Advice needed new job and existing debt

bradqwer

Pixie5740 wrote: »

I don't see what's wrong with making F&F payments. The debt collection companies will have paid pennies in the pound for the debts so they're doing well to get any money back.

I will obv go down the F&F route and see what can be achived regardless I will be clearing the debt Id just rather not clear a 100% and as my credit is wrecked anyways a partial payment on it wont have any affect at all

enthusiasticsaver

The problem is you cannot begin to repair your credit record until the defaults have dropped off. To accept F and Fs collection agencies usually ask for I and E details and if your soa shows you can afford to repay them they would normally not agree to F and Fs. I don't think you should rely on your side business until it is up and running profitably but I do think an affordable arrangement should be made to repaid the debt. No harm in trying though I guess.

bradqwer

enthusiasticsaver wrote: »

The problem is you cannot begin to repair your credit record until the defaults have dropped off. To accept F and Fs collection agencies usually ask for I and E details and if your soa shows you can afford to repay them they would normally not agree to F and Fs. I don't think you should rely on your side business until it is up and running profitably but I do think an affordable arrangement should be made to repaid the debt. No harm in trying though I guess.

Yes No harm indeed and as I wont have any income for at least 5-6 weeks till first wage goes in im technically still on benefits so its really in the interest to accept a settlement amount I guess I can see what there open to and if they wont then i will just pay it off over the next year I guess

JayRitchie

Why would it take a year? You can easily clear the debt in 4 months then its done with and you get on with life.

bradqwer

JayRitchie wrote: »

Why would it take a year? You can easily clear the debt in 4 months then its done with and you get on with life.

As nice as that sounds having it done in 4 months there is no interest on it so1 month 1 year makes no difference to the £ amount whilst smaller chunks would still enable me to enjoy the 9-5 grind

Flawed logic maybe

JayRitchie

No - its not flawed logic. People who get out of debt and stay out of debt generally do it quickly and with purpose. You need savings - things happen in life and you don't want to go into debt again.

John_G_Jones

JayRitchie wrote: »

No - its not flawed logic. People who get out of debt and stay out of debt generally do it quickly and with purpose. You need savings - things happen in life and you don't want to go into debt again.

And on the other side people who look at debt as something you probably don’t have to repay, or at least not in full, and not now, are going to have to work hard to get in the mindset needed not to take it on again.

bradqwer

John_G_Jones wrote: »

And on the other side people who look at debt as something you probably don’t have to repay, or at least not in full, and not now, are going to have to work hard to get in the mindset needed not to take it on again.

I have zero intention of taking on any debt again the the very near future I am in the mindset of want it pay for it now,

MottledDebt

Id definitely use the profit from your side hustle to pay off your debts. Good luck with the side hustle, it seems to be brining a decent amount of profit so youll be financially independent in no time!

EssexHebridean

bradqwer wrote: »

As nice as that sounds having it done in 4 months there is no interest on it so1 month 1 year makes no difference to the £ amount whilst smaller chunks would still enable me to enjoy the 9-5 grind

Flawed logic maybe

Just knuckle down and get it gone. I assume that your new employment will be on some kind of probationary basis to start with? That means that come the end of your 3 months or whatever period probation, they can decide for whatever reason not to continue with you - in which case "debt nearly cleared off" and a bit of a emergency fund in place is a far nicer position to be in than "Still owe a lot of money and have p*55ed disposable income up the wall in the meantime".