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Loan help

sensation Avatar
5y, 8m agoPosted 5 years, 8 months ago
Hi all,

Was wondering if anyone could help me out with a bit of info. Me and my partner both have a bit of debt, we pay so much out a month to cover minimums but are not getting anywhere with clearing them. I have not long moved into a prop with my partner and we tried to get a loan but was rejected. I'm not too sure how bad my credits but I don't tis either great nor bad. Think one of the reasons was that we weren't registered at the prop on the census and only shortly moved in.
I'm gonna talk to my mom in regards to her possibly either bei g a guarantor or get a joint loan with her. Does anyone have any information or advice regarding doing this. I can guarantee I will not default on The loan as I currently pay out more than the loan repayments would be

I've now been in the prop for nearly a year but will be registered on the census as soon as we can send it so will wait for then.
sensation Avatar
5y, 8m agoPosted 5 years, 8 months ago
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2 Likes #1
If you have a credit card that has some debt on and you will never use again, give them a call. You may well get someone helpful who will close the account, you will owe the money but the interest doesn't accrue. Being on the electrol register is the one you want, not the census.
#2
If you want to have a look at your credit file, it can be done for £2. See here
banned 1 Like #3
Check your credit report and get cashback.

Delete during the free trial.

http://www.topcashback.co.uk/credit_expert_free_experian_credit_report/
#5
So the electoral Roll is the one to be on. Will give council a ring, do you think If I could persuade my mom to assist me getting a loan that would help?
#6
sensation
So the electoral Roll is the one to be on. Will give council a ring, do you think If I could persuade my mom to assist me getting a loan that would help?


Having someone guarentee the loan may well help, can't do any harm.
#7
Would in the future affect my mom. As in would future credit checks show that we am associated and I'd pull her down credit rating wise!
#8
sensation
Would in the future affect my mom. As in would future credit checks show that we am associated and I'd pull her down credit rating wise!


Not if you keep to your payments.

I have a younger sister who is terrible with money (most people can't believe we are brother and sister) and she's needed our mum to guarentee loans before. Sadly she defaulted and yes it's caused our mum problems and I've had to then guarentee loans for mum, but if my sister had kept to the payments, everything would've been fine.
#9
Top replys from all. Very much appreciated. Would like to see an end to my debt :)
1 Like #10
I know of someone in a similar position,their only way out was for them to be lucky enough to have someone lend them the money and they pay them back instead of the CC companies,i know everyones not in that sort of position to be able to do that though.

I empathise with you,if it's credit card debts have you tried ringing them up and asking them to lower the interest rates at all,say you are struggling to pay it etc
#11
Some of them are cc debts and I've just not managed to get em down. With us recently having kid aswell it is hard to increase my payments without being skint at end of month cys if all the extra outgoings. I think though I will ring and try to close cc so stop accruing interest.
If I got a loan with my mom as guarantor would I still be able to get a decent I terse rate on the loan?
1 Like #12
First - Don't use a Debt Management Company. Absolute con and will only get you further in trouble.

Ring the loan companies / CC as mentioned, explain the situation, they WILL help.

CC - Hopefully they can freeze the account and interest, and you can start making payments to reduce.

Loans, negotiate a sensible figure that you can afford to pay back monthly, After all, they will want some money rather than none each month.

I'd advise AGAINST getting another loan to repay previous ones.
#13
If you're already in debt and have problems paying that off - getting another loan isn't the way forward IMO.
#14
It isn't for loans. It's a mixture of overdraft, credit cards and unfortunately some Store cards. I know a big cock up from me. Was just easy as we had to get stuff to get my sons room when he came along and we had just moved Into new house and had nothing. I have since learned to live within my means though.
#16
sensation
It isn't for loans. It's a mixture of overdraft, credit cards and unfortunately some Store cards. I know a big cock up from me. Was just easy as we had to get stuff to get my sons room when he came along and we had just moved Into new house and had nothing. I have since learned to live within my means though.


Yeah I know, I referred to it as 'debt' which is what it is.

You can try approaching your local authority they usually have a money advisor who can assist with your debts - or try the CAB.

Thereafter, learn the word 'no'.
#17
It all depends on how bad your debts are really, I'd advise to check your personal credit record to see how many "bad" or "high interest" debts you have.

If you feel like you can't deal with the amount of debts you have then I'd firstly advise you to get help from your family or friends, and you could resort to a debt consolidation loan if all else fails as it will leave you in debt for a long time.

Have a look at some personal finance websites like moneysavingexpert, personalfinance4all is a good one too.
#18
dre1988
It all depends on how bad your debts are really, I'd advise to check your personal credit record to see how many "bad" or "high interest" debts you have.

If you feel like you can't deal with the amount of debts you have then I'd firstly advise you to get help from your family or friends, and you could resort to a debt consolidation loan if all else fails as it will leave you in debt for a long time.

Have a look at some personal finance websites like moneysavingexpert, personalfinance4all is a good one too.


Most financial peeps reckon borrowing to pay debts is counter-productive.
#19
i wouldnt get another loan to pay these off. as people have said above, phone the compaies they will help you out.

was never in a massive amount of debt myself but was struggling to pay off cards etc. only advice i can give is work out a budget that you need to live off (food bills etc) and pay as much as you can each month. it might be tough for a few months and a struggle but at the end when you owe nothing its a great feeling. if you have the liks of broadband etc & mobiles think about reducing the tarrifs etc funtil the debts are paid off.
banned#20
Cut spending right down to reduce your debt, pay the debt with the highest interest off first (while obviously paying the minimum on the others)

Make or dont give presents, cancel your sky subcription, magazines etc, move your bills to cheaper providers even if it's less service, buy cheaper brands of food, watch your energy/water etc usage, repair or make do with things you already own instead of buying new. Sell things you don't need etc etc etc...


Don't get your mum involved in your financial matters.
#21
Also, with paying off the debts, start with the Highest APR first. Rather than the Highest/Smallest.



Edited By: jasonodell on Mar 16, 2011 18:41

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