As much as i'd love to, i use the car to get to work and back each day, and the MOT is due in 4 months and its gonna need alot of work to get through this time round (got rust forming on areas that will require welding), so its either going to be expensive repairs or some sort of 2nd hand car thats in decent condition that i can keep for another 4-5 years like I have with my current car which was the plan.

I know i said new car, but what i didnt actually mean brand new of the forecourt as I agree with the depreciation comment.

Hi

The best advice I can give is to defer the purchase of a new car for the moment - a new car is the quickest way to lose money [depreciation] concentrate on paying off your £5500 debts - then when clear think about a new car

I know this may not be what you want to hear but it is the best advice I can give in todays economic climate

Kind Regards

Hello all

I've had bad credit rating for the past 2 years since I was unemployed 2 years ago for 4 months. I had 4 credit cards, 1 of which was with capital One, and i had arranged a repayment plan with them to clear of the debt. I had found out a few weeks ago that this repayment plan had been marked on my credit rating, which was the cause of most of my refusals. I have today managed to clear the card completely, and the account will be completely closed in 21 days.

The position i am in now is: I am still £5500 in debt on credit cards and my overdraft, and am also looking to buy a new car soon as the one i currently own has nearly come to the end of its life. Ideally i'd like to get a loan to consolidate my existing debts, aswell as buy the new car with (the cars i've been looking at are around £5k), so ideally a £10k loan. My finance director at work thinks it'll be easier for me to get a finance deal seperately on a new car, as i'll have an asset tied into it if i dont make the payments (the car), and also given the current economy would also save me more money in the long run than getting 1 loan to cover it all, but this then still leaves me with the other 3 credit cards and my overdraft.

So my questions are:

1. How long should I leave it for the capital 1 repayment to be wiped of my credit rating before applying for loans etc elsewhere?

2. Should I look into 1 larger loan to cover everything, or get a new car on a seperate deal

3. Can anyone recommend any company's that would be willing to help me given my current situation?

If any more information is needed, please ask and I will give as much as i can.

thanks in advance