consolidation

olivermarley

Hi i currently have three cc totalling nine k. I am struggling to pay the min payment as i had a few months with no work. I m working again but still unable to meet the payments. My credit rating is now bad, so was wandering if i should pass it onto a debt consolidation place but i want a legite one with no charge. Also i have a joint bank account with my husband who hae a good credit rating, if i hand my debt over will it effect him?
Thanks for any help

JohalaReewi

olivermarley wrote: »

Hi i currently have three cc totalling nine k. I am struggling to pay the min payment as i had a few months with no work. I m working again but still unable to meet the payments. My credit rating is now bad, so was wandering if i should pass it onto a debt consolidation place but i want a legite one with no charge.

Have you looked at Martin's credit card shuffle article?
http://www.moneysavingexpert.com/cards/cut-credit-card-interest

It could be a lot cheaper to do it yourself rather than hand it over to a debt consolidation company. They don't work for free.

Also i have a joint bank account with my husband who hae a good credit rating, if i hand my debt over will it effect him?
Thanks for any help

Your husband's rating is already affected.

You might want to post on the Debt Free Wannabe forum
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

and contact some free debt helplines.
http://www.moneysavingexpert.com/loans/debt-help-plan

olivermarley

Thank you i wil have a look at that. Am i better off taking my name off the joint account and using my other one?

CLAPTON

what exactly do you mean by 'consolidation' ?

usually this means a loan which will be paid off over a long period of time and so will have lower monthly payments
However, if your credit files show lots of missed or late payments you have no chance of a loan.

The are such things as debt management plans (DMPs) where you default on all your loans and make payments you can afford. This of course trashes your credit records for the next 6 years. It will also trash the credit records of anyone financially linked to you (but maybe it's already too late).

Without knowing your full details it's impossible to make any sensible recommendation... I would suggest you post on the Debt Free Wannabe board and give them the full financial picture (SOA).