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Will they say yes?

Lillekat2
Posts: 33 Forumite
Hi
Well I have been here before and through advice from this forum I have managed to reduce my debt to 25000, on which I am paying just under £650 a month. My beloved is about to be incomeless as he is giving up his business (Just not financially viable). I have been paying everyone on time BUT I have been borrowing from Peter to pay Paul so to speak. Obviously this is no good to anyone least of all me. To be frank i just can't afford it and the stress is starting to show.
Now my bank (who own 1/3 of my debt) are showing on their website an unsecured loan over 84 months that would bring down my repayments to 377 a month. I could just about manage that and in 7 years --NO MORE DEBT. If I ring debt management and ask them to consolidate all my debt at the rate shown on the website what do you think they will say? I know it sounds silly, but I am a bit scared to ring them. What do I say?
As always anyhelp and advice most gratefully received.
Lillekat
Well I have been here before and through advice from this forum I have managed to reduce my debt to 25000, on which I am paying just under £650 a month. My beloved is about to be incomeless as he is giving up his business (Just not financially viable). I have been paying everyone on time BUT I have been borrowing from Peter to pay Paul so to speak. Obviously this is no good to anyone least of all me. To be frank i just can't afford it and the stress is starting to show.
Now my bank (who own 1/3 of my debt) are showing on their website an unsecured loan over 84 months that would bring down my repayments to 377 a month. I could just about manage that and in 7 years --NO MORE DEBT. If I ring debt management and ask them to consolidate all my debt at the rate shown on the website what do you think they will say? I know it sounds silly, but I am a bit scared to ring them. What do I say?
As always anyhelp and advice most gratefully received.
Lillekat
Google and Ye Shall Find...
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Comments
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Lillekat2 wrote:Hi
Now my bank (who own 1/3 of my debt) are showing on their website an unsecured loan over 84 months that would bring down my repayments to 377 a month. I could just about manage that and in 7 years --NO MORE DEBT. If I ring debt management and ask them to consolidate all my debt at the rate shown on the website what do you think they will say? I know it sounds silly, but I am a bit scared to ring them. What do I say?
To help yourself - be prepared. Have all your paperwork and your figures right next to you when you phone and that includes any financial stuff at all because you never know quite what they'll ask for. Try and have several possible options in mind if your "best deal" isn't available. And remember that you're negotiating not demanding and that the poor schmuck on the end of the line is a working stiff and like any human being will respond to niceness and politeness better than upset and nastyness. Not that you would be like that of course
This might be a long call so I know it sounds silly but go to the loo first! You don't want to squirming on your seat while someone is talking money at youHi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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Thanks for your kind words, Squeaky.
Well I rang. I'm still shaking! They said that it is VERY unusual for them to take on external debt, butif I send them latest statements, settlement figures of my external debt along with a statement of income and expenditure then they will look at it for me and see if they can help -- And maybe at least reduce my current payments. So now I plan to ring my next biggest creditor and see if they will do the same. :eek: After I've had a cup of tea and a calm down.Google and Ye Shall Find...0 -
Lillekat2 wrote:Thanks for your kind words, Squeaky.
Well I rang. I'm still shaking! They said that it is VERY unusual for them to take on external debt, butif I send them latest statements, settlement figures of my external debt along with a statement of income and expenditure then they will look at it for me and see if they can help -- And maybe at least reduce my current payments. So now I plan to ring my next biggest creditor and see if they will do the same. :eek: After I've had a cup of tea and a calm down.
Well done you!Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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Lillekat2 wrote:Oh now I am going to cry! Thank you!Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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Well Liverpool Victoria said "Push Off" to a consolidation Loan but are now considering a loan for the amount I have on a credit card with them. They will ring me back apparently. THis will halve my monthly repayments over 7 years. If they say no to that, then its back to collections for the income and expenditure sheets to get the repayments slowed down. I think I'm starting to get the hang of this -- No-one is going to take on the full 25K I see that now. Maybe I can get the rest down to manageable amounts...Google and Ye Shall Find...0
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Lillekat2 wrote:Well Liverpool Victoria said "Push Off" to a consolidation Loan but are now considering a loan for the amount I have on a credit card with them. They will ring me back apparently. THis will halve my monthly repayments over 7 years. If they say no to that, then its back to collections for the income and expenditure sheets to get the repayments slowed down. I think I'm starting to get the hang of this -- No-one is going to take on the full 25K I see that now. Maybe I can get the rest down to manageable amounts...
There are plenty of real experts in here who could help you with details.
Have a look through all the threads for posts from people with roughly similar problems to yours. Doing a search on "consolidating debts" and "consolidating loans" might help.Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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Well am still waiting for Liverpool Victoria to come back to me, so have decided to Take Action Without them and then if they do so much the better. I have formulated The Plan. Armed with Martins budget I have taken every expense as low as i think I can go. For a start the car is out of the picture. 2 bus passes for us
I have managed to up my Cahoot flexible loan (8.8%) to cover both Liverpool Victoria AND Egg, thus clearing and closing 2 credit cards AND reducing my monthly payments by £140 AND I will now have a proper End Point -- OK it's 7 years at the moment but at least it IS an end!
After 3 hours of calculating, fiddling and finding cheaper options for everything I finally managed to make the results page Green -- SUCCESS!
So now its time for my best beloved -- His own debt manager advises bankruptcy and I have put another thread on here with some questions about that.
Thank you, Squeaky for all your support.
Yours optimistically
LillekatGoogle and Ye Shall Find...0 -
Lillekat2 wrote:Thank you, Squeaky for all your support.Hi, I'm a Board Guide on the Old Style and the Consumer Rights boards which means I'm a volunteer to help the boards run smoothly and can move and merge posts there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com. It is not part of my role to deal with reportable posts. Any views are mine and are not the official line of MoneySavingExpert.Never ascribe to malice that which is adequately explained by incompetence.DTFAC: Y.T.D = £5.20 Apr £0.50
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