destroyed cedit rating

DCB_2015

Hi all
i hope someone can offer advise , my daughters boyfriend sadly was suffering from depression and got them heavily into debt before tragically committing suicide.
He struggled to hold down a job and at 28 years of age had no valid life insurance.
They were renting with my daughter as main bread winner.
She is desperate to move house to get away from where he killed himself and be closer to work. Point is that his (their) debts have destroyed credit rating, to be able to move on she needs to consolidate loans/cards etc into affordable monthly payment.
She has had to pick up arrears that he told her he paid but hadn't, obviously debts in his name are written off but joint still remains.She now has overdraft at 2k loans at 3 k plus numerous small payments and a car on finance which is essential to get to work, we have tidied up lots and reduced where we can, i can act as guarantor for new rented property and pay bond plus first rent but to move forward without shirking responsibilities she needs to consolidate, Halifax computer says NO ! Are there any low rate loans available for someone with poor credit rating , doesn't seem fair that because he didn't pay bills and went in arrears she cant get credit to move on with life, she has a good job and determined approach, system says you are not trust worthy , I would take loan in her name but have too many household commitments myself to be able to.any advice on banks/products to help consolidate into lower monthly payments.?????.

Caz3121

DCB_2015 wrote: »

she needs to consolidate, Halifax computer says NO ! Are there any low rate loans available for someone with poor credit rating .

Whilst consolidation may reduce the monthly payment it is really just moving the debt about and will likely cost her more in the long term
I assume Halifax is her own bank...if not she could try speaking to her own bank who will know see what goes in and out.
Low interest rates and poor credit rating do not really go together. Things like guarantor loans can easily be 49% APR+
Best bet would be to look at the Debt Free board and post up a SOA where others will be able to suggest the best way to tackle this, area of expenses that could be reduced and reduce the debt in the most effective way (highest APR first)
Time will heal her credit rating. Thoughts with her in what must be a very emotional time. Depression is a terrible illness.

Voyager2002

If her credit rating has already been destroyed, she has nothing to lose by not making the full payments on those various debts. She should work out what she can afford to pay each month, divide that amount up among the various creditors, and tell each one that that is all that she can pay them and ask them to freeze interest. Doing this will of course make further borrowing impossible for her, but will release enough money each month for her to get on with her life.

She should seek assistance in doing this from a reputable organisation such as Stepchange.

Thrugelmir

Impartial free advice can also be obtained from the

https://www.nationaldebtline.org/

Calls are free as well.

DCFC79

Her credit rating may be destroyed as you put it but lenders don't see the rating, all they see is the credit file.

poppasmurf_bewdley

Maybe she should be looking at a Debt Relief Order, which will enable her to make a clean break from the past.

http://www.stepchange.org/Howwecanhelpyou/DRODebtrelieforder.aspx

The only problem could be the car, but if she is able to offload all other debt, maybe she could afford around £1k for a decent car.

[Deleted User]

andrewjack21 wrote: »

I know I’m not surprising anyone when I tell you that your credit score is a good indicator of how you’re doing financially. It’s not always a completely accurate diagnosis, but if your score lies below 700 you have some work to do.

I like your style of spam. Lifting decent sounding quotes from other sites, related to the topic in hand. Good one.

Reported.

When_the_going_gets_tough

In these tragic circumstances I wonder whether it might be worth working with a debt advice agency and asking for the joint debts to be written off. It can't hurt especially if she is struggling to meet the minimum payments.

foxy-stoat

Bankruptcy, IVA or DRO will be the best way moving forward, assuming all the PPI roads has been travelled down.

Joint debts will not normally be written off.