Done something unforgivable resulting in £207,000 debt

pete456_2

Will cards give me any credit with £67,000 worth of borrowings. I have a good credit rating but surely this will prevent any lender offering me a card.

pete456_2

And who would be best to chat to with this specific case? National Debtline, CCCS, PayPlan, CAB?

Buffythedebtslayer

mmmm. dont know for sure to be honest.

I got offered cards with debt of 24240. Now tho things have changedI really couldn't say,if you have never missed a payment tho I would chance it and actually have a few few times!! cos a good credit rating is still a good credit rating if you see what I mean?

xx

Buffythedebtslayer

CCCS is recommanded a lot on here, they will all help and are free, one has an online debt remedy thing.

will try and find the link
xx

pete456_2

Thanks Buffy... love the username !

Buffythedebtslayer

https://debtremedy.cccs.co.uk/(S(5gigi4552f4a2t45y0igv0ay))/start.aspx

Have a look at this and see what they say.

Remember tho, most people on here have been some where near where you are. I was in a right old mess when I came here. You just hang on read up and follow the advice, miracles do happen with hard work and lots of "cashback" ;)xxxxx

metalfury

pete456 wrote: »

Will cards give me any credit with £67,000 worth of borrowings. I have a good credit rating but surely this will prevent any lender offering me a card.

If you've got a good credit rating then I don't see why not. I know of people with much more on cards!

I'd research the best deals (new customer deals) the providers have for the cards you've got. Then phone your card providers and try to negotiate a better deal. In conjunction I'd apply for a couple of 0% cards online so that you can try balance transferring the 20% cards that can't be renegotiated.

maysmummy

don't forget that applying for several cards at once either online or on paper will intself affect your credit rating as they will all do credit checks which will show up on each credit search.

Sorry pete but it seems like you are struggling to face up to the reality of having taken your father's money without his permission. Step one has really got to be to tell him.

When you are in a really big hole, the number one rule has got to be stop digging

iamana1ias

pete456 wrote: »

He simply got scared when the banks started failing and realised he had nearly £150,000 in one bank. I offered to split it over 3 banks with a safe 50k in each which would be covered if the banks collapsed.

Why couldn't he just do that himself?!

mrs:optimist_2

pete456 wrote: »

It's a real mess. I want a business again so I feel like I need to hang onto any money I have... but I also don't want this debt hanging over me. I will clear my dad's debt, I couldn't forgive myself if I didn't. In the meantime I need an income but jobs will be tricky having been self employed and no CV to speak of. Oh dear....bit of a disaster really

Any advice would be appreciated.
Thanks :embarasse

You don't have any money...stop thinking of it as yours, it's your Dad's! Until you change the way you are thinking then you won't be able to get this sorted out.

You can probably get away with not telling your Dad if you can find a way to change your mindset and realise this money isn't yours to dip into...starting another business with it is a very bad idea!

As has been said before, there are a lot of people with little to no income dealing with the credit card/loan debt you have.

My advice is pay your Dad back (or hand it over to someone who will deal with it responsibly, so that it's out of your hands and you can forget about it) then call CCCS for advice on paying back the rest.

I don't see why you wouldn't be able to get a job, you don't have to have your own business. Even if it's a job in a call centre or a basic admin job, if you have run a business then you must have some basic computing skills.

Even if the wage isn't brilliant to start with, you work your way up by gaining experience and even a loq basic salary will give the CCCS something to work with and hopefully be able to put together a debt management plan for you.

If you post your SOA then there are a lot of wise people here who can help you to cut back on different things and give you some more breathing space.

Good luck and please learn your lesson from this, because then some good will have come from this situation.

x