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Additional Details
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Jess T | Trying to consolodate my debt? |
Hi, i have around £7000 of debts that i need to consolodate. Most of this is spread over 2 credit cards and the rest to a few other creditors, but it is the credit cards that are causing me the problems because i am only managing to pay of the interest each month so the debt is never going to clear at this rate.
Im going to speak to a debt consolodation company, but 1st i need some advice please. I am now living at a different address from where my bank and creditors have me registered at (i moved out of my parents, but still recieve all my post from them and still make my payments - i havent tried to run from them, its just such a hassle to change so many addresses). Will this affect me when i wanna consolodate my debt, as i want to register with the consolodation company at my new address as i obviously need to let them know that my costs are much higher now - rent, bills, etc. Or should i say that i still live with my parents so as not to confuse any matters. Thank you very much!
Additional Details
Also, if any one has any other ideas on debt management other than speaking to a debt consolodation company, i would be very grateful for the advice.
I have applied for a few loans from banks, but as i only have a 'fair' credit rating (i made a few late payments on my cards a few months ago) i have been turned down by several.
Cheers
Oh, i also have a student loan of around £9000, i do not need to make any repayments on this as yet, but i dont know if this will affect my credit. |
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Caoimhin
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Try www.YesLoans.com/Personal-Loans.
You can try and apply on line. The student's loan should not affect the issue, not at least until you are earning the amount laid down before you are required to start making repayments.
Most of your debt centres around 2 credit cards. The interest on credit cards is as you know excessive. There are companies out there who can supply you with a loan at rates less than those charged by credit card companies.
At this stage I would continue to use your parent's address but inform them immediately you obtain your loan.
edit 11.32 23rd April
I did not make myself clear enough. If you obtain a loan you should give the correct details of your new address to the company who lends you the money. As you will be using this loan to pay off the credit card companies, there is no need to inform them as you will owe them no more money. Should you use their credit cards after they've been paid, then yes you must inform them of your new address.
A loan will not get you out of debt - we all agree on that, but the interest is likely to be cosiderably less than that charged by credit card companies. |
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STEVEN F
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RENAMING the debt (aka consolidating) NEVER gets anyone out of debt. Spending LESS than your income and using the rest to PAY the debt is the ONLY way anyone gets out of debt. I am not familiar with UK credit card issuers. In the US, you have an excellent chance to get then to reduce your rates if you ASK them and 'threaten' to transfer your balances to other cards. What ever you do, don't LIE to anyone about where you live. That can VOID any contract with whoever you lied to and make the FULL amount due on demand. |
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Ujj H
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
http://debt-trap.com/category/Debt-Consolidation-Basics.html |
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PATRICK
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get your self out of debt get another loan and clear your debts ????? |
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Matthew B
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I have had over £6000 of debt on my credit cards and had great success lower the rates and monthly pmts using a debt management program. The rate is so high on the cards so you need to get this down and lower your payment. Get involved in a program that will lower your monthly payments to a comfortable pmt . Make sure they follow through on all the things they promise. Make sure to call your credit card companies and confirm that the agreed pmt has been accepted by the credit card company.
The article below is very informative. |
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pollywallydoodle
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If you consolidate , you just consolidate the problem and will owe more.
An iva is not possible anyway with such low debts and you dont pay interest on an iva, that stops the day it is agreed.
I would advise you take the smallest debt, make all the min payments on the others and anything spare you pay off the smallest one. When that is finished you move to the next smallest, you now have the extra from the one paid off to pout to this and so on you move up the debt. Each time you pay one more off you have more for the next, |
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daniella992000
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Try an avoid an IVA, as that really affects your credit big time, and they like to charge lots of interest too. |
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Beau.Gus
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Stephen is 100% correct....debt "consolidation" is a waste of your time and effort, and will not save you anything....it may even COST you more to pay off what you owe!
Why would you move somewhere where your costs are higher when you still owed so much money? If you can answer that honestly to yourself, that would be a good first step in moving in the right direction in life.
There's only one thing that "caused" your situation, and that thing is YOU: you knowingly spent money you had not yet earned...
I predict that after you talk with the "debt consolidation company" they will have talked you out of even more money you have not yet earned, and you will be in MORE debt, not less...think about it, they are a BUSINESS.
You need to earn more and spend less, it's as simple as that!
Sell stuff, get extra jobs, quit spending money on "wants", and pay minimums on all but your smallest debt (ignore the APRs), sending all your extra to that smallest debt until it's gone...then move on to the next debt....
Good luck! |
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Nat.Knows
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There are a number of ways you can consolidate debt.
You could try a debt management plan where you pay one lower payment to your unsecured creditors - but this will damage your credit rating.
Or a Debt Consolidation Loan? Then you can use your new loan to pay off all your old debt and because it is paid off your credit rating wont be damaged - it may even improve? |
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sq1finance
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Hi,
If you can, avoid the 'consolidation loan' for the following reasons:
1. As your credit rating has declined you'll be putting your debt into a higher interest rate loan over a longer period = more expensive
2. It's the term of the loan that really helps the interest pile up not just the 'rate' so refer to point 1.
3. If you can't get a high street unsecured loan to consolidate then your only other option is to have a loan at rates in excess of 20% ...
4. I know this because I arrange these type of loans
Your best option is to:
1. Speak to your creditors and make some arrangement with them to make regular payments in return for them stopping the interest.
2. Speak to a debt management company and see what they can do but avoid those who make large monthly charges.
Good Luck,
Simon |
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