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Ultimate Snowball
Fossildog
Posts: 24 Forumite
Hypothetical question. You have 5 debts of 5k each. Each take £150 a month to service, of which £75 reduces the debt and £75 pays off interest. What if you were to stop paying 4 debts and make one payment of £750 to one debt, once that is paid off move the £750 payment to the next and so on.
Is this a quicker way of paying your debt off? Has anyone done this? Is this possible (assuming you are not bothered about trashing your credit rating)
Is this a quicker way of paying your debt off? Has anyone done this? Is this possible (assuming you are not bothered about trashing your credit rating)
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if you stopped paying 4 debts they would be handed over to DCA or you`d get ccj`s against you,add to that your credit history would be trashed for 6 years0
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The creditors not receiving payments would also have to agree to not add interest or charges in addition to not seeking CCJs or passing to DCAs otherwise you could end up in a much worse position.Empty pockets never held anyone back! Only empty heads and empty hearts can do that! ~Norman Vincent PealeBR 12/03/2010 ED 12/08/2010BSC #3380
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