Oh Boy

Discussion in 'The Lounge - Off Topic' started by wizard, Jun 22, 2007.

  1. Sparky
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    Sparky Zettabyte Poster Moderator

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    Good advice, is there any possibility of getting one loan and therefore lower interest on all the loans you have?

    If your job is not paying enough why not look for something else? Bankruptcy should be a last resort mate. 8)
     
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  2. wizard

    wizard Petabyte Poster

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    I am looking for other jobs, this loan I have is about 5 years old already, this is the 3rd time I've moved it, each time a lower APR and each time a little bigger to consolidate all my other debts. So for me trying to take out another loan with my current income is suicide and already my credit rating is shot, so the chances of even getting a loan are slim.
     
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  3. Dhughes

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    where in the uk are you bud?
    im in gloucestershire and just wanted to say if you near here come for a beer! I cant help with any money but a friendly face and a few beers always helps for a few hours in times of need, you anywhere close to me?
     
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  4. wizard

    wizard Petabyte Poster

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    I'm in Staffordshire so quite a bit away.
     
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  5. derkit

    derkit Gigabyte Poster

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  6. wizard

    wizard Petabyte Poster

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  7. Dhughes

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    damn fine plan wasted , just keep chatting things over mate, somebody on here if not everyone will give comforting advice
     
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  8. UCHEEKYMONKEY
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    UCHEEKYMONKEY R.I.P - gone but never forgotten. Gold Member

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    Err not sure about your reply there mate or which debt collectors you are talking about? But there are debt free agencies out there that are recommended by the government!

    This one my mate went with don't give you a loan but arrange with your creditors a sensiable agreement whereby you can pay off you debt at a sum you can afford!

    My mate (very close friend, known since I was 10) was £23k in debt. His marriage was on the rocks, he couldn't afford to keep up with payments of his credit cards and loans. His bank manager suggested to get a credit card with 6months 0% balance transfer, then when the six months is almost up get another and transfer it and keep doing this until his debt was paid off. At the time he was £6000 in debt. Everything was sparring out of control and he almost committed suicide and would of succeeded if I hadn't intervene.

    He pays this debt company £20 per month, from that £5 goes to one card £15 to the other three credit card companies. He was declared black listed which means he can't get a credit card or loan or have a cheque book. He has a ATM card and pays everything by cash. He is still materialistic about things, but is in control of his money because the temptation to spend money he doesn't have is not there!

    Now I know not all debt companies or loan sharks are like that and you should always read the small print before signing up or go see a lawyer of CAB. But it worked for him, why can't it work for Wizard???
     
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  9. wizard

    wizard Petabyte Poster

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    My brain is fried, I'll post a proper comment in the morning :blink :biggrin
     
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  10. BosonMichael
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    BosonMichael Yottabyte Poster

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    Why destroy your credit like that? What'd be the difference between that and going bankrupt?

    These "debt negotiation companies" typically ask CC companies to write off part of your debt, which is what gets you on the "blacklist" and is what ultimately trashes your credit semi-permanently. Have dreams of owning a house? Better not go that route, mate, unless you plan on paying cash for it...
     
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  11. wizard

    wizard Petabyte Poster

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    Sorry to keep boring you guys to death with my financial woes:

    Just got off the phone with these guys:

    http://www.cccs.co.uk/home.htm

    They've made an appointment for a counsellor to call me back next Friday to discuss my debt problems.
     
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  12. BosonMichael
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    BosonMichael Yottabyte Poster

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    Keep in mind that if you (or a counselor on your behalf) asks for a creditor to settle your account for less than the full amount you owe can *seriously* damage your credit rating...

    ...but it looks like I already stated that a couple posts ago.

    The reason I bring it up again is because CCCS lists *exactly* that sort of thing as what they do:

    Be careful, mate... you're swimmin' with the sharks...
     
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  13. wizard

    wizard Petabyte Poster

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    I would rather have a damaged credit rating for 6 years than trying to pay back what I don't have a hope in hell of paying back.

    These guys are a registered charity and are actually come recommended, by a lot of people.
     
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  14. BosonMichael
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    BosonMichael Yottabyte Poster

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    Okay... just making sure you go into it with both eyes open: link 1, link 2 (myth 9), link 3, and link 4
     
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  15. wizard

    wizard Petabyte Poster

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    I've already gone through the contacting creditors route. I'll see what they say and take it from there.
     
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  16. Mr.Cheeks

    Mr.Cheeks 1st ever Gold Member! Gold Member

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    Whatever the outcome, lets hope you come out in one piece... Good luck dude
     
  17. greenbrucelee
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    greenbrucelee Zettabyte Poster

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    Join my club I have a ccj (county court judgment) I have been screwed for the past3 years a possible 3 years to go. £30000 worth allthough the ccj was £10800 I manage to barrow the rest of my mum whom I will have paid back by April at the latest. So the £250 - £300 can go on my ccj I believe there is about 6 grand on that now.

    Just dont do what I did an bury your head in the sand.
     
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  18. greenbrucelee
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    greenbrucelee Zettabyte Poster

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    If anyone tells you that bakruptcy and such only lasts for 6 years then its wiped from your credit report is nt exactly telling the whole story believe me.

    When you view a credit record such as mine, from all four of the credit reference agencies there is a warning halfway down the first page of each report basically saying that I have a cjj and to take extreme judgment in lending me money or giving me an authorised overdraft.

    If you go bakrupt or sign up to an agencie which writes of 70% of the debt and you be free in 5 years these methods still show on your credit record for 6 years. Anything you do such as use you overdaft wether its authorised or unauthorised, or pay the minimum amount on a credit card or full amount or miss it these all show on your credit record and they all last for 6 years.

    Now bankruptcy allthough is clear in a year now I believe it will still say you were bankrupt and all future creditors can see this, but if you can attempt to pay these debts yourself or come to an agreement with your creditors yourself that actually shows up more favourably.

    Sorry for the long post but please dont go down the road I did and screw your life up.
     
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  19. wizard

    wizard Petabyte Poster

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    I didn't mention bankruptcy. I'll see what they say.
     
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  20. wizard

    wizard Petabyte Poster

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    Sorry for dredging this from the depths, I've finally filled in the paperwork to file for bankruptcy, now to come up with the £500 for the court to look at them.
     
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