Applicant in Scotland - Guarantor in England?!!!

Gambler101

Honestly not judging, but its hideous to get someone to guarantee a loan for you. If for whatever reason you cant, wont, dont pay, the guarantors life is screwed!!

Pixie5740

VIPJEN13 wrote: »

I never said it was with Amigo, I never said it was 49.9% APR either. There were various reasons we decided on the debt consolidation loan route. With the debt management plan I had to give everything up and have no credit but actually some of the credit, like my card, as I am using it cleverly is having a good input to my credit score. I am in apposition to pay off the debts and be clear' of them in 36 months which would feel great. I am responsible with money and would be fine paying of my debt, the interest has been frozen on them anyway. For some it may be easy but I have found it hard to open up and talk about money. I came on here looking for people in the same boat, trying to do better and to get advice from people. Not to be lambasted! Sorry your mind it boggling....

That makes even less sense. If the interest has already been frozen why do you want to take out a loan and start paying interest again? It makes no sense. You are taking your debt and making it even more expensive.

You want advice and I am giving you advice. Just because it's not what you want to hear does not mean it is not sound advice.

Edit: It doesn't matter if it's Amigo or not. All guarantor loans have eye-watering interest rates.

DCFC79

VIPJEN13 wrote: »

Yes it is. I just want to be debt free and improve my credit history. Looking at different options and happy to take advice. Only been a member on here a few hours!

Your credit score is what your improving, the score is only seen by you and only you hence the history is important since lenders see it.

In any case theres 3 other agencies who rate you differently and who lenders can go to for your credit history.

Id stop looking for a loan, maybe post up an soa on the debt free wannabe board.

skintandfat

If the debt is statute barred then it's off your credit file (or will be in a year) and no longer exists
In Scotland SB means the debt no longer exists, in other parts of the UK it means it exists but is not enforceable.


If you have not paid anything to it for 5 years or acknowledged it then tell them to jog on.


Another option (better than a plan) is to manage it yourself
I have done this and you can easily pay off the debts over a shorter period
Have you asked for a discount ?


We paid £1 per month to our 3 cards and then when we suggested a final settlement offer they both started at 40%


They eventually moved to 50% and we paid one off.


You can pay it all off over a reasonable period if you deal with it on your own.

[Deleted User]

VIPJEN13 wrote: »

I just want to be debt free and improve my credit score.

If you're still determined to have a good credit score, rather than good credit worthiness, consider bankruptcy.

VIPJEN13

Yes I've managed to get them to take quite a lot off the original amounts. I think they can't enforce it as been so long but it is still affecting my credit score. Anything i go for is going to have a high APR due to my score. A debt management plan would be free but I'd have to give up my credit card (very low amount at £200) but the way in using it is helping bring my score back up a bit and it would be on my file for years to come still affecting me getting a mortgage. Lots of pros and cons hence not such a straightforward decision! Thanks for your input . Will go back and look at a non loan option again.

skintandfat

VIPJEN13 wrote: »

Yes I've managed to get them to take quite a lot off the original amounts. I think they can't enforce it as been so long but it is still affecting my credit score. Anything i go for is going to have a high APR due to my score. A debt management plan would be free but I'd have to give up my credit card (very low amount at £200) but the way in using it is helping bring my score back up a bit and it would be on my file for years to come still affecting me getting a mortgage. Lots of pros and cons hence not such a straightforward decision! Thanks for your input . Will go back and look at a non loan option again.

Have they defaulted you yet?
If not you should make them - once its defaulted it drops off the file after 6 years (whether it's paid or not).
My [relative] has an excellent credit score but still has £3000 of old card debt.


If you have a default wait till the 6 years are up as it will make no difference if you pay it off or not (as a bad history debt) will still be on your file.

Pixie5740

You keep talking about your credit score so perhaps you should read this:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

As zx81 and skintandfat have already mentioned you need to find out the date(s) your debts defaulted. You can do this by getting hold of all 3 of your credit files. Ignore the scores and look at the information.

Experian from from MSE Credit Club
Exquifax free from Clear Score
Call Credit free from Noddle.

VIPJEN13

I've got noodle and clear score so will have a look at the other one. Not far off the 6 years and some of them are showing as a default but are more than 6 years ago. I will investigate further!

VIPJEN13

skintandfat wrote: »

If the debt is statute barred then it's off your credit file (or will be in a year) and no longer exists
In Scotland SB means the debt no longer exists, in other parts of the UK it means it exists but is not enforceable.


If you have not paid anything to it for 5 years or acknowledged it then tell them to jog on.


Another option (better than a plan) is to manage it yourself
I have done this and you can easily pay off the debts over a shorter period
Have you asked for a discount ?


We paid £1 per month to our 3 cards and then when we suggested a final settlement offer they both started at 40%


They eventually moved to 50% and we paid one off.


You can pay it all off over a reasonable period if you deal with it on your own.

They are not his debts - they are mine from a long time ago.