Please help me turn my life around, 24 year old with 15k debts

mrcow

lupogti wrote:

Whther they accept me or not I am going to apply for a $4000 loan over 3 years with Northern Rock or Cahoot - even if i get 9.9% offered it is better than my HSBC %.

Before you apply to NR, please read some threads on this site about their behaviour ref PPI (something I know you don't want!). We have more than a few stories here of them blanketly rejecting applicants who refuse their expensive PPI, and if you do take it out, you only have a short grace period to cancel, otherwise you'll be lumbered again. DOn't make the same mistake twice

I think that Egg, or Cahoot may be a better option as they won't do this? But obviously, it's entirely up to you.

lupogti

*Update - :-)

I have been accepted by Virgin for 0% balance transfer 9 months! I have a 4K limit - which is great as my current balance transfer would be 3.5K!

I was waiting on the outcome of my CC application before applying for a 3 year loan and because I got such a positive result should I try with virgin loans ? Iv'e read that Liverpool victoria and a little building society are best for loans under 5k?

So far Ive managed to get my PP off my CC and NU Loan and got a 0% balance transfer. All I have to do now is sort out my HSBC loan with a cheaper loan.

No look with part-time bar job , for the moment I have just concentrated on a better paid full time job and sent off three job apps this week with 3k more pay ! Still admin tho.

cheers

G

badmission

snorted

Must feel better?

danoneil

As a former employer for one of the companies mentioned in this post, I can safely assure you that contacting companies that you are in debt with is the first step with any problems you are experiencing. Most companies are very reasonable and will accept lower monthly repayments and will often freeze interest and charges that you would normally experience. This can give you time to get things sorted... although bear in mind it's very likely to affect your credit rating.

If you have major challenges, there are companies who will make arrangements on your behalf and will sort out your monthly repayments etc. They are worth talking to, however they very often charge very high upfront fees before you pay a very low monthly amount to them and they send a few quid to each of your creditors. There is also a charity who do something similar, however they don't often negotiate repayment amounts as low. I have also heard that in some cases, if you pay a very low amount for 2 years then some of your creditors will accept very low settlement figures.

Your best bet is to take as much advice as possible and face your creditors if you are in serious trouble! A phone call is often all it takes to get lower repayments or repayment holidays. At the end of the day your creditors want to get their money back.

lupogti

Yeah it does feel like i'm starting to get a proper grip on where i want to be heading with my finances. The savings that I will make monthly now will go on my CC it is the only way!

Cheers G

ijhobson

Came across this thread by accident and read all of it with interest?
Whatever happed to you Luogti, are you debt free, update us if you will,
cheers.