Who to borrow £20000 from.

[llamekuf]

House owners, mortgage, bad credit rating - own bank will not lend them the money.
Where would be and what would be the cheapest method of borrowing please.

[Nosha123]

An unsecured loan is probably going to carry high interest so a secured loan is more likely. Is the loan necessary though???

[ubasses]

most lenders would want security for £20,000, try an equity release from Mortgage Company.

[Andyvon]

If someone needs to borrow £20,000 - then by definition they obviously haven't got the money in the first place llamekuf. Combined with the fact they have a bad credit rating it speaks that they are the sort of people who borrow money to buy things they don't need or can't afford.

What's the £20,000 for? Am I right in guessing it's for a car?

[boxtops]

Extension of the mortgage, if there is any equity in the value of the house - as long as they can prove they can pay it back.

[CheekyChops]

Depends how bad the credit rating is really. If its too bad, probably won't even be able to add it onto the mortgage.

How bad is bad? Any defaults or CCJ's? What are the funds wanted for?

[factor-fiction]

It'll be expensive. If the bank won't lend then they feel the person is unlikely to be able to afford to repay- so maybe the person wanting to borrow the money should rethink whether the £20000 is really needed in full or in part

[Andyvon]

Probably a car Factor.

[Nosha123]

If you need to borrow to buy a car... Then I would recommend lowering your expectations and go for a much much much cheaper one!

[Hymie]

Boxtop’s answer will get you the cheapest loan on condition that your mortgage company will agree to either extending the mortgage lending period or increasing the monthly mortgage payments (or both) – and as said, this will depend on the equity in the property and your ability to meet the new repayment schedule.

My guess would be that the loan is to consolidate outstanding loans (to credit cards, store cards, Wonga etc.).

[mike11111]

I have just read OP's user name backwards.

[factor-fiction]

I take it this bet didn't come off then!
http://www.theanswerb.../Question1064528.html

Yes mike- was it How Green is My Valley or something that had a Llareggub

[mike11111]

Under Milk Wood - Dylan Thomas.

[factor-fiction]

Oh yes- I knew it was something related to Wales

[Andyvon]

Hell! What did that mean?

[Andyvon]

I meant in reply to Factor's link.

[factor-fiction]

Sorry Andy - we diverted a bit. Llareggub was Bugger All backwards, Andy- you can work out what llamekuf's name is backwards

[factor-fiction]

...... or were you querying the Accumulator question on my link?

[Andyvon]

Yes Factor - it was the accumulator link.

I read the name backwards too. As Frankie Howerd might say "Well yes, I quite agree Madam!"

[llamekuf]

Thanks to all of you for your comments.
Fortunately I am not in that state where I need a loan of any kind.

I have been using that user name for many years, it can make life interesting - sometimes.

[ladyalex]

Might be worth trying here

http://uk.zopa.com/

They say they let you know pretty quickly and their rates are competitive. (Wouldn't know myself as have never used them).