wiping off debts

You could do what I did, I was 16k in debt with a 3k car to show for it, took a year to pay it off, saved 8k and sold the car

I got a consolidation loan and put all my debt in one place with an affordable but very high monthly payment at £280 a month at low interest, think it was 5.7% at the time.

I cut up and cancelled credit card and over draught and opened a savings account, all my spare money went in that account and I made no extravagent purchases, every month the loan amount would come down and my savings would go up, I also sold a lot of stuff and did without a car for 6 months but I still went out but when people went to town etc I would have to say no and go home, I also had no holiday last year. Eventually I paid it off and it was all worth it
 
matt_fsr said:
If I had no morals I know what I'd do, I'd get loads of credit cards out, buy holidays abroad, splash loads of cash on booze and hookers, have a 50" telly and massive surround sound system, get the best car possible on credit and pay nothing at all back. Then just say I have no money and cant pay.
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You just described 90% of the British population
 
Relentless81 said:
You could do what I did, I was 16k in debt with a 3k car to show for it, took a year to pay it off, saved 8k and sold the car

I got a consolidation loan and put all my debt in one place with an affordable but very high monthly payment at £280 a month at low interest, think it was 5.7% at the time.

I cut up and cancelled credit card and over draught and opened a savings account, all my spare money went in that account and I made no extravagent purchases, every month the loan amount would come down and my savings would go up, I also sold a lot of stuff and did without a car for 6 months but I still went out but when people went to town etc I would have to say no and go home, I also had no holiday last year. Eventually I paid it off and it was all worth it
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Well done.

I hope you got plenty of respect for doing so, must be a difficult thing to concentrate on doing, but I'm sure you feel much better for having done so.

Rather a sad indictment on our society that companies push (typically younger, inexperiended) people into getting credit after credit until theyre well out of their depth and end up having to take relatively drastic action to sort it out.

Whatever happened to "oh I'll save up if I want to buy something"?
 
I doubt you'll get it written off but with the help of that credit counselling charity you may be able to get it frozen so no more interest accrues, along with a decent payment plan she should be able to get it paid off in 5 years.

I'd consider selling stuff too to help speed things up but if there's nothing substantial to show for it I'd not bother cutting my own throat for pennies.
 
easy. dispatch cards,, get a personal loan from a proper bank. pay off card, repay loan properly over a 2 or 3 years and stop buying things you cant afford. No-one in this country will ever 'starve' because of lack of money, its a fact.
 
In order of severity of debt, the usual steps are DMP, IVA, bankruptcy.

In 3 years I am IVA free, woot!
 
AdladUK said:
You just described 90% of the British population
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lol somebody has been reading the daily mail too much.

On what basis do you make this 90 % assumption ?

BENJAMIN HERBLE said:
easy. dispatch cards,, get a personal loan from a proper bank. pay off card, repay loan properly over a 2 or 3 years and stop buying things you cant afford. No-one in this country will ever 'starve' because of lack of money, its a fact.
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assuming she can still get her loan.

Her credit rating may be already shot enough they will only lend at a stupid % apr, or not at all ....
 
matt_fsr said:
Whatever happened to "oh I'll save up if I want to buy something"?
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If you take a home purchase and (for most people) a car purchase out of this then I agree with you but only fortunate people can afford to buy a home and/or relatively decent (read reliable and not ancient) car outright.
 
boxman2000 said:
First thing to do it cut up the card, then look at how to pay it off.

I think the things should be banned personally.
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How about people like me who travel constantly for work and live off their credit card as a result? I don't have £4K to spend on 3 week's hotel and flights to the other side of the world- hence I use a card to pay for all this and then claim it back before it's due on expenses :)
 
boxman2000 said:
I think the things should be banned personally.
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i agree, always cut mine up when been sent them from bank, i would give in and splash the cash more than likely and worry about later which would be too late.

never gotten into serious debt, and wouldnt want to be.

who needs a credit card anyway
 
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