Guarantored Loans

SomeOneOrOther_2

Hi,
I've recently made some (typically) bad decisions and have some mounting debt issues.

I'm currently spending more on credit card repayments that I'm actually paying off (near as dammit) it's going to take a squillion years to pay off. A relative has suggested I could take a gaurantored loan (with them as guarantor).

Any suggestions as to who to approach about this?

I earn a pretty good salary, but have recently incurred a CCJ through trying to avoid the issue. Which isn't helping my credit.

I reckon I owe around 20k, with monthly card repayments at around £1000 (perhaps a little more). Obviously a loan of that amount over 5 years will cost a lot less!

Any advice appreciated!

Cheers!

Rafter

A ccj is going to stay on your credit file for the next 6 years and make getting credit more difficult and more expensive.

It may be that you could be better off with a repayment plan or more formal arrangement to clear your debts, rather than some consolidation loan.

I would suggest you give the consumer credit counselling service a call or e-mail. www.cccs.org.uk I think.

You should also get yourself over to the debt free wannabe board and post a more detailed statement of affairs. They will probably have some great ideas about cost cutting that will free up money each month to start digging away at the worst of your credit cards.

Good luck.

R.

SomeOneOrOther_2

Only problem is I'm self employed. As I understand it they're not actually able to help in the same was as if I was a permanent employee?

CLAPTON

without knowing how much you earn how much you spend and the debt details (amounts, aprs and mimimum monthly payments) its pretty impossible to give any specific advice.
I would suggest you go over to the debtfreewanabee board and post up a full SOA.
Also does you relative realise that if you default on a guarenteed loan that they will become fully responsible for paying it off?

SomeOneOrOther_2

OK, but refering to my original question does anybody know of any UK banks that offer guarantored loans at a sensible APR (i.e. not 48.9%).

At this stage my biggest error is being too lazy to resolve issues before they become issues. It's not paying them off that's the problem.

Thanks,
S