What would you do?

DCFC79

Skymoo wrote: »

Sorry I haven't been back. Had problems logging in, and lost the will! OK update. Went to my bank. Explained my situation, they said I had an excellent credit rating. Haven't defaulted on anything at all, so history was good. Loan for 15K approved no problem.

I hope this outcome helps others as the opinions on here lead me to think I had no chance of sorting this mess out.

So a 15k loan on top of debts of 15k all on a salary of 18k. What did you agree to to get the loan ?

Was it cut up all cc's ?

Usually the banks wont lend when you have a certain amount of debts compared to your salary, its all about being able to keep the payments. Maybe you were lucky.

Whats the apr and length of loan ?

Whats stopping you from spending the money the bank gave you ?

Have you learnt your lesson as to why you got into so much trouble ?

Skymoo_2

The bank didn't stipulate anything. I told them what the loan was for and they were completely understanding. The o/d that I had was an agreed one and I had never gone over the arranged limit, which put me in good stead. The debts have now been cleared (thanks to internet banking), credit card account closed and paid up. CC company have given me £50 for being such a good customer for 30 years.

Of course I have learnt my lesson. Plus I have 4 (7.9 apr) years of having to be very careful. I am reducing my od to £200 which is the amount I can go over interest free. It's all good and I'm glad I just didn't stick my head in the sand.