Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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Right got myself into a poor situation where I have 3 credit cards with 4k on them altogether, and 2 loans totalling 10k so basically £14k of debt which I am paying out near £500 a month.
DSon't want to sound like a debt consolidation company but I can't afford to be paying this much out a month and still 'live'
Just wondered if anyone has/knows anyone that has been in this kind of situation before.
I'm 20, my cars worth about 2k and I don't have any other assets (can't secure on house etc).
My income is £15k a year, who's the best company to speak to sort this out, or should I go and see a Financial advisor or citizens advice beaurea?
Any help wud be appreciated....
Cheers
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
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Speak to your bank?
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Adam-CorsaC18s
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Registered: 7th Apr 03
Location: Royston, South Yorkshire
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I was in same sort of situation, 17.5k debt got a loan with my bankat summat like 8% and im paying 360 a month and I had about 2500 quid to do my car up once I consolidated. Best bet is your bank.
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Gambit
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Registered: 5th Jun 00
Location: Common Sense HQ
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get your finance man off BBC2 and get him to sort your spending out for you!!
as for your credit cards, get them all amassed onto one that has that 0% balance transfer for the life of the outstanding balance, and then cut the card up so u cant spend any more on it but are still paying it off
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blebo
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Registered: 18th Apr 02
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quote:
Originally posted by White Flash
I never take loans out. If I cant afford it, I cant have. Simple. I am always careful not to get in debt.
Doesnt help him though does it 
Credit is handy if ya manage it properly, If ya get a loan to pay of your debts then pay of your debts...dont go "I have 14K to spend"
Remember though you will end up paying more in the long run cause the less you pay a month the longer the loan period and the more intrest you will pay
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blebo
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Registered: 18th Apr 02
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quote:
Originally posted by White Flash
Maybe doesnt help him but helps others. Getting in debt is NOT a good thing. Loans are stupid for doing up cars.
Where about in his thread does it say his loans were to do up his car
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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My loans were to get pished...I've tottally fuckd up here n cud do with helpful comments, but yesh I agree don't get in2 debt.
I'm not sure if i shud speak to the bank tho, whoever said they consolidated, how old were u n stuff and were they funny about it?
I got no money 
I truely have learnt my lesson about money now, I got 7k loan to pay another loan off and ended up pissin against the wall, I wouldn't ever do that again for any reason....
Might give bank a ring later see what they say
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Foz
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Registered: 8th May 02
Location: Bristol
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best thing to do is work your ass off and pay it off!
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Andy
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Registered: 28th Dec 99
Location: Cumbria, UK
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You can get an unsecured loan for less than 6.3% APR these days. On a £15K loan, that's around £270 per month over ten years. Try Tesco Personal Finance or Northern Rock. These rates are as low or lower than most banks. But only go this route if you know you can trust yourself to chop all your cards up once you paid off the balances on them and not get any new ones... Otherwise you'll just dig yourself deeper into debt
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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But I can't do overtime or anything, wana be able to manage my money from now on, but paying this much out is making me miserable and it's like theres no end to it, which makes me think 'fukc it' n go 4 a few bevvies more often than I normally wud  damn the bank for giving me loans 
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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Don't worry about it sweetie. Its money, not life or death.
Don't go to a financial advisor, i deal with them day in day oot and they are useless... not that im traning to be one or anything!
Ya best bet is to go to your bank. Make an app and explain ur situation to them. Then they'll b more than happy to help you
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Scott
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Registered: 11th Mar 01
Location: Kilmarnock,Scotland
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find sumit to pay em off laddie, i had 50kish debt not long ago , not for persoanl uses tho 
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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quote:
Originally posted by Andy
You can get an unsecured loan for less than 6.3% APR these days. On a £15K loan, that's around £270 per month over ten years. Try Tesco Personal Finance or Northern Rock. These rates are as low or lower than most banks. But only go this route if you know you can trust yourself to chop all your cards up once you paid off the balances on them and not get any new ones... Otherwise you'll just dig yourself deeper into debt
Andy, fantastic mate, thats the type of thing...
OInly problem being is one of my loans is with tesco, I rang to try n extend my loan from what started as £7k (now it's 6k) to 7.5k, they said I had to much debt for my age to offer me any more money.
The thing is will big brand companies like tesco consolidate all of my loans (i.e do I have to declare that its to pay other loans off, or can I get away with not telling em').
I just don't wana get into talking to places like 'ocean direct' or whoever and get my pants taken well and truly down with there 13% interest n stuff
Should I just ring northern rock or whoever u said and not declare I have any other loans or cards and say i'm buying a new car, or will they know i've got credit elsewhere?
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Scott
find sumit to pay em off laddie, i had 50kish debt not long ago , not for persoanl uses tho
Scott short of robbing a bank i can't pay it
Fancy a borrower matey 
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Scott
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Registered: 11th Mar 01
Location: Kilmarnock,Scotland
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tam - goto the bank , where u can speak to the person face to face , then you know the script
ive got 1 person and 1 person only who i deal with at the bank and keep very friendly with her, nice wee bird
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Ally
Don't worry about it sweetie. Its money, not life or death.
Don't go to a financial advisor, i deal with them day in day oot and they are useless... not that im traning to be one or anything!
Ya best bet is to go to your bank. Make an app and explain ur situation to them. Then they'll b more than happy to help you
I'll wait 4 sum more replies n suggestions n see, might just talk to the bank, sure that would be a humbling experience
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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Sh1t just remembered only just re-arranged with the fookin bank on my old loan about 3 months ago, they said not to re-arrange again for 6 months duno wot to do
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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TTT people, all I wana know is if I go to northern rock and say I have no ther credit elsewhere and i'm buying a new car:
1. can they check if I have credit elsewhere
2. do they need like a car reg or sumfin
Or alternatively will any big loan companies such as northern rock do debt consolidation (with no house etc to secure on, i.e is consolidation classed as diff to a 'personal' loan)
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Andy
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Registered: 28th Dec 99
Location: Cumbria, UK
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Still worth talking to your bank direct. Tell them you are struggling and that you need some help. If you've kept the payments up to date, they'll probably be impressed that you've had the foresight and maturity to approach them and discuss it, rather than just bury your head in the sand. If no joy, you can contact Citizens Advice. They can often negotiate on your behalf with the credit card companys to terminate the account and get the interest rate on the outstanding balnces right down.
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
User status: Offline
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Andy thanx mate that's a big help will see if I can set-up an appointment with the bank, if not i'll approach cab.
We still on for that blatt in preston next week
[Edited on 01-09-2003 by Tom D]
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Sam
Moderator
Premium Member
Registered: 24th Dec 99
Location: West Midlands
User status: Offline
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quote:
Originally posted by Tom D
TTT people, all I wana know is if I go to northern rock and say I have no ther credit elsewhere and i'm buying a new car:
1. can they check if I have credit elsewhere
2. do they need like a car reg or sumfin
Or alternatively will any big loan companies such as northern rock do debt consolidation (with no house etc to secure on, i.e is consolidation classed as diff to a 'personal' loan)
If you phone up Northern Rock, make sure you don't dial DHL Invoice Enquiries by mistake!
(they have very similar numbers)
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TOMAS
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Registered: 7th Aug 02
Location: Nottinghamshire
User status: Offline
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Im a Bailiff who works for the High Court Sherrif of Notts/Derby. Welcome to my evil world...
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Claire Richardson
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Registered: 12th Feb 01
Location: West Yorkshire
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Whenever/wherever you apply for a loan or a buy now pay later, they will do a credit score or credit check. They will find out if you dont declare any other loans you have and this could jepordise the decision.
The more credit you apply for (wether you take it or not) the further down your credit rating goes. So dont start applying all over the place just to find out who will/wont give you the loan.
If you go to an independant financial advisor they will tell you what bank is offering the best interest rate.
You could also do a search on the net for the best rates going.
Your bank may give you a loan, but it might not be the best rate. If they can, they will, just to keep you with them and make interest off you, so they might sugar coat it just to keep you as a customer.
There is plenty of competition out there for interest rates cause so many people have/want credit.
It all depends on your credit rating really.
My credit rating was affected by me paying off a loan early!!!! You'd think they'd be happy to see you manage your money by getting rid of your credit. I was seen as a bad debtor because I didnt leave the loan to run the full term. ie. They didnt make the interest they expected from me.
The shorter period you take a loan out for , the less the interest payments are, but the dearer the monthly repayments are. Stinks doesnt it, but they wouldnt make any money out of it any other way.
Claire
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CORSA NUT
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Registered: 3rd Aug 01
Location: Wirral
User status: Offline
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Bad luck tom
If you need any help mate just give me a shout 
Aint got 14K though
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Ben
Banned
Registered: 12th Jan 03
Location: West Yorkshire
User status: Offline
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cant u lend it off ur mom and dad or owt?
why the fuck did u get into so much debt!
u must b a thick cunt mate to be honest!
u could of secured a house with that!
i agree on if u dont have it u dont spend it!
u got urself into this mess and am sure ur gonna b in a lot of courts ect!
good luck to u mate!
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