A Thread for After Debt?

166million

Oh dear I think I have got carried away and applied for one of those 5% TSB current accounts to shovel some savings into. They are bound to reject me because I have a terrible credit rating and have only just applied for the Barclaycard. I just got overexcited I think. Decent savings interest is not for the likes of me

JulieGeorgiana

166 first direct have a regular savers account with a good rate. You need their current account (so credit score gets checked as a £250 overdraft is standard) but they give £125 for swapping. Anyway, it might not work right now, or you might be able to not get checked by avoiding the overdraft.

But definitely worth keeping it in mind.

166million

JulieGeorgiana wrote: »

166 first direct have a regular savers account with a good rate. You need their current account (so credit score gets checked as a £250 overdraft is standard) but they give £125 for swapping. Anyway, it might not work right now, or you might be able to not get checked by avoiding the overdraft.

But definitely worth keeping it in mind.

Thanks. I suppose it can't do much damage if I get rejected, as I won't be applying for anything else.

166million

I have now got a fixed rate ISA for 1.5%. Best I can be approved for but better that nothing

backinbusiness

Hey all. Long time no post! Hope all is well with everyone. Posting today as I am now 4 plus years down the line of becoming debt-free and today one of my three crippling defaults fell off my credit file.

Two more to go, both by the end of September.

Six years is such a long time to be penalised I think but nothing I could do about it.

Just wanted to share some good news.

Bye for now.

BiB x

Mort

Hi BiB,

Congratulations on losing the default, we have a little longer to go.
It's not been much of a problem, my Noddle credit rating/score is 3/5 which is better than it was. The credit card is under control and the bank balance is healthy. We are considering getting shot of our basic bank account and have been for a few months now.
TTFN.

Vicky496

Oh wow - I just had to post this somewhere...
I've gone from having 3/5 on my noddle credit score to 5/5 (have been debt free nearly a year now).
Was so excited I've stupidly signed back up to creditexpert (£14.99 a month as I'd already had the free trial) to check it wasn't a fluke (it wasn't!!!) and now I have to go through the faff of calling them up to cancel :P

maria3104

vicky496 well done. Hard to believe sometimes, good news is so fabulous we have to keep reading it!

I am just debt free and likely ot be back in debt in jan which will then take me until dec 2016 to clear so I mean to enjoy this time and save like mad for jan.

Enjoy

Maria

Cat_Addict

I need this so much too! I've been struggling to get debt free for five years but only got deeper and deeper as something always cropped up to pull me back down after I'd paid down a big chunk. Finally I inherited some money and my dream of being debt free is realised, but not through my own hard work. Consequently I'm terrified of ending up back there. I hated thinking about it every day and being dominated by the debt. I'm trying really hard to build up a chunk of savings so that things I need will not just be stuffed on a credit card. I need continual motivation and have signed up for the CAP Money course. This thread is a great idea

Andrew_P

Cat_Addict wrote: »

I need this so much too! I've been struggling to get debt free for five years but only got deeper and deeper as something always cropped up to pull me back down after I'd paid down a big chunk. Finally I inherited some money and my dream of being debt free is realised, but not through my own hard work. Consequently I'm terrified of ending up back there. I hated thinking about it every day and being dominated by the debt. I'm trying really hard to build up a chunk of savings so that things I need will not just be stuffed on a credit card. I need continual motivation and have signed up for the CAP Money course. This thread is a great idea

I feel your pain Cat Addict

I am not debt free yet, however I am due to inherit some money from my nans estate which she wanted to leave. Its currently being sorted out by my parents, however they have offered to pay off the debts which stand at approximately £21,000, but I am really scared that my wife I could end up in a mess again if they pay everything off and this would basically destroy our relationship with my parents.

Also my wife and I are in agreement that we should try and get ourselves out of this mess so that when it comes to hopefully being able to use the money for deposit we will be in a much better position.