Default on Credt Card

bashiraad

Hi Guys,

I wanted some advice.

I have 2 small loans with cahoot, 2 credit cards and an overdraft on my old student account.

On one of my Credut cards I have managed to get a default. Due to some finanical problems in 2005.

Can some one advise or refer me to a company who would provide me with a consolidation loan? My total debt is approx 12k and I am earning over 40k at the moment.

Does any one know if it is posible to get the default removed? I have read on some sites that if this was placed in 2005 ther is a good chance that the bank may not have the origianl legal paper work and have to remove it if they cant provide the original copies of the signed agreement.

Thanks

rayday2

Whether you pay that card off or not the default will be on your record for 6 years from the date it was applied.

I personally would look at another way of lowering your debt that consolidation loans.

bashiraad

Thanks.

Do you have any suggestions.

At the moment I am paying about £550 per month on my debt.

I thought a loan would reduce this a lot.

dhassen

Have a look at snowballing, your debt isn't that high but your salary is!

Have a look at this snowball calculator:

http://www.whatsthecost.com/snowball.aspx

I think you'll find that it's cheaper to do and you'll be debt free sooner.