Oct
02
I need help getting my credit back on track?
By
I had good credit last year in march and left the country for a few months and didnt bother paying anything. I fell behind on the credit cards £7.5k loans 10k and bank overdrafts 3.5k plus my mortgage. I came back October 06 and bought a new house with my partner. I have paid off the arrears in the other house and rent it out but i aint bothered about the other outstanding debts. I really dont have the funds to pay them and i am wondering what my options are.
Sell House Quick
Related articles:
- Bad Credit Home Loans Don’t lose sleep over your bad credit home loanHaving a bad credit home loan is not a comfortable situation to be in but you don’t need to lose sleep...
- If you were in a world full of debt. what would you do or what have you done ? I am in so much debt ( or should i say me and my wife are ) that we just dont know what to do. my mortgage company is...
- Bad Credit Debt Consolidation Mortgage: Managing Credit Card Debts Are you such a compulsive shopper that you find yourself unable to manage your credit card debts? Do you feel that you are going down under, what with the...
- Removing Joint owner from Mortgage? My partner jointly owned his property with his brother, his brothers girlfriend moved in and my partner wanted to sell the property or be bought out, as they couldnt...
- Lender trying to reposess due to arrears no equity in house going bankrupt any way i can keep house? Mental and physical collapse after separation from my partner got behind with mortgage. did an iva. Situation now, in arrears with mortgage. No equity in property. I really want...
7 Comments
July 16th, 2009 at 8:42 am
id watch the tv theres allways adverts about these things lol goodluck i know personal finance are allways advertising or your bank
July 19th, 2009 at 6:01 pm
Nope there isnt anything that you can do until you pay off your debt & then be debt free for a few years.
July 21st, 2009 at 8:33 pm
Maybe consolidate it all into one loan?
As above there are always ads for those kind of companies who provide that service.
Also with your credit card have you tried to transfer it onto one that has interest free for 13 months or similar… at least then you wont be getting further into debt with the interest building up…
See your bank they may be able to show a few options (although they do tend to do whats best for their own pockets).
And finally it might be worth paying to see a financial adviser - they will have much better idea of ALL your options.
Good luck I hope you get back on track soon
July 24th, 2009 at 12:28 pm
If you don’t care about paying off the debts you have “i aint bothered about the other outstanding debts” then you’ll never get your credit back on track.
You’ll always be defaulting on what you owe because it isn’t important to you to live up to your word.
To get your credit back on track - PAY WHAT YOU OWE AS YOU OWE IT - and don’t just go off willy nilly for a few months and let your bill payments lapse.
July 26th, 2009 at 9:28 am
What you need to do is request a copy of your credit agreement from all your creditors, this is a request under the Consumer Credit Act 1974 and all creditors must abide by it.
Any credit agreement that has not been properly documented is totally unenforceable. To enforce it they would have to take you to court and even only then if they can produce the original.
How old are your credit cards, loans etc. You will be amazed at how many creditors don’t keep agreements and if it comes to you asking for one and they don’t produce it then they cannot ask for any payment and you are not obliged to make payment either.
Go to
Post your question in their forum and you will get a tons of help, we know more about consumer law than the creditors themselves. Creditors, Debt Collection Agencies, even courts does not scare us.
Its free and anon.
July 26th, 2009 at 1:33 pm
Most creditors if you call them will set up a payment plan with you because they want their money. You would pay less and they would be off your back not to mention less stress. Perhaps you should also think about selling the house paying everything off and starting over.
July 29th, 2009 at 1:42 pm
Bryan,
Checkout there are several articles tackling debt repayments and credit score recovery.