Confused - Default on credit file and worsening credit?

Poosmate

give_them_FA wrote: »

And maybe if the banks and credit card companies hadn't been so greedy and irresponsible about advancing money unsecured, tempted by the 25% interest rates they could charge the credit crunch wouldn't have happened, would it?

They get bailed out by the taxpayer and the bosses still collect their million pound bonuses; whilst people like our friend here have to live in hardship for years, whose side are you on?

Walking away is one of the possibilities. It isn't that hard. It's up to him not us. I would say that they have screwed him for getting a mortgage anyway, especially in today's climate.

So yes, I give real world advice, not the politically correct "you can live on baked beans on toast till you've paid it off" type.

And maybe if people like you hadn't borrowed more than they could afford and lived beyond their means the banks wouldn't have to put up their interest rates for those who do pay back.

The banking crash happened primarily because they were duped into buying sub-prime debts from American banks. Those banks no longer exist so our banks are unable to get any recompence. Most of our banks were duped by the American sub-prime scam, some worse than others - hence the bail outs.

Anyway, I would rather my taxes pay for assets in a business employing thousands of people (keeping them off the dole) than support those many thousands on dole and associated benefits.

Poo

give_them_FA

Poo, I'm sorry your only resort is to personal remarks. I am not trying to rubbish your advice and if the OP chooses to follow it then good luck to him. I am merely putting up a viable alternative which WILL work if he chooses to follow it.

Unlike you I am not here to make moral judgments or to take the welfare of stupendously rich financial institutions into consideration. My only concern is the welfare of people who are in trouble, even if that might impinge upon the ability of the Chairman to collect his multi-million pound payout for doing who knows what. So if the OP wants to explore my advice then he can do so. If he prefers to go down your route, then I won't be throwing my toys out of the pram or launching unfounded personal attacks on you.

Oh, and by the way, nobody gets "duped" unless they are so greedy as to buy into a dodgy deal without checking it out properly. But enough of the political stuff already.

iwouldprefernottosay

Thanks for all the advise so far people (even if we've slipped slightly off topic).

Is there someone other than the CCCS or CAB I can speak to about this? Ultimately, I want to make the best decision for purchasing a house in the future, whatever that may be, but I need to be able to know for certain that a default/IVA/etc is the right way to go.

Thank you

Poosmate

Sorry for going off topic.

The other two free DMP agencies are CAP (Christians Against Poverty) and Payplan. You could also try the nationaldebtline.co.uk. (National Debtline).

Poo

iwouldprefernottosay

Will they be able to tell me the consequences of my new actions? Say, if I chose an IFA, would they be able to tell me what damage it would do when applying for a mortgage in 5 years (or such?)

Thanks again for all the help, I feel like we're getting somewhere slowly (very very slowly)

rising_from_the_ashes

Deleted - sorry thought the OP was looking to do an IVA - not speak to an IFA (sorry, pink face!)

An IFA should be able to help but also speak to CCCS (or one of the other debt charities)

rising_from_the_ashes

How long does your DMP have to run?

give_them_FA

Yep, sorry for the squabbles, IWPNTS. Certainly if you are hoping to get a mortgage in the foreseeable future then mine isn't the advice to take, lol. It was more about getting the weight off your back now rather than later. You should take your case to one or more IFAs to think through the chances of getting a mortgage in the position you find yourself in. Do you have access to a larger than normal deposit? Otherwise my personal opinion is you are going to have problems with those defaults on your record but seek professional advice.

If you were going to go down the clean break route then in 6 years the debts would go statute barred (5 in Scotland) and your credit slate would be wiped.

You must choose the route that benefits YOU best. I'm not into moral judgment so my basic advice to you is: Look after YOUR interests first and foremost. We know little of your personal circumstances so advice can only be, at best, in generalities.