credit card - bad credit rating can anyone advise on reducin

sitcom321

My husband has a credit card which has 7k on it. He has got bad credit amd not eligble for 0% transfer. He is currently payibg £76 pm interest. His banking is very good and he has never been overdrawn or late payments etc with them he is very diligent. His credit rate has been ruined by guaranteeing on loans for family member. The bank have indicated the will give him a personal loan due to his history with them or they will let him add it to his mortgage. What are ur views on this? Good or not or any advice to reduce Interest

Anthorn

Add what to a personal loan or his mortgage? If that's the loans he guaranteed then if he does that those loans should be settled surely. Personally, six years ago if I had been given the option to clear bad debt by taking out a personal loan or adding it to my mortgage I would not have needed very much persuasion to do it. But doing that will increase his overall repayments so can he afford to do it? If he can't really afford it he could eventually be in a worse financial position than he is now.

First priority should be to get credit reports and see what's on there and then to chase up the loans with the family. It's difficult with family members involved but they owe the money and they should pay it back. My older brother was in much the same position and he successfully sued the family member! No, it wasn't me.

sitcom321

The family member is paying off the loans etc but has lots of defaults etc which has badly affected hubbys rating. There is no chance he will sue anyone. He can afford repayments he is financially ok its just needing best advice on best way forward