Rejected for loan

Loserpippa

Thank you all for your invaluable advice. I know I've got myself into this situation. I promise I didn't spend the money on designer handbags but things that were essential at the time. Credit was getting chucked at me in those days in the form of 0% cards. I ended up shuffling the money from one card to another until I had nowhere else to move it. I'm not looking for sympathy, just advice, as clearly I'm not as savvy as some on this site. This may come as a stupid. question (I can see the eye rolling already). If I'm paying the same amount every month, then why does the interest fluctuate between £99 and £112? The interest doesn't seem to go down, but the capital does by about £50. TIA

PeacefulWaters

The number of days in the accounting period for the statement is the main reason for varying interest.

forgotmyname

Been there done it and bought the T-Shirt (on credit of course)

Its a lesson in life, Pay as much off as you can and spend as little as possible. When your all clear then its a fresh start.

Applying for more credit is not the way to go.

I have 1 CC i pay off in full every month, Its decided that the furst month i cannot pay it off in full is the time to cut it up.

No more debts here..

sourcrates

Loserpippa wrote: »

Thank you all for your invaluable advice. I know I've got myself into this situation. I promise I didn't spend the money on designer handbags but things that were essential at the time. Credit was getting chucked at me in those days in the form of 0% cards. I ended up shuffling the money from one card to another until I had nowhere else to move it. I'm not looking for sympathy, just advice, as clearly I'm not as savvy as some on this site. This may come as a stupid. question (I can see the eye rolling already). If I'm paying the same amount every month, then why does the interest fluctuate between £99 and £112? The interest doesn't seem to go down, but the capital does by about £50. TIA

The only way to stop creditors from charging interest, when they won't do so by mutual agreement, is to cease paying them altogether, or, pay them £1 a month, until they default you, then you have a line drawn in the sand, and no more interest, the debt will be frozen at that point.

This is what most DMP'ers do to achieve their goals in DMP land.

Like I said, pop over to debt free wannabe, rhere are lots of like minded souls there who will be only too glad to help and advise you.

MABLE

pupgrum wrote: »

You talk as if you feel you've been unfairly treated. It's your own fault. You owe money, you deserve to pay interest.

Well that was very helpful!!!!

zippygeorgeandben

Not judgemental at all! Hope you find some useful advice on the DFW page.

Loserpippa

Ok, so one more question, then I'll stop. If I speak to Stepchange and we agree to decrease/ stop paying on the card so that they agree to freeze the interest, then will they send bailiffs round?? When I spoke to Halifax they said that they may be able to help if I go through my budget (ins and outs) with them- is it worth doing that 1st?

pupgrum

sourcrates wrote: »

Prize for today's most unhelpful post goes to ...........

And you think your sugar coated post is of any use? There are ways and means... oh yes, sure there are. Bankruptcy or repaying your loan with interest. OP can also leave the country.

Referring OP to this Wannabe Forum doesn't help. All OP will end up doing is wasting time reading other threads.

StepChange can ask creditors to freeze interest and charges. Do note the word 'ask'. Creditors are under no obligation to freeze interest at all, and company policy means they have no choice but to carry on adding interest while saying we are sorry about your circumstances and all that sugar coating nonsense. If you have to spend the next 500 years repaying the loan each month, it makes no difference.

That's the hard truth.

StepChange is suppose to be free and helpful, but they hire a number of volunteers in addition to paid workers, and often understaffed. Mistakes are often made as well, such as incorrectly allocating payment to the wrong account or overpaying a debt several months/years before realising the debt has been paid in full and more.

DCFC79

Loserpippa wrote: »

Ok, so one more question, then I'll stop. If I speak to Stepchange and we agree to decrease/ stop paying on the card so that they agree to freeze the interest, then will they send bailiffs round?? When I spoke to Halifax they said that they may be able to help if I go through my budget (ins and outs) with them- is it worth doing that 1st?

We dont mind you asking questions, if you have any other related to debts I would suggest on the debt free wannabe board.

Could be wrong but aren't bailiffs sent as a last resort ?

sourcrates

Loserpippa wrote: »

Ok, so one more question, then I'll stop. If I speak to Stepchange and we agree to decrease/ stop paying on the card so that they agree to freeze the interest, then will they send bailiffs round??

Pippa, pippa, pippa, where on earth do you get that idea from ?

Please do some research on this.

Banks do not have the power to "send bailiffs round".

Only a court can do that, and then only after the case has been to court, a county court judgement has been awarded against you, and you failed to keep to the payments the court set.

Even then its only one of a number of options open to a creditor.

Non of this will happen anyway, debts just get passed, or sold, to debt collectors.

Please, post your questions on the DFW board, you will get the answers you seek.