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Loan Advice

13

Comments

  • DorsetRed
    DorsetRed Posts: 13 Forumite
    Ridiculous! I wasn't sniping at anyone, I was merely pointing out that I didn't realise that was the point of the forum. Maybe I didn't explain things in enough detail in my opening post, but I certainly haven't shifted any goalposts. The loan is to take the current business I have and expand it and move into larger premises. Part of that move is to open a new aspect of the business, diversifying and expanding on what we currently do. I didn't realise I had to be so specific, because in my opinion, the use of the loan is irrelevent, I was purely asking for some advice on the best way to try to raise that much capital?

    We're moving ahead regardless of whether I get the loan or not, because in the worst case scenario I know I can borrow the money from family, but personally I would rather not do that. That's why the survey has been done and the lease is with solicitors.

    I said there's an element that my partner and I have to invest, but that's partly in terms of equipping the shop, and providing the marketing aspect through existing deals in place. I also said above that I had been advised to leave the default to drop off my file, and not to repay it, now that may well have been incorrect advice based on the comments above, but it explains why up to now I hadn't considered repaying the debt. That could now be an option if it will improve the situation?

    Additionally, if nobody has contacted me about the store card debt since March 2008, who would I get in touch with to settle the debt?
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    DorsetRed instead of tiring yourself out on replying to responses just arrange a meeting with someone at the bank to discuss wether or not they will lend you money, all I am saying is don't get your hopes hope.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    star-fire wrote: »
    DorsetRed instead of tiring yourself out on replying to responses just arrange a meeting with someone at the bank to discuss wether or not they will lend you money, all I am saying is don't get your hopes hope.

    Well said,
  • chesky369
    chesky369 Posts: 2,590 Forumite
    If you just settled the debt, it would disappear. Why don't you do that and then apply for the loan? Or are you saying you don't owe it? If you owe it, pay it.
  • heathcote123
    heathcote123 Posts: 1,133 Forumite
    chesky369 wrote: »
    If you just settled the debt, it would disappear. Why don't you do that and then apply for the loan? Or are you saying you don't owe it? If you owe it, pay it.


    Why would he? Presumably he wouldn't care if someone ordered stuff from his shop and never paid for it.
  • heathcote123
    heathcote123 Posts: 1,133 Forumite
    DorsetRed wrote: »
    Additionally, if nobody has contacted me about the store card debt since March 2008, who would I get in touch with to settle the debt?


    Yes, that would be bordering on impossible to find out.
  • heathcote123
    heathcote123 Posts: 1,133 Forumite
    edited 30 March 2012 at 9:35PM
    JustinCredibleGillespie wrote: »
    Why would she bother to settle a debt thats 5.5 years old? :rotfl::rotfl::rotfl:

    Get the 4k off the bank & if all goes belly up declare yourself Bankrupt. Too many people on 'this' forum seem to take the moral high ground.

    The economy is shot to sh*t anyway.

    Just wait the other 6 months OP and you can obtain as much credit as you like.

    Hahahah! Happy Weekend!


    Maybe it's because some people on this forum get their labour stolen by people like you that would go bankrupt for 4k.

    They really need to bring back debtors prison for that kind of scum.
  • DorsetRed
    DorsetRed Posts: 13 Forumite
    chesky369 wrote: »
    If you just settled the debt, it would disappear. Why don't you do that and then apply for the loan? Or are you saying you don't owe it? If you owe it, pay it.

    Surely if I settled it, it would still display on my credit file as a settled debt that was originally in default wouldn't it? And would that then extend the period it's on file for, as it's currently due to come off file in September?
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    DorsetRed wrote: »
    Surely if I settled it, it would still display on my credit file as a settled debt that was originally in default wouldn't it? And would that then extend the period it's on file for, as it's currently due to come off file in September?

    If you settle the debt today it will then take a while to hit your credit report with a settled mark, but whatever you do this debt will be completely cleared and removed from your credit report once the 6 years is up even if it's not payed.
  • DorsetRed
    DorsetRed Posts: 13 Forumite
    OK, well thanks for all of the advice.
This discussion has been closed.
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