High interest rate loan

dumpyboy

Pixie5740 wrote: »

No the interest rate won't show on your credit file.

How much are you paying towards your accounts on arrangement at the moment? Is it more or less than the monthly repayments for this Hippo loan you're thinking of getting?

I just don't see how taking on more, incredibly expensive debt, when you are struggling to service the debt you've already got is a good idea. I don't think you'll find anyone on the MSE forum who will agree that it's a good idea.

Can you repay your current debts faster and then look at getting a credit card to help rebuild your credit file in a year or two?

May be get them down to another 3 to 4 years paying around 300 to 600 a month depending on what earn and spend down to three after 24 th of this month so will be another 80 going to the two on arrangment they never have less then 200 arrangement fee 196 it would not be a year or two it would be at least 9 to 10 before I would get a card the manger of nationwide were I banked for for 35 years told me it would be at least 2025 before they would even think of returning my cheque book and full bank account told to me a month after my last default fell of in may this year year so yo can see why I think blacklisting for 18 years is un fair this high cost loan is the only thing I can find to maybe lesson the effect

moohound

£12000 of taxed income to 'restore' credit rating? for what purpose? to borrow in the future?

I have a basic bank account, no check book, and it makes not one jot of difference to my day to day life.

Pixie5740

There's no such thing as "blacklisting". Yes it's true that if you have a history of borrowing money and not repaying it then you will find it more difficult to obtain credit but you haven't been universally blacklisted. Given your obviously troubled history with debt and repaying it I'm not sure why you're so keen to take on a loan of £7,000 rather than focussing on the debts in hand or taking the advice of one of the debt charities. Repairing your credit file is only important if you want to borrow more money at some point in the future and given your current situation I'm not sure why you'd want to do that.

The MSE guide to credit cards for bad credit has an eligibility checker which you can use to see if you stand a cat in hell's chance of being accepted for one.

Edit: link to MSE guide.

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

dealer_wins

dumpyboy wrote: »

I know it is an expensive solution but do you think it would in prove my credit file in the long term and if settled in 5 or 3 years will it show who it was with and the interest rate it was

Get out of this situation as quickly as possible by paying every spare penny towards your debt.

And then save save save, so that you never have to borrow again ever.

Then it doesnt matter whether you have the credit rating of the Queen, or that of one of her corgis, because you will never pay another penny in interest again for the rest of your life!!

dumpyboy

Pixie5740 wrote: »

There's no such thing as "blacklisting". Yes it's true that if you have a history of borrowing money and not repaying it then you will find it more difficult to obtain credit but you haven't been universally blacklisted. Given your obviously troubled history with debt and repaying it I'm not sure why you're so keen to take on a loan of £7,000 rather than focussing on the debts in hand or taking the advice of one of the debt charities. Repairing your credit file is only important if you want to borrow more money at some point in the future and given your current situation I'm not sure why you'd want to do that.

The MSE guide to credit cards for bad credit has an eligibility checker which you can use to see if you stand a cat in hell's chance of being accepted for one.
Edit: link to MSE guide.

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

i am sorry you judge me this way you say a history of not repaying it was a 3 month event in late 2007 early 2008 this I will pay for at least 16 years and could well be 20 plus years I feel I had very bad advice from debt advisors I find it hard to see why people that took a less responsible view have moved on and treated better people tell me blacklisting do not exist they have never been in this postion I can tell you it do,

dumpyboy

moohound wrote: »

£12000 of taxed income to 'restore' credit rating? for what purpose? to borrow in the future?

I have a basic bank account, no check book, and it makes not one jot of difference to my day to day life.

12000 of taxed income would be a small price to pay to rid me of mbna and the 8 years of hell

You never know if you want to borrow in the future but to be in that position to do so

I travel to Europe in the truck since my bank account was down graded I now have no excess to funds only what I take so avoid going if I can get out of it

Pixie5740

I'm not judging you, I'm looking at the objective facts. Based on this thread and others you have posted, you have borrowed money in the past and been unable to repay it as per the terms and conditions you agreed to, is this not correct?

As you now have a history of ARs on your credit file then there are certain lenders who won't touch you with a barge pole at the moment but you haven't been universally blacklisted as there is no such thing. As I'm self-employed and not currently a home owner, Nationwide won't even consider giving me a personal loan but I don't consider myself blacklisted by them.

There are many people over on the DFW board who have been where you are now and are making head ways into their debt or have made it on to the Debt Free Roll of Honour. That could be you too once you get the chip off your shoulder.

Go ahead, apply for the Hippo loan, see if you'll be accepted. I'm almost certain though that everyone on this forum will tell you it's a bad idea.

moohound

dumpyboy wrote: »

12000 of taxed income would be a small price to pay to rid me of mbna and the 8 years of hell

You never know if you want to borrow in the future but to be in that position to do so

My defaults were far worse than yours, I was a model customer for many years and I went into financial meltdown when my Dad was diagnosed with cancer and I had to find £550 a month for child care, the banks turned on me like vultures to be honest, and I could not pay this and my debts so something had to give.

Many people on this forum DO know EXACTLY what it is like to feel like a financial leper. It took me a long time to realise that there is another way, financial independence through saving and living within your means, you don't need credit, it is unnecessary.

Having said that I was accepted for a Cap One CC with one year old defaults, I use this for fuel every 6 weeks and pay it in full by DD when due and I get a little bit of cash back in January. There is a future after defaults.

The best way to deal with debts is to pay it off as fast as possible with he least amount of interest paid, this will put you and your family in the best possible financial position.

Think what you could do with £12000 in savings and the options and freedom it would give you. Paying it in interest is like piling it up in the street and setting fire to it.

You can only spend each pound once, don't spend it on interest.

Best wishes whatever you decide.

dumpyboy

moohound wrote: »

My defaults were far worse than yours, I was a model customer for many years and I went into financial meltdown when my Dad was diagnosed with cancer and I had to find £550 a month for child care, the banks turned on me like vultures to be honest, and I could not pay this and my debts so something had to give.

Many people on this forum DO know EXACTLY what it is like to feel like a financial leper. It took me a long time to realise that there is another way, financial independence through saving and living within your means, you don't need credit, it is unnecessary.

Having said that I was accepted for a Cap One CC with one year old defaults, I use this for fuel every 6 weeks and pay it in full by DD when due and I get a little bit of cash back in January. There is a future after defaults.

The best way to deal with debts is to pay it off as fast as possible with he least amount of interest paid, this will put you and your family in the best possible financial position.

Think what you could do with £12000 in savings and the options and freedom it would give you. Paying it in interest is like piling it up in the street and setting fire to it.

You can only spend each pound once, don't spend it on interest.

Best wishes whatever you decide.

You said a I year old default is that one year from receiving it or one year after it going from credit file

dumpyboy

Pixie5740 wrote: »

I'm not judging you, I'm looking at the objective facts. Based on this thread and others you have posted, you have borrowed money in the past and been unable to repay it as per the terms and conditions you agreed to, is this not correct?

As you now have a history of ARs on your credit file then there are certain lenders who won't touch you with a barge pole at the moment but you haven't been universally blacklisted as there is no such thing. As I'm self-employed and not currently a home owner, Nationwide won't even consider giving me a personal loan but I don't consider myself blacklisted by them.

There are many people over on the DFW board who have been where you are now and are making head ways into their debt or have made it on to the Debt Free Roll of Honour. That could be you too once you get the chip off your shoulder.

Go ahead, apply for the Hippo loan, see if you'll be accepted. I'm almost certain though that everyone on this forum will tell you it's a bad idea.[/QUOTE


Name mean one bank that would provide a card that can be used in Europe if you read threads I posted you see it s 2007 started this is not a knee jerk reaction to a recent events