Reply to: Debt consolidation

[vetran]

Don't do it

take control over your own debts.

Would you let some spiv do a vasectomy? Why let them take control of your bank account?

[TheMonkey]

Debt consolidation questions on a contractor website

We're meant to be making oodles of cash how is there any debt to consolidate? Just pay the debts off - simple really ;-)

As I mentioned. Slight problem. Wife.

[vista]

I've heard it all now

Debt consolidation questions on a contractor website

We're meant to be making oodles of cash how is there any debt to consolidate? Just pay the debts off - simple really ;-)

[tim123]

Debt consolidation is a big joke. No financial advisor worth his/her salt would advise you to go ahead with it. Just talk to your debtors if you can't pay and arange a payment plan.

Better still. Visit the CAB and get them to do it. The person at the other end will then know that all the bullsh1t replies of "Oh we can't do that", won't work.

tim

[Ardesco]

Debt consolidation is a big joke. No financial advisor worth his/her salt would advise you to go ahead with it. Just talk to your debtors if you can't pay and arange a payment plan.

If you are sensible they will go with it because it is less hassle and less cost for them than going through the courts to get one that will likely be no better than what you offered to pay in the first place (The only exception to this is secured loans because they will happily take away your house, pay of any secured loans first).

[AtW]

Then the County Court judgement was issued in error then it should be annulled/revoked and any reference should be removed from the 'credit' report. You should do this first before increasing your debt burden.

Noddy is right - if you have evidence that you could not have received notification about court case, then the result of the case should be put aside and new proceedings should commence: even if you lose you will have 28 days to pay the amounts ordered, and if you do that then you won't have CCJ.

[Alf W]

Debt Consolidation is only for the financially gullible. Consider why it's always advertised between the TV programmes aimed at the C2/Ds.

The idea is that you go from, say, paying out £600 per month to a longer term and more expensive, say, £400 per month. That company then knows that (a) you now have a spare £200 per month free and (b) you're probably mug enough to accept further loans from them that that £200 per month can be used for repayments.

Even for credit cards where the theory goes that you'll run your balance back up on your credit card anyway and they've got a nice secured loan to boot.

[NoddY]

1. I paid the final bill and moved.
2. Severn trent water didn't close account as asked (forwarding address was left).
3. Court issued ccj to old address.
4. no idea about it until i see CCJ on my credit report.

Then the County Court judgement was issued in error then it should be annulled/revoked and any reference should be removed from the 'credit' report. You should do this first before increasing your debt burden.

[TheMonkey]

How can a CCJ not be your fault?

Getting a CCJ requires two acts. Not paying a bill AND not responding to the summons (if you really didn't get it, you can have it set aside).

Missing out both of these is not something that happens by accident IMHO (and crucially, the person you are asking for some more money is likely to be of the same opinion).

tim

1. I paid the final bill and moved.
2. Severn trent water didn't close account as asked (forwarding address was left).
3. Court issued ccj to old address.
4. no idea about it until i see CCJ on my credit report.

[tim123]

How can a CCJ not be your fault?

Getting a CCJ requires two acts. Not paying a bill AND not responding to the summons (if you really didn't get it, you can have it set aside).

Missing out both of these is not something that happens by accident IMHO (and crucially, the person you are asking for some more money is likely to be of the same opinion).

tim

[lukemg]

My understanding is consolidation via a 3rd party tends to be more costly in the long run(penalties through paying loans early, their cut), even if the initial monthly payment looks good and usually requires securing to a property = bad news in order to cut down admin.
Have you got a house ? remortgage/MEW - I've got an offset that lets me borrow depending on how much equity is in the house from me paying it off - 25k now and probably another 100k if I had a new valuation ?
If not, how about setting up a new bank account and leaving all your old payments off the old one, setup a standing order big enough to cover all monthly payments and forget about it. Use new account with the one-off payment going out.

[TheMonkey]

Curtail the wife's spending sprees. Explain the issues.

"look love, it's either you stop spending or I start splashing on Carol Vordermann"

[Churchill]

I thought you saidsplash on Carol Vordernman. Now there's an idea.

Curtail the wife's spending sprees. Explain the issues.

[TheMonkey]

Why not splash out on Carol Vorderman ?

I thought you saidsplash on Carol Vordernman. Now there's an idea.

[Xenophon]

Why not splash out on Carol Vorderman ?

I had a dream about doing that...