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What to do ....balance transfer/ Purchase 0% ending but can't get another
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Debt management allows you to repay your current indebtedness, but at an affordable rate.
The debt charities offer free DMP`s, in conjunction with the credit industry, so basically the banks pay the debt charities to take on this burden, but to the debtor, there is no charge.
Yes your credit file, and anyone financially associated with you, will be shot for 6 years.
After 6 years all entries are removed, there is no such thing as a credit black list, you might be just as likely to obtain further borrowing off a bank you once defaulted with, as with a new lender, they operate as a business, and judge risk on a range of factors.
Best advice is not to resort to further borrowing or consolidation if interest rates become unaffordable, although debt management will make obtaining credit almost impossible for a period of time, that is not always a bad thing, and you should concentrate on a long term strategy to rid yourself of this 70k plus weight on your shoulders.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 -
sourcrates said:
After 6 years all entries are removed, there is no such thing as a credit black list,
Commercial common sense really. The old adage. Once bitten twice shy.
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Brie said:TheSpectator said:Brie said:So much credit available!!!! that's the issue. get rid of some of that and you should have good offers. M&S is usually quite regular with BTs and so is MBNA. I'd say cut out some of the credit on Tesco and Amex and then the others will start making offers.
With 2 cards reverting to full interest in a couple of weeks and admitting they are going to struggle when this kicks in then really needs to head over to debt free forum and post full SOA.
Yes - a full SOA would be useful.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.0 -
kimwp said:Brie said:TheSpectator said:Brie said:So much credit available!!!! that's the issue. get rid of some of that and you should have good offers. M&S is usually quite regular with BTs and so is MBNA. I'd say cut out some of the credit on Tesco and Amex and then the others will start making offers.
With 2 cards reverting to full interest in a couple of weeks and admitting they are going to struggle when this kicks in then really needs to head over to debt free forum and post full SOA.
Yes - a full SOA would be useful.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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