays customer.

[Sausage Surprise]

I've never had a problem. When they ask about income I don't tell them it's dividends (not purposely) I just show them a bank statement that shows the transfers from my co bank account. Have also also shown them invoices in the past.

[jim2406]

Did you folks go the self-cert route (you mentioned showing invoices)? Or just regular loan?

[DimPrawn]

Please don't pitch in with 'you should know better its your own fault' etc... the money was spent on medical bills that *had* to be paid - it hasn't been pissed up a wall..

I hope the sex change was worth it.

Have you looked at http://uk.zopa.com/ZopaWeb/

?

[Alf W]

I think you need to be a bit more assertive with your bank. You should never 'ask' your bank for anything, you should just tell them what to do. Same goes for refunding any charges applied.

Tell them if they won't count dividends as income then you'll pay them into an account elsewhere. If the person you're dealing with still won't play ball, ask to speak to someone authorised to make decisions.

People seem to be scared of banks. I've never understood that.