bad debt-removing defaults

leggy209

I have a large overdraft and visa card as well as a store card and im currrently trying to pay back some debt which i accrued when i was a student that i defaulted on, therefore i am currently paying back two debt repayment schemes.

I have tried to get a personal loan to cover all of this debt so that i am able to have one payment and get rid of the 'bad debt' that i still have.

I have been unable to do this for the amount that i need (£7000) and am not sure what to do next.

I didnt want to go to the consolidation agencies as i know that they charge huge rates of interest.

Firstly, i want to know how long these defaults stay connected to you - once you have paid them off, are the defaults removed?

Is it possible for me to get a loan to pay everything off. I had hoped that getting a loan would mean that i pay a lower rate of interest on everything but im not sure what to do now.

Can you help please?

Thanks!!!
Laura

apprentice_tycoon

Hi Laura, I can't help with your query but I can tell you that your post will get plenty of response if you ask for it to be moved to the 'debt free wannabe' board

sra

apprentice_tycoon wrote:

if you ask for it to be moved to the 'debt free wannabe' board

Done .

garyclay

Defaults will remain on your credit file for 6 years from the 'last activity' which in your case is when you satissfied them.

With a default on your file it is highly unlikely any high street lender will touch you so you'll be restricted to sub prime lenders who charge higher interest rates.

Sorry I can't be more positive.

file_wizzard

garyclay wrote:

Defaults will remain on your credit file for 6 years from the 'last activity' which in your case is when you satissfied them.

Just a mild correction they will remain on your file for 6 years from the date of default, not satisfaction, if you don’t satisfy them they will naturally expire after the 6 years is up

skintchick

Hi

Can you tell us: the amounts and APRs of each debt? your incomings? your outgoings in detail including food, socialising, etc?

THen we can advise on what's best to do. Dont; panic - there IS a way out of this!