A little help..

SAAP

When I was 20 I had default issued on my account for a total of £120 for not paying a gym membership that was £13.99.

I remember the bank manager ringing me saying if I did not pay the £13.99 and the bank charges for the money not being in there on top of that, I that my account would default and when I am in my mid twenty's I would struggle with finance.

I simply put the phone down and didn't care for what he said one little bit.

Fast forward 5 years and it was the worst mistake I have ever done.

Just like he said I struggle with getting ANYTHING I managed to get credit cards a year ago to build them up but have maxed them out.

A total of £8000.

However, all was good untill about 6 months ago.. I am a self employed fitness coach who has been for about 2 and a half years. I was renting space at a local gym for about 2 years and built up a very good client base. I was then told I would have 3 months before I needed to find somewhere else as the gym was shutting down.

So there I was with a good client base and absoutley nowhere to go, I could of rented space in another gym but felt like I would of been going backwards instead of forwards so I decided to rent a unit and kit it out.

Now this would cost at least £8000 to get the kit in there and I was told I could get funding from a local chamber of commerce due to the circumstances only to be told last minute I couldn't due to a default. I had two credit cards that I maxed out to buy kit and moved my clients into there as I love what I do and didn't want to give it all up.

My monthly credit card bills are around £350 a month and they are ruining my credit file even more. I have tried to get loans but they are all mega high intrest and most of them need a guarantor which nobody will be keen on doing.

I was thinking a loan might be best as I can just have the one payment coming out at a lower monthly rate and can then close the credit cards off but I cant get any loans whatsoever.

What would be the best option for me?
Is there anyone or anything out there that could help me in a situation like this?

Sam

Karonher

Most people will say not to get a consolidation loan anyway. You could end up running the same amount of debt on the cards then have that and the loan to pay.

Sorry that I can't be any help other than to say can you either take on more clients or maybe do a second job when you are not working? Could you do sessions at a local gym? It may seem a step backwards at the moment but it won't be forever.

Can you sell on any equipment or did you just get the minimum you needed?

SAAP

Thanks for your response I was thinking about a second job and think that may be the best bet. I guess I would only have to work for a year and then I wouldbe debt free.

I think that make sense more than anything.

Cheers again.

sourcrates

Defaults only stay on your file for 6 years, then they fall of regardless of if they are repaid, or not.

Your file will improve with time.