Facing up to the problem

mantamark

Shal, i will have a look at the snowball once i get all the APR's, thanks!

Dan, I have 5 years left on the RBS loan, and if i was to get a 8k loan to cover the rest, that would be over 4 years, so in theory, aslong as i'm a good boy, i can be totally debt free in 5 years?

Or am i missing something?

Should i not try for a loan to cover everything else?

thanks.

lieutenant_dan

It's just an option Mark. I seriously considered it myself, but would have been self defeating as I would have lost my job.

Others would be effected by such a decision too, especially your girlfriend, and you'd have to weigh up the longer term fall out of declaring bankruptcy.

But you're not considering it anyway by the sounds of it, but the CCCS when I spoke to them suggested that as an option as it is pointless just struggling along for years if there are loopholes or avenues available such as bankruptcy, and you don't have a home to lose, but my career was the stumbling block there.

Good luck with your future plans, whatever they are.

mantamark

If i were to go down the bankrupt route, how long does it take for me to get a credit rating back?

Its a last resort, i guess thats what its meant to be.

I'm just trying to figure out the best & quickest way to get rid of this debt, and if i can do it in 5 years, thats pretty good i think?

Plus, in 4 years, with the 8k loan, i would just be paying the 252 per month for the rBS loan, not the others too?

thanks for the advice, its a massive learning curve for me!

mum2one

hi,
I think you can be discharged from bankruptcy from wither 12mths or 2 yrs, worth looking at the bankruptcy thread.

For your credit rateing, its 6 yrs after the account closed, so whether that would be 6 yrs from bankruptcy or 6 yrs from the discharge not sure, sorry. x

mantamark

Cool, no problem.

Thanks for the info

mantamark

after looking into it, i would prefer to stay away from going bankrupt.

So my options are...

1 ) Live with it, save up & pay off the debts in order of highest apr.

2 ) Get a low apr 8k loan to pay everything bar the RBS loan off over 4 years.

3 ) Go Bankrupt

I cant really see any other options available?

thanks for advice

ecoelle

Glad we could

mum2one

You might have a better idea, once youve done the snowball, having a date in mind works a treat. x

mantamark

good point. Spent most of the day driving to scotland, not had a chance to ring the evil ones yet.

Just thought someone might have an idea what would be best.

Will get on the phone tomorow.

mantamark

random!

I did an online application to a 0% balance transfer card. Heard nothing.

Phone call today from yes finance saying i had been referred?

Do i want a loan? So i went through it, but made it clear i wasnt agreeing to anything

So, 8k over 4 years is 218pm. I asked what apr it was, but she didnt tell me, said it would be in the paperwork?

Over 4yrs thats an extra 2464, does this seem high?

Should i try someone else, or does the fact i have been referred mean im screwed?

Thanks in advance.