Debts/Credit/Mortages!

holidayguru

Good god! I am SO p****d off hearing people prattle on about 'learning the hard way', 'learning your lesson', paying it off....the poster came on here with a specific question & gave their circumstances...it is not up to us to moralise or preach....it makes me sick the pompous answers. So...some of you choose to pay back every penny??! YOUR CHOICE. If the poster can clear his debts through an IVA that reduces the overall ammount it's up to them not other posters!

One small point....if you are in an IVA the £200 cap 1 credit card will not improve your credit rating at all. I'd be inclined to look for your mortgage with/via a company called john charcol-they have a mortgage 'wizard' that allows you to input your details & it then offers you what it can do.

Good luck!

ms_london

holidayguru wrote:

Good god! I am SO p****d off hearing people prattle on about 'learning the hard way', 'learning your lesson', paying it off....the poster came on here with a specific question & gave their circumstances...it is not up to us to moralise or preach....it makes me sick the pompous answers. So...some of you choose to pay back every penny??! YOUR CHOICE. If the poster can clear his debts through an IVA that reduces the overall ammount it's up to them not other posters!

Oh shut up will you. You seem like a very aggressive person from all of your other posts, so I will just ignore you.!

Granted, the OP has come here asking for help, but why are people always looking for the easy way out? This isnt the "Bancrupcy Board" so appreciate that some of us on here DO WANT TO REPAY OUR DEBT!!!.

holidayguru

Not being aggressive, just think that the comments given are too moralistic-the OP wanted specific advice & not 'finger-wagging' & 'tut-tuts'.

I applaud you (honestly!) for clearing all your debts (well in 2 months) but we're all different. I think we should just stick to the points asked by the OP.

By the way-if you look back on the bankruptcy thread (not me-my girlfriend) you will see it was locked by the 'mods' by other peoples aggression-not mine.

My other 1/2 is now leading a debt-free life after going b/rupt (allbeit her credit file is knackered for 6 years) & it was the best decision she's ever made (she was discahrged after only 6 months). The whole thing made her ill but taught her a lesson...but looking back to erase the level of debt she had in 6 months had to be the most practical & quick route.

Ms London-as I said before I 100% applaud you & the way we're all different but feel strongly that people moralising could be bad for the OP-my other 1/2 was certainly not mentally 100% & quite fragile & comments 'agging the finger' could have been deterimental to her-so no personal attack on you intended-just my point of view.

sparkle84

re the original question - an IVA is a legally binding agreement lasting 5 to 6 years, it has to be set up and supervised by an Insolvency Practitioner, you need to have a permanent job to enter into one because if it fails your creditors will petition for bankrupcy. You will have to do an Income and Expediture statement which will be gone through very carefully. It is very unlikely your creditors will knock 75% off what you owe them but you can try.

Basically you are not a candidate for an IVA ring the cccs or payplan and see about setting up a DMP (Debt Management Plan)

johannamse

I too get annoyed when people take the moral high ground, and class all Bankrupts in one lump of evilness. I think that IVA/DMP/Bankruptcy's are all appropriate for different people, and I try to never judge any decision, but to encourage it.

However...ms_london makes 2 good points. She is right in saying that you don't "get the light bulb moment", until you start cutting back, REALLY start going without and you know when you have had this moment, when you KNOW in your heart that you will NEVER get in debt again, ever.

Her second good point was that you are really young. Life feels like a rush when you are young, especially these days, but 22 is really young, and you could clear this debt, and still be very young.

Good Luck.

GameOver_2

Hi everyone

Wow, thanks for all the comments, i dont think i am going for a IVA not, just a debt plan, and my creditors will hopefully take off alot of the debt, paying the debts on time every month starting from now will improve my credit?

Thanks

Matt

garyclay

I think you have to face the fact that your credit worthiness is destroyed right now, once the debts are clear you can then start building a decent credit history but this will take a long time to do.

Having a credit card that you pay every month isn't going to offset the defaults or delinquent accounts which are most probably on your file right now.

It is unlikely any creditor will consider removing these until the debt is settled and then it's a remote chance and depends on the creditor.

So I'm afraid as far as house buying goes you'll have to wait until the debts are 'settled' and then most likely be forced into the world of 'sub-prime' mortgage lenders. I doubt you'll find one whilst in a DMP, although I may be wrong here, maybe somebody else can advise if the likes of Kensington/GMAC and the likes would consider lending to somebody in a DMP?

Willsnarf1983

holidayguru wrote:

Good god! I am SO p****d off hearing people prattle on about 'learning the hard way', 'learning your lesson', paying it off....the poster came on here with a specific question & gave their circumstances...it is not up to us to moralise or preach....it makes me sick the pompous answers. So...some of you choose to pay back every penny??! YOUR CHOICE. If the poster can clear his debts through an IVA that reduces the overall ammount it's up to them not other posters!

One small point....if you are in an IVA the £200 cap 1 credit card will not improve your credit rating at all. I'd be inclined to look for your mortgage with/via a company called john charcol-they have a mortgage 'wizard' that allows you to input your details & it then offers you what it can do.

Good luck!

why are people not allowed to have a morale standing on this matter? get of ur morale high ground in sayin we arn't allowed to have morales


numpty

Will

Lillyella_2

http://www.thechelsea.co.uk/html/index_mortgages.html

And the Citizens Advice Bureau will also sort you out a debt management plan free of charge, write to all your creditors and ask them to reduce your payments and usually get all the interest stopped, they will also negotiate with creditors on your behalf, so you do not have all the stress of being hassled with phone calls etc.