credit card debt

C

cossie2

Guest
hi everyone, i hope someone can help me, im new to this site, i must say it is very informative,im in a spot of bother, i just got a letter from a debt collection agency in scotland saying that they want full payment on my credit card that i have with ulster bank, i owe 1800 on it, i would dearly love to clear this straight away but no financial institution will give me a loan, i know it is my own fault etc. i earn a good salary so i wouldnt have pronlems with paying back a loan over a period of time, i also need a car for travelling to work, im looking to borrow 6,000 over 3 years maximum, would have no problem with repayments, have tried banks, ge money, one direct, i know its my own fault my credit rating is so bad but i just want to clear this so i can make a fresh start, id appreciate any help i can get
 
Try the credit union. if you don't already have an account with one go & talk to the & explain your situation. If you agree repayments & agree to save an ammount as well I am sure they may be able to help you out.
 
CU will normally require you to have money on deposit/in shares in order to be able to borrow. This goes against the grain of the normal prudent advice of generally (there are exceptions - e.g. mortgage on a PPR) not borrowing while, at the same time, maintaining savings which could be better employed reducing one's borrowing requirements. In this specific case the individual has a debt problem so presumably the spare cash to lodge in order to get a CU loan will not be available anyway. Don't buy into this idea that the CU is necessarily some sort of lending knight in shining armour which will save the day for those in debt.
 
Just an idea... I have know people who have sorted out their problems in this manner. If you have bad credit rating it is very hard to get a loan from any institution who runs xhecks trough the credit bureau.
 
CU may be less likely in the next while to lend money to high risk individuals. The regulator has been talking about the level of bad debts in the credit unions and they have promised to clean up their acts.
 
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Ring them up and tell them that you cannot afford to pay the ful amount but can afford to pay them 150 a month over a few years. Most of these agencies are happy to accomodate payments over time.

To be honest the chance of you getting any kind of loan never mind a 6k loan if debt colelctors are at your door is slim to nil. Just pick up the phone and make the collector an offer to pay by installment.
 
Forget the credit union I went to them for a loan of €5000, they wouldn't give it to me unless I had a guarantor with a credit union account. I have assets worth over 1 million euro and they still insisted having a guarantor.
 
Just curious - why on earth could you not liquidate a mere 0.5% of your assets to avoid having to borrow €5K?
 


Forget any kind of loan, as I think you realise yourself your chances of getting a loan are slim to nil.

Call the bank and explain to them that you are unable to pay 1800 right now but you can afford to pay XXX. If they refuse over the phone then put it to them in writing. If they still refuse they'll probably pass to a debt collector, who'll be probably only to happy to take even 40 quid a month over 2 years or something. And the interest gets frozen.

Unfortunately it means you will lose your credit card.

However would suggest that you save a bit in the credit union, even 100 quid a month over six months and they'll loan you enough to get a 10 year old opel corsa. Thats about as much as you can expect to get until you've at least paid off your existing loans.

The good news is that once you do clear off the existing loans and don't take on anything more some banks will lend to you, but the bad news is that nobody will till you've cleared your existing loans.
 
ClubMan said:
Just curious - why on earth could you not liquidate a mere 0.5% of your assets to avoid having to borrow €5K?
Click to expand...
The asset I have is land it doesn't make sense to sell land every time I need a loan.
 
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