It's Another Fine Mess I've Gotten Myself Into!

sterlingshtuff

Hi all,

I'm in need of quick and clear advice.

I'm in debt of aprox £2200 split between 3 credit cards (HSBC, Capitol One and Barclaycard, all high interest and now handed over to debt collectors demanding immediate payment. Main reason for high debt is due to £50 quid being slapped on each one each month for past 6 months for late payment/ over drawn limit due to unemployment)

I've managed to stall payment to them until the end of the month when I'll have to pay the full amounts. I begin a new job in the middle of March after being unemployed for 2 years, however this will be too late to make any dent in paying off these companies.
My partner has kindly agreed to take out either a loan or use an exsisting credit card so that the debt is cleared and I only have to make one payment each month. At the moment I can only afford to make a £60 payment this month but after that I wish to pay back varied and much larger amounts to pay off the card / loan quickly.

So should my partner use the credit card, or get a loan? I'm temped by the credit card as you can pay back any amount you want higher than the minimum, but I'm not sure if you can do that with loans... dont you have to pay a fixed amount each month for a long period of time? If there is a loan that allows you to pay back however much you want (obviously above a minimum amount set) with a good APR, what one is it?

I'm also worried that my bad credit rating will have affected my partners previously perfect rating, as we live together and the debt people have our address? Is this possible?


Advise would be grately appreciated!

JasonW_2

It might be an idea to look at a cahoot flexible loan. No point in me giving any details as obviously the web site explains it a lot better anyway

http://www.cahoot.com/cahoot_products/cahoot_loans/flexible_loan/frameset_flexible_loan.html

JW

swebber

Highly recommend Cahoot loan.

Have one myself which was we paid in dribs and drabs and then due to deal struck with family member, the balance in full.

No problems or fuss.

robnye

cahoot flexibile loan, sounds ideal, i have a flexible loan with someone else, and i can fully recommend these types of loans,

Debt_Free_Chick

I'm also worried that my bad credit rating will have affected my partners previously perfect rating, as we live together and the debt people have our address? Is this possible?

You each have your own credit record. They are only linked if you have joint debt.

You should both request your credit records to see what's there and correct any inaccuracies BEFORE he applies for a loan.

You can get you credit record for £2, by post, from each of the following

https://www.experian.co.uk

https://www. equifax.co.uk

HTH

Walletwatch

Debt_Free_Chick wrote:

https://www.experian.co.uk

https://www. equifax.co.uk

HTH

To add to that list:

https://www.callcredit.co.uk

deemy2004

Debt_Free_Chick wrote:

You each have your own credit record. They are only linked if you have joint debt.

You should both request your credit records to see what's there and correct any inaccuracies BEFORE he applies for a loan.

You can get you credit record for £2, by post, from each of the following

https://www.experian.co.uk

https://www. equifax.co.uk

HTH

Usually putting a correction on the file makes things worse

paint

Hi, just curious (don't want to hijack the thread or take it on a tangent), but how does it make things worse by correcting a credit file?

anon_3

because if the correction is eventually found to be wrongly corrected it(which is possible),although very rare as the majority of banks dont keep records of defaults or ccj's past 1 year, the debt will start the whole period of time it was due to stay on the file again.

anon_3

listen, i've just been reading through your various debt distress posts and perhaps you guys are looking at the wrong angle for ridding yourself of your debts.please dont get the wrong idea but is no-one on here sick of having their life determined by a credit controlled society?
what i am saying is that credit profiles are disposable in their entirety and the creation of a new one is 100% legal and aaa credit is available on tap effective immediately.
i'll leave you with that and see if you can come with any of the legal loopholes involved.good luck :cool:

Debt_Free_Chick

Usually putting a correction on the file makes things worse

I agree, Deemy, that putting an explanation of how one got into trouble is pointless ... My point (not made well) was in response to this comment

I'm also worried that my bad credit rating will have affected my partners previously perfect rating, as we live together and the debt people have our address? Is this possible?

If Sterlingstuff and her partner are NOT financially connected, but HER debts have affected HIS credit record, then he should correct that. Bad debts are only attached to another person's credit record if the two people are financially connected i.e. that they have joint debt/credit eg joint mortgage.

HTH