government debt scheme

staggo

Government debt consolidation scheme



If this is a bad idea or has already been considered shoot me down in flames



With many people drowning in debt this is the idea i had


1. For example you owe £10,000 to 3 different credit card companies - £3000 - £4000 - £3000

2. A government backed scheme agrees to lend you the full amount to repay the £10,000 to be paid over 10 years

3. In return the scheme will take a small amount of interest, say £500


So you get all your debts cleared with 1 manageable monthly payment left


Then this will free up money to the banks and also free up money for the individual


Some rules of this scheme may include


1. The consolidation will be paid directly to the banks by the scheme so the customer will not be tempted to blow the £10,000 and not repay the debts

2. A note will be made on your credit file therefore discouraging banks from giving you more credit untill the amount is paid or your situation has improved



Sorry for any bed spelling or punctuation. :hello: