debt problems

[joshg_7]

Has anyone else got themselves into debt that they just cant afford to pay back. Got myself into about 1300 of debt and cant afford to pay it but has to be paid next month :( want to try and sell car but M.O.Ts up so will be even harder....money is evil

[CampDavid]

First, don't panic and don't ignore it.

Work out how you can pay it back. Do you need a 12 month loan maybe? Who is the debt with? credit card balance transfer? Work it out now and you'll be able to work around it

[paulydixon]

£10k + at one point.

http://www.cccs.co.uk/ are your friend. They're a free service, help you torealise you're not alone, and prioritise your debts.

Bottom line, don't panic, there isn't really anything they can do if you don't have the cash :)

[Moke]

I'm getting a £2000 loan at the end of the month and I've spoken to the company about it. They let me pay back in set installs between 1 and 7 years, so it would be worth trying that? Your bank should give you a loan tbh :y:

[jonsey]

iv had 2 loans out i just pay a certain amount each month.. only paid one off so far.. got about 4 years on the other =[
but hey i needed the money

[joshg_7]

I'm getting a £2000 loan at the end of the month and I've spoken to the company about it. They let me pay back in set installs between 1 and 7 years, so it would be worth trying that? Your bank should give you a loan tbh :y:

how does the nstalments over 1 to 7 years work?

[Moke]

Also, just to add what I said above...

Whenever people think of loans/debt they think "haha, your fucked for life, blah blah blah".

But your not, don't worry yourself.

To pay off that £1,300, your best bet it to get a bank loan of that amount only and pay it back over 3 years. It'll work out you pay less than £50 back a month. Can you afford that?

[Moke]

how does the nstalments over 1 to 7 years work?

It means you can pay back the debt over 1, 2, 3, 4, 5, 6 or 7 years depending on how much you can afford to pay back each month.

[joshg_7]

cheers lads, im going to work out what i owe now and try and prioritise each amount. Ill have a look at that site aswell

[P90PTS]

The typical interest rate on a loan under 7k is 20%. Anything under £1500 with HBOS/LBG is about 25% of interest. Don't know how your working it out to be £50 a month too, unless your planning on taking it over about 3-4 years!

[Moke]

The typical interest rate on a loan under 7k is 20%. Anything under £1500 with HBOS/LBG is about 25% of interest. Don't know how your working it out to be £50 a month too, unless your planning on taking it over about 3-4 years!

It all depends how much the OP can pay back per month. I for one am paying back my £2000 over 3 years which comes out to about £60 a month.

By the way, these numbers I'm giving are just estimates!

[paulydixon]

I wouldn't bother getting more debt to pay off your current debt. Just cut down, make lists of incoming and outgoing and see what you can do there.

Who do you actually owe £1300 to?

[01_vtr]

i pay back 155 a month for 5500 over 5 years, interest rate wasnt the best as my credit rating sucked, but id left things too long and was shanked so had the loan!lol. i would try to avoid the loan option if you can, just speak to people you owe asap, and as you said prioritise your debts youll be surprised what can be done. chin up dude!

[CampDavid]

The typical interest rate on a loan under 7k is 20%. Anything under £1500 with HBOS/LBG is about 25% of interest. Don't know how your working it out to be £50 a month too, unless your planning on taking it over about 3-4 years!

WTF, only if you're credit rating is in the shitter. I was quoted 8% unsecured when I was considering a quick move on a car

[Moke]

I wouldn't bother getting more debt to pay off your current debt. Just cut down, make lists of incoming and outgoing and see what you can do there.

Who do you actually owe £1300 to?

He can't afford to do this as it needs to be paid next month...

[ahoward87]

what type of loan is it?? i.e payday loan, loanshark or high street

[P90PTS]

He needs a loan for debt consolidation, the banks interest rates will be astronomical for this.

[ahoward87]

needs to be at least £2000 for him to be considered for a consolidation loan (i think)

[brianS]

and the rest for a consolidation loan.
first thing is dont even consider getting another loan to pay off a loan.... thats just a crazy idea.
what is the debt for and who with. thats the first question. if its a credit card bill etc talk to the company. if its the bank talk to them... if its dave down the pub, move countries.

more details are needed. jeez i used to sort shit like this out for people on a daily basis

[CampDavid]

if its dave down the pub, move countries.


I will hunt you down you cunt.

How's Oz? ;)

[Sophia_Bush]

Damp hbos/lbg stuff is that expensive at the moment no joke, from what I see its well not good

[adamm]

lol a loan to pay of a loan is a stupid idea imo as said talk to your bank and make an agreement

[Craddock]

I wouldn't worry too much. The guy who lived here who still gets letters owes over £200,000. That's when I would start to worry.

[sir_dave]

What type of debt is it that has to be paid off in one month?

Not credit card i assume.

[Reechard]

Phone the people who you owe the money to. Arrange a monthly fee you can realistically afford to pay them. If they start to say no then tell them you cant pay the full amount and that if they agree to the installments they will get the money back rather than having to pay debt collectors etc.

I had this problem after deciding to go to university and had debt I couldnt pay. Sorted out paying ti back less each month and they were pretty good about it.

[KamRacing]

What type of debt is it that has to be paid off in one month?

Not credit card i assume.

The debt left to the last minute :D

Go to the bank of mum
Organise a loan, agreed how much you can pay, pay back with interest (but thats a little less than bank rates), everyones a winner

[auds]

That isn't too bad I had £5000 debt when I lost my job years ago now.....you need to go to the Citizen's Advice Bureau, if you really can't get the money from anywhere that is, and if you can't compromise with the company you owe to??

There is something called an Administration Order, whereby, you pay the courts how ever much you have worked out you can afford, on a monthly basis and they pay it to the company, now I don't know if it can be done if it's just one creditor you owe or not....I had a few so....but the court protections you against any sort of legal action the creditors might want to take against you. Only down side is that you will not be able to get credit for 12 months after you have finished paying ;(

I'm sure there are other options....you just need to go down to your local CAB and chat to them about it :y: good luck :)

[Mr_X]

1.3k is nothing, i wouldnt be worring over that.

I would, get a credit card with 0% interest (on first few months) then before the into period finishes pay it off.

[KINGVTS]

money is evil

I think you mean greed is evil, if you cant afford something dont buy it