shaunus89 9 Posted June 5, 2015 Share Posted June 5, 2015 Hi all, Currently on my penultimate week of training at Hendon, after 2 and a half years as a special I'm close to going to borough as a PC. Only problem is my new borough is a long old commute from where I live, and I need a mode of transport to get to my station. I have looked at loans but my credit history is actually worse than bad - to put it bluntly, I'm only just better credit wise than someone who has been declared bankrupt (no CCJ'S or anything). Any suggestions of who I can go to? Natwest are longing the loan process out and I won't get anything from them (aand if I do, not in time for when I go to borough). I've heard of a few police credit unions that offer loans regardless of credit history, has any one used these before in a similar credit situation to mine? Thanks Link to comment Share on other sites More sharing options...
Sceptre + 2,710 Posted June 5, 2015 Share Posted June 5, 2015 If you saw someone really struggling to throw a bowling ball would you give them a heavier one? Stop borrowing money until you can teach yourself how to manage it, least of all to buy a car which is only going to cost you money and depreciate in value. Getting around might be hard, but if you can find a way to put up with it for a few years while living within your means then you'll be in a far better position both financially and with regards to your credit history to do things like get loans or even mortgages. That might not be the advice you want but taking loan upon loan to shore up a life built on very soft sand is not a sensible option at all. 1 Link to comment Share on other sites More sharing options...
Techie1 + 2,024 Posted June 5, 2015 Share Posted June 5, 2015 Is it time to get some help? Do you have a lot of debt, or is it all clear now? If the former, try StepChange aka CCCS. They can help with sensible repayment plans, negotiation with banks, freezing interest etc. Link to comment Share on other sites More sharing options...
Admin Team Sir Penguin 648 Posted June 5, 2015 Admin Team Share Posted June 5, 2015 I was always taught not to buy what I can't afford, so my way of doing things in your situation would be to buy a cheap second hand car, while working on fixing the credit rating situation Link to comment Share on other sites More sharing options...
Management Chief Cheetah 6,915 Posted June 5, 2015 Management Share Posted June 5, 2015 As this asking for genuine help I am going to move this to the Help Me section. As it is a genuine request for help can we keep it to sensible advice please. Link to comment Share on other sites More sharing options...
IanW + 1,916 Posted June 5, 2015 Share Posted June 5, 2015 It may be easier to look for a secondhand 125cc bike and do your CBT, there is also the fact that you can normally squeeze a solo into a yard rather than having to try and find somewhere to park a car. Link to comment Share on other sites More sharing options...
shaunus89 9 Posted June 5, 2015 Author Share Posted June 5, 2015 It may be easier to look for a secondhand 125cc bike and do your CBT, there is also the fact that you can normally squeeze a solo into a yard rather than having to try and find somewhere to park a car. That's what I've done - but I'm struggling to find a bike that's not been ragged out. I was looking at a new 125, hence the loan, however I'm now think that's not the best idea...... Second hand may be a better option, especially if I can get one for under £900. Not in any debt - and my bad credit is due to messing around with phone contracts when I was younger, luckily I do actually know how to handle my finances. Thanks for all of the other advice...... don't really appreciate sarcastic responses though. Link to comment Share on other sites More sharing options...
IanW + 1,916 Posted June 5, 2015 Share Posted June 5, 2015 That's what I've done - but I'm struggling to find a bike that's not been ragged out. I was looking at a new 125, hence the loan, however I'm now think that's not the best idea...... Second hand may be a better option, especially if I can get one for under £900. Not in any debt - and my bad credit is due to messing around with phone contracts when I was younger, luckily I do actually know how to handle my finances. Thanks for all of the other advice...... don't really appreciate sarcastic responses though. For under £900 you should be able to get something! You may have to travel a bit but there are some out there! One of the guys at my work bought one of these Chinese 125's with the logic if it lasted him a year he would be happy! And to date it is still running fine a couple of years on, and I think he only paid about £800 for that brand new! To date with 'repairs' it hasn't cost him more than £1000! So he is a big fan of them! Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
IanW + 1,916 Posted June 5, 2015 Share Posted June 5, 2015 Just as an example - http://www.autotrader.co.uk/classified/advert/201505273791792?atmobcid=soc4 Honda CG125 for £750 Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
shaunus89 9 Posted June 5, 2015 Author Share Posted June 5, 2015 Just as an example - http://www.autotrader.co.uk/classified/advert/201505273791792?atmobcid=soc4 Honda CG125 for £750 Sent from my iPhone using Tapatalk Cheers buddy - I will most certainly have a look over the weekend. Will see if I can get one before the 19th, if not may as well see what happens with natwest as I really don't want to have to take a loan out...... but it is a way of cleaning up my credit history WITHOUT going down the route of a high interest rate credit card. Link to comment Share on other sites More sharing options...
Rocket + 6,403 Posted June 5, 2015 Share Posted June 5, 2015 @shaunus89 We have a dedicated bikers forum The Bikers Tea Hut if you want to post there on a bike specific question other than the loan history one here Link to comment Share on other sites More sharing options...
IanW + 1,916 Posted June 5, 2015 Share Posted June 5, 2015 This is similar to what my friend has - http://pages.ebay.com/link/?nav=item.view&alt=web&id=171733557636 And with a 5 year return to base (ok so not great but could be worse) warranty! Link to comment Share on other sites More sharing options...
Klaus 585 Posted June 6, 2015 Share Posted June 6, 2015 (edited) Learnerlegal.Co.UK I think the website is for the cheap Chinese bikes. Don't get a car, it will be extremely expensive, especially as you won't be able to park in stations and will potentially need to pay for parking. Edited June 6, 2015 by Klaus Link to comment Share on other sites More sharing options...
HobnobGTi + 58 Posted June 10, 2015 Share Posted June 10, 2015 As an aside, before I joined the job I was in a similar situation of having a very bad credit rating thanks to missed payments to my gym and phone contract from my early days. I managed to get a credit card from a bank with a not brilliant interest rate and an allowance of £2000. I did all my spending on that up to what I could afford and then paid off in full each month. This helped improve my credit rating quite quickly and within 2 years it was back in the green as 'good'. Basically, its often better to show you can borrow and repay than not to borrow at all, as a friend has recently found trying to get a mortgage. Just steer clear of Wonga and the like as I know people that have simply got into lots more difficulty with them. Good luck anyway! Link to comment Share on other sites More sharing options...
Soap + 1,575 Posted June 10, 2015 Share Posted June 10, 2015 If you saw someone really struggling to throw a bowling ball would you give them a heavier one? Stop borrowing money until you can teach yourself how to manage it, least of all to buy a car which is only going to cost you money and depreciate in value. Getting around might be hard, but if you can find a way to put up with it for a few years while living within your means then you'll be in a far better position both financially and with regards to your credit history to do things like get loans or even mortgages. That might not be the advice you want but taking loan upon loan to shore up a life built on very soft sand is not a sensible option at all. This analogy is perfect. Link to comment Share on other sites More sharing options...
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