Help!!!!!!?

Im 19 and when i turned 18 i was suddenly able to get all this credit.

I had about 8 credit cards (no loans) and ran them all up to the max. I was forced to re-locate to a different part of the U.K. and left my job. I owe around Â£7000. I have started working again but can no way afford to pay this back.

I was wondering if i could go bankrupt or something.

I haven't told them i moved and letters must be going to the old address still. This was in January.

Any advice guys - be nice, i wanna sort this out??

THe creditors will chase you, especially when your account is with a debt collection company. Want to know how they will find you?

When you apply for anything, a job, a new loan, a bank account, anything where you have to put your current address and previous address on a form, the tracing company will find you.

They will send you a letter, saying there is something they want to discuss with you, it requires your urgent attention

The worse thing, you can do is declare yourself bankrupt. You are only 19 only just starting your life.

I mean do you have the Â£500.00+ for the bankrupcy order?

If you do go bankrupt, it will affect you getting into the army, the police and other professional careers.

In certain jobs, if it comes up that you have bad debts, they will sack you on the spot, especially if you work in finance.

You do also realise that if you do go bankrupt, it will not be simple to get a bank account... then how will you get your wages? That is if the bank closes your account.. if they have not already.

You need to discuss a repayment plan with the creditors, the worse has already occured on your credit file

Pay a certain amount a month, maintain this for 6 months thn your credit rating will get better. Dont apply for any more credit agreements as obviously you are not mature enough to maintain them.

Oh Danny boy, believe me you cannot run away from these debts, people can trace you so easily these days. Seek help from the citizens advice bureau, they will help you prioritise the debts, and they will contact the lenders and sort out some sort of minimum payments, priority debts are the ones that keep your roof over your head, council tax etc. Credit cards are non priority debts and if your circumstances are bad the cab may even be able to get some of these wrote off entirely, and most definitely will keep them off your back to get on with your life, listen Danny good luck, from somebody who knows.

You haven't paid the bills since you moved?? You should pay them off because if you file bankruptcy it is going to kill your credit for years. ie if you want to buy a house in 5 years... tough. If you want a car... too bad. Having bad credit can even affect your insurance prices. Try to get them consolidated onto one card and work on paying it off. That's the best bet. You may want to talk to a professional.

believe me if you have moved they will soon catch up with you!....go and see the citizen advice and they will help you with this matter...they are very helpfull.

The citizens advice beuro helped me out no end, when I got into debt (council tax arears)..They talked to the council, and renogotiated the whole thing for me....where I was able to pay it off.

Massive thanks guys....(this was about 15 yrs ago).I'll never forget it.

Go thru a debt management company. I have my 3 credit cards through www.familycredithelp.org Family Credit Counseling Corp. They talked to my creditors and worked out a payment plan. I now pay a monthly amount to FCCC and they dispurse it among the three credit cards. It will take a few years to get out of debt, but I am living proof it works. Good luck!

Don't leave this, contct all the credit card companies and advise them of the situation. Most will let you pay back what you can afford and will set up some sort of payment plan. However don't miss a payment otherwise they won't be so helpful the next time.

or

Contact one of those credit companies that you pay and they pay it out of the amount you pay them. This can take a lot longer but may be eaiser. The only thing with these companies is that you pay them a fee in the monthly payments to them.

My advice is to do this yourself, save what you would paying someone else to do the job and take ownership of this and get it sorted. If you don't get this sorted out it can follow you for years. Simply moving to a different area won't make it go away.

Also, get your credit report from a company such as Experian using that you can monitor your repayment progress and see what damage you've done to your credit history.

Good luck.

I've been there, it took me a few years but at your age do it now before it really becomes a problem when you want to purchase a house etc.

Very irresponsible of you,go to the local C.A.B. & get this sorted right away or this will blight you for the rest of your life.

In the U.S. you can call 1-888-845-5669 or email www.moneymanagement.org.........Its a CCCS program where
you can consolidate your bills and the company can negotiate lower payments and finance charges for you. They debit your account each month and they dispurse your payments to all 8 of your creditors. Its like being under an umbrella of protection so no one can bother you while on the program. Usually takes about 3 months once you get going on it for everything to fall into place........Other scenario, you call them and tell them where you moved to and give them your address and phone and they will start hounding you. No peace when that happens.If they find out where you are working then they could bother you at your job.. I don't think you want that either..........So if you have no money to pay them now and you want peace then don't give them your address or phone. Don't list it or give it to the post office either. Have your mail go to a POB where you go and pick it up so no one can trace you to your home and serve you with court papers. If they can't serve you than creditors can't place a judgement against u... Don't tell anyone where you moved to or where you work. Thats because eventually collection agencies will start calling people with your last name to see if they know you or to try and collect information about you.. So in that case you would have to make sure any of your relatives or neighbors either don't know because you never told them or else you have warned your family members not to give out any information to anyone inquiring about you over the phone.... So basically hide until you have the means to call them up and offer a settlement for maybe 60%..........Thats the way it is here but it may be different in the UK........I would not file banko for just $7,000..... Maybe if were $70,000..yes but not $7,000... Not worth it... You can always hide until you have the funds saved up and if you offered them a settlement 3 years from now then possibly you can settle with them for a total of $4000 iinstead of $7,000...... If you pay on your $7,000 minimum payments and all their finance charges then you will be paying them probably $30,000 over 15 years........Thats really not fair either... thats why alot of people have no choice to hide when they get into trouble because they back you up against the wall with no way out....Here in US we can simply call the number I gave it.... Its a leggit company because its on the Suzeorman.org website ......If you are forced to take the route of hiding then in the U.S. you really have to cover your trail.. Everything I told you before plus never give out your employment to anyone... If you apply for tires for example and give information then that company can pass that information along to your credit report.. Also you buy tires and fill out the tire warranty.... That little piece of information will be passed on to credit bureaus and credit agencies.. I use to collect for a certain tire company.... If they skipped out we would check the little warrantly papers they filled out that was done by a different company and get all the information..Of course they were shocked when you called them..Debitors were more interested in how you found them than the bill they were delinquent on.. It goes on and on.....Some people will establish a front where they tell anyone and everyone they are self employed in computers and never let anyone know where they really work or closed mouth about their information. If you are truly hiding then you have to be as careful as the creditors being front line and out there looking or you.....I know this is not fun but sometimes good people get themselves into situations beyond their control.... In your case it was probably your age... I am sure you have learned a hard lesson at such a young age...Its always best to pay your bills on time, discipline on your credit if possible and live a life free from hiding like a fugitive... However, sometimes its impossible so do what you have to do.. Evenutally you will get this taken care of...But for now do what you have to do and don't worry about other people judging you about your decision.............Either don't tell them or say Be Quiet..... Unless they have a $7,000 check to give you......So good luck to you.....See what I wrote below about one of the answers you received that is so wrong....

Look in to credit cosolidation one 7000 loan will be much cheaper than 8 credit card bills!!

Apply online at www.surefirefinance.co.uk and they will get back to you with what you can borrow, match this figure against what your paying for 8 credit cards and you will see it will be much cheaper.

If you can afford to do this i would recommend that rather than going bankrupt which will ruin your credit history for 6 years.

First, look at this site
www.cccs.co.uk
(Consumer Credit Counselling Service)
they're a UK charity similar to CAB but ONLY deal with debt, who will not only give advice but explain everything start to finish, provide you with a comprehensive pack of letters/forms (with their name on) etc to copy, and always be on line or on the phone to guide you through. They tell you exactly what both bankruptcy and individual voluntary arrangements (IVA's) involve, and advise which is right for you. They take away the fear of debt, and the fear of the unknown, and put it into perspective, where you'll be able to stop worrying and start sleeping. Good for you for wanting to start sorting it out now.

Mate! this ain't your money you have to give it back or they will Take it back and you'll be in the s*tter! Don't declare bancruptcy cos that will F*ck up your chances of a morgage and crdit in the future. Call the banks amit you need help paying it back and set up a plan of action! Oh and Welcome to the real world!

If I were you you the best thing at least here in the US is to stay in contact with each thing you owe. Keep a valid address and yes a phone number...This way they feel you intend to pay them....The moment they feel that you have abandoned them there is no turning back on collection efforts. They aim to be as embarrasing as possible. Here in the US bad credit can also affect the ability to get a job too. Employers are increasingly using credit checks as a way to "screen" new applicants...You may need help in making payment arrangements...You are young get it together quick. next time only keep one or 2 cards....Right now you may want to get a secured card to build back up your credit....

Go and speak to a financial advisor - please don't go bankrupt - it may seem like the easiest option but it stays on your credit history and will make things like getting a mortgage difficult.

FYI - I probably should not say this BUT I used to live in Spain and a lot of people I met there had moved over because they had gotten into your situation and if you left the country for 5 years when you returned the debt had been wiped clean.
They did not earn muuch doing bar jobs etc but it was enough to pay rent, food and stuff.
This was 7 years ago so the law may have changed.

Good luck

Firstly, calm down, Â£7k's not that bad at all.

If I were you I would go to somewhere like www.moneysupermarket.com and search for the best rate for balance transfers. Then transfer all of your cards onto a zero rated credit card, so you're not paying loads of interest. When the 0% period runs out, transfer to another one, and so on, so you never end up paying credit.

There's absolutely no point running away from debt because it will catch up with you in the end, and belive me, when I first left uni I had loads more debt than that, but I'm slowly paying it off and it's so satisfying to see the balance decrease.

If you can't make the minimum payment, let your credit provider know and they will make some sort of arrangement with you where you pay what you can afford.

It's only money at the end of the day. There's nothing you can do about the debt you've run up, so just concentrate on getting it sorted now.

I think there's a national debt helpline and website as well, so it might be worth contacting them for a bit more advise. I think you can download letters that you can send to your credit card company asking them to accept smaller payments.

Good luck anyway. And don't stress!

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