what to do?

lee8040

i owe nationwide £9888. i defaulted on payments for my loan and am in agreement with them to pay off £100 each month. the problem is its killing my credit rating as it keeps showing i am in arrears. i should be paying £176 per month but could only afford £100. they have just offered me a great deal to clear the debt for £6500. id ideally like to clear this if possible and have the debt somewhere else where it doesnt show arrears and that my rating could start to climb. i dont have any savings andcant borrow off family, anyone know an alternative or should i keep paying the £100 each month?

tallyhoh

If you cant clear it & you can only afford to pay £100, what alternative do you have? None, that I can see.

Are you sure you can only afford £100? How is your SOA?

lee8040

i was seeing if it was worth getting a loan for £6000 to pay for it which means that my credit rating would go up as i would be meeting the repayments of just over £100. would that be a good idea?

msmicawber

Why does your credit rating matter so much to you? It will improve once you've paid off your debt.

poppyg_2

Problem is Lee with your credit rating being the way it is I doubt very much you'd managed to get a loan for £6k. I say your best option is to be persevere with the £100 per month payments