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debt help
Jambels14
Posts: 4 Newbie
Hi,
Can anyone advise/help?
I have 3 debts which I have been trying to clear over the past couple of years.
I am in a better financial situation to pay them off as now in paid employment and no longer a student and my partner is now in paid employment after being made redundant.
However I am really struggling to get loans to clear the debts to help consolidate the amount and pay more off quicker.
My debts - PRA started £5029 now £3856 default 29/04/14, Halifax Started £3499 now £2376 default on 04/02/13 and one I didn't realise I had was Santander £1425.
I am worrying what will happen when it gets to 6 years. What will happen at 6 years?
My credit scoring is very low.
Any advice on what I should do next or how to become debt free? Improve my credit rating
Many Thanks
Quick Reply
Thanks
Can anyone advise/help?
I have 3 debts which I have been trying to clear over the past couple of years.
I am in a better financial situation to pay them off as now in paid employment and no longer a student and my partner is now in paid employment after being made redundant.
However I am really struggling to get loans to clear the debts to help consolidate the amount and pay more off quicker.
My debts - PRA started £5029 now £3856 default 29/04/14, Halifax Started £3499 now £2376 default on 04/02/13 and one I didn't realise I had was Santander £1425.
I am worrying what will happen when it gets to 6 years. What will happen at 6 years?
My credit scoring is very low.
Any advice on what I should do next or how to become debt free? Improve my credit rating
Many Thanks
Quick Reply
Thanks
0
Comments
-
Hi,
I have moved your post to the general DFW forum, so you will get more responses.
You really should stop trying to consolidate these debts, i assume as they are all now with debt purchasing companies, that no more interest is been charged, so why would you choose to start paying interest again ??
Anyway consolidation is not the way forward, just pay what your budget allows and leave it at that, there are no quick fixes unfortunately.
Nothing will happen after 6 years, the defaulted accounts will drop off your file but the balance will still be owed and due.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
Try using a 'debt snowball' to pay down your debts...
I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
0
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