23, 3 k debt , anyway to pay in one lump sum?

crazy_gooner

Hey guys, as the title says really.

I'm 23, in 3 k debt, from when I was younger really, stupidly took a credit card and overdraft on holiday and regretting it all since, but life goes on, I'll get through eventually.

My question is, without anyone grilling me please, does anyone know, or used a company that speaks to all the companies, freezes interest and you pay one monthly sum a month? to clear up debt.

At the moment, I'm paying like £120 a month, affordable which is just about paying over the interest, which sucks, My mrs's has a child on the way, something like this would clear my mind up, at leas I know when it will be clear, if my credit goes down, so be it, as long as I know where I stand, I no longer want credit.

Any help would be appreciated.

Thanks

lvm

Payplan, CCCS, CAB.

They all set up DMPs (Debt Management Plans) but you would need to realise that by doing this there's a VERY high chance you will be issued with default notices which will screw up any chance of getting credit for up to 6 years.

£3k isn't an enormous amount of debt so you might like to have a look at your income and outgoings and do a little SOA (statement of affairs) - it might be a little less hassle relooking at your finances and you may be able to pay your debt off quicker than you thought.

Good luck!

RAS

Hi

Do a statement of Affiars listing your current situation.

Also check www.turn2us.org.uk to find out what happenes when the missus goes on mat leave and what happens when bubs is born and you can start to claim additional benefits. You may need several SOAs for the next year.

What is knocking around the house that you can sell, becuase you no longer use it?

it may be possible to get this under control without doing a DMP.

And do not under any circumstnace use one of the fee-charging companies that advertise on TV or take out a consolidation loan, both are likely to cost you a lot more than the current debts, even if the monthly payment is lower.

crazy_gooner

Thanks guys!

lvm, I will look into your suggestions, thanks, much appreciated.

At this rate, I'll be able to get no credit for 6 years anyway haha, I try to look at the logical side. We have somewhere to live etc, so wont need a mortgage and stuff.

Dave, my mrs's has money, I don't really want to ask her. We did plan a child, but because she has money and I am earning, okay in some debt but surviving, when you've been together years and she's 28, it isn't really a stupid idea, I don't want to take off the government.

Rus I will check turn2us. Thanks very much. I will evaluate my options.

Thanks again all for the insight, appreciated!

crazy_gooner

After having a look around, I think I'll be calling a company called Baines and Ernst tomorrow, to see what they can offer me. They look legit etc.

Anyone had experience with them?

Thanks!

RAS

Baines and Ernst charge substantial fees. You can get the same service from any of these debt charities for free http://www.moneysavingexpert.com/loans/debt-help-plan?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar#help

geoffky

crazy_gooner wrote: »

After having a look around, I think I'll be calling a company called Baines and Ernst tomorrow, to see what they can offer me. They look legit etc.

Anyone had experience with them?

Thanks!

Are you mad??? go with a free one...simples

Teekaylon

crazy_gooner wrote: »

After having a look around, I think I'll be calling a company called Baines and Ernst tomorrow, to see what they can offer me. They look legit etc.

Anyone had experience with them?

Thanks!

If you go to the CCCS Website you can input all your debts outgoings incomings etc and they put a no obligation and TOTALLY FREE debt remedy together for you online...

they even supply template letters for you to send to your creditors, stick around im sure you will find huge amounts of good specialist advice from this forum there are some hugely intelligent people here who know how to press the right buttons etc regarding your creditors £K isnt a lot of debt I myself have 19.5K and from what i have read im one of the smaller fish here i have seen people with unsecured dents of around 80-90K and more! :eek:

Good luck from a fellow gooner

crazy_gooner

Teekaylon wrote: »

If you go to the CCCS Website you can input all your debts outgoings incomings etc and they put a no obligation and TOTALLY FREE debt remedy together for you online...

they even supply template letters for you to send to your creditors, stick around im sure you will find huge amounts of good specialist advice from this forum there are some hugely intelligent people here who know how to press the right buttons etc regarding your creditors £K isnt a lot of debt I myself have 19.5K and from what i have read im one of the smaller fish here i have seen people with unsecured dents of around 80-90K and more! :eek:

Good luck from a fellow gooner

Thanks again all!

Teekaylon, that info is much appreciated. I filled in everything and read all documents, very helpful, question is, if I paid a company, like baines and ernst, wont they work a way to freeze/cancel interest? That's what's killing me.

One way or another, I will have to sort this mess out, be it with CCCS or with B&E.

Thanks!

Nottoobadyet

Hi Gooner,

Just to step back a moment, is it really worth entirely busting your credit rating over a 3k debt? if you threw all your spare cash at it every month, surely you would be rid of it the old fashioned way in a year or so?

Though you say you dont want more credit now, the fact that you have a little one on the way gives me a bit of pause. When the mrs is on mat pay and the baby needs a new carseat or your car gives up the ghost, it would be good to have access to reasonably priced credit rather than the extortionate rates you'd be able to get with a busted rating. As you say you have a place to live now, but if you have more children over the next few years you may want to get someplace bigger.

just my 2 cents!

Odette

Gooner, I dont think you have quite learned your lesson yet! Stop spending money, go with the free one!:)