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Naughty with Credit Card debt but it had to be done
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NPowerUser
Posts: 409 Forumite
in Credit cards
Its a long story so I wont bore you with the detail. Suffice to say the neighbourhood I lived in was getting so rough, I had to get out at all costs. I would have accepted a cow shed, if it meant moving away from where I lived before.
Got a self cert mortgage just before Xmas, moved out to a detached bungalow and hammered the credit card buying new windows, rewired new house and buying essentials to make the house waterproof and safe. It had no guttering and was suffering with damp and woodworm. I know it was wrong but I never want to borrow money again - ever, so a risk worth taking.
£4500 was shoved on my credit card, maxed out but it was all premeditated.
£3000 shoved on the wifes credit card, also maxed out with £15 a month payments and frozen interest.
I then worte to them offering £25 a month against my card, if they agree to freeze the interest, which they have agreed for 6 months. They will get the same offer in 6 months time. I am self employed.
All of this is risky at it destroys my credit rating and my OH but as I am in my late 40's I never want to borrow any money again in the future, if I ever sell again it will be to trade down with no mortgage.
One day I will pay off the credit cards just not for 5-10 years in all probability.
The credit card companies have been very helpful in freezing the interest but I thought the story would help some in debt as many seem to want to service their credit card debt at all cost, when in reality most credit card companies will freeze interest, as long as you pay something.
Naughty I know but I wanted the new bungalow safe and dry and I now realise that typical APR's are in part down to my decision to take advantage of their generosity.
One day they will get it all back, just not with 18% APR interest on top.
Got a self cert mortgage just before Xmas, moved out to a detached bungalow and hammered the credit card buying new windows, rewired new house and buying essentials to make the house waterproof and safe. It had no guttering and was suffering with damp and woodworm. I know it was wrong but I never want to borrow money again - ever, so a risk worth taking.
£4500 was shoved on my credit card, maxed out but it was all premeditated.
£3000 shoved on the wifes credit card, also maxed out with £15 a month payments and frozen interest.
I then worte to them offering £25 a month against my card, if they agree to freeze the interest, which they have agreed for 6 months. They will get the same offer in 6 months time. I am self employed.
All of this is risky at it destroys my credit rating and my OH but as I am in my late 40's I never want to borrow any money again in the future, if I ever sell again it will be to trade down with no mortgage.
One day I will pay off the credit cards just not for 5-10 years in all probability.
The credit card companies have been very helpful in freezing the interest but I thought the story would help some in debt as many seem to want to service their credit card debt at all cost, when in reality most credit card companies will freeze interest, as long as you pay something.
Naughty I know but I wanted the new bungalow safe and dry and I now realise that typical APR's are in part down to my decision to take advantage of their generosity.
One day they will get it all back, just not with 18% APR interest on top.
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Comments
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Have you posted this with the intention of getting a load of nasty comments back? Because no doubt that's what you'll end up getting
Sounds like a troll post to me.Total 'Failed Business' Debt £29,043
Que sera, sera.
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No I am not trolling and people are free to comment.
I abused the system of getting free credit, I am not sorry as I moved out of a hell hole.0 -
UnemployedAndLovingIt wrote: »Lol
What are you actually asking for here with this post though?? :S
And what you posted sounds very foolish, as when you max out cards you don't then start repaying instantly.. lol
I maxed out about 23k between a a couple of cards in a few days 2years ago because i needed to buy furniture for a new flat id moved into,
but i knew that doing it would crush my credit rating, and that paying back a few quid per month wouldn't make any difference,
so i just didn't do that.
So your post is not only hard to believe, but also just not a questions even.. lol
I suppose the point I am making is only do this if you don't intend borrowing money anytime soon. The other point I was trying to make was that credit card companies do freeze interest if you ask.
Without going into detail, I could no longer live in my old neighbourhood, too rough and unfortunately the credit cards were just a means to an end.0 -
You have 'free' credit for 6 months - big deal.
What if the don't accept your offer in 6 months. As a homeowner it's very foolish to play clever with credit companies.0 -
You have 'free' credit for 6 months - big deal.
What if the don't accept your offer in 6 months. As a homeowner it's very foolish to play clever with credit companies.
They will extend it again, I know how the system works.
They may be able to stick an attachment to my home, who knows, if they do, I will live with it. I am not walking away from paying them back, I am simply getting an interest free loan.0 -
You know how the system work = you'll lie about your circumstances ?
I seriously can't see them freezing interest for 5-10 years as you seem to think. You can live with an attachment order ? What if you want to move house - you can't sell
If you wanted guaranteed interest free then why didn't you get a 0% card ?0 -
You realise that could constitute fraud right? Not a very clever idea posting it in black and white on an internet forum.Total 'Failed Business' Debt £29,043
Que sera, sera.
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You know how the system work = you'll lie about your circumstances ?
I seriously can't see them freezing interest for 5-10 years as you seem to think. You can live with an attachment order ? What if you want to move house - you can't sell
If you wanted guaranteed interest free then why didn't you get a 0% card ?
Yes I had to inflate my self employed earnings to get a self cert mortgage. 3.99% fixed for 2 years
I tried getting a loan to carry out repairs and a zero % apr card but no luck.
When your ex neighbours are druggies and anti social with noise, kids, dogs etc, it drove me to extreme measures. I am not proud but then again we will have to see what the system does to me. Please don't get angry about it. I just will accept what route they take in the future.0 -
immoral_angeluk wrote: »You realise that could constitute fraud right? Not a very clever idea posting it in black and white on an internet forum.
Perhaps not. I would have happily gone to prison if it meant moving away, lets hope as long as we keep the mortgage payments up, everyone is happy.0 -
I am the banks biggest enemy, and I hate people who support them without any concern for their victims, but even I have to say this is a poor way to behave and you should really be ashamed of yourself.
I wouldn't even have the nerve to post something like this.
You should move on from this.
D.Doh!0
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