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Author Improving credit score
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Online
15th Mar 11 at 14:17   View User's Profile U2U Member Reply With Quote

Hi all need help.

Girlfriend is a gigantic financial moron and has secured a wealth of debt that she is trying to pay off. She has a FT job not wealthy but has virtually zero outgoings for rent/travel to work.


Problem is, she has managed to somehow fuck up her credit score. Meaning getting a loan to consolidate debt or simply lower her interest rate is nigh on impossible.
She has now reigned in her lifestyle and understands the severity of her situation. But as soon as her car needs a tax or service then she's fucked. She signed up to credit expert upon my advceto obtain report, did nothing and is now paying 8 a month for nothing.

I'm at my wits end trying to help her, but I wondered what cs advice is to get out of this situation?

If she could simply get a 5k loan to consolidate her cards she would instantly be out of hot water and then be able to save to pay off that loan quicker and have a life.


How to improve credit score?
adiohead
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Registered: 28th Sep 01
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15th Mar 11 at 14:21   View User's Profile U2U Member Reply With Quote

DON'T consolidate! You always end up losing more money with silly interest amounts.

She needs to pay off all the cards individualy, as much as she can afford at a time until they're paid off. Then cancel them.

Before cancelling the credit expert service, use it to sort out any mistakes or red flags on her report.

Once that's done cancel the fucker (if possible).

It's sounds simple but she just needs to save up and pay them off.


Also, if she has zero outgoings then just use the work money to get rid of the debt.



[Edited on 15-03-2011 by adiohead]
John
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Registered: 30th Jun 03
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15th Mar 11 at 14:26   View User's Profile U2U Member Reply With Quote

Money saving expert forums Jambo, you post the state of affairs and they'll tell you the best way to deal with it.
Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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15th Mar 11 at 14:32   View User's Profile U2U Member Reply With Quote

If she simply can't afford to pay off in the normal way, is their no one who could get her a loan to consolodate (as in family)?

I've been in some really sticky situations in the past due to being similarly stupid and irresponsible when younger, I got a bit of help paying off the cards and then just settled other loans over a period of time (and the biggest thing i've applied for in the last 5 years is a contract mobile). I signed up to credit expert a few weeks back expecting a really poor score but mines about 900 now ('good') which shows what reigning it in and sorting yourself out can do.
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Online
15th Mar 11 at 15:14   View User's Profile U2U Member Reply With Quote

I would say the problem is the structure not the amount f debt, if you get a loan then 8% is achievable which is a vast improvement on say capital ones 30%!

She basically gets paid, pays rent and then everything else goes on credit cards and her loan. Her loan has 10months left and is then finished. Her car has a fair while left on it, trouble is if she sells that she has no capital nor credit to purchase another vehicle. So in short she has to keep it.

Moneysavings experts seems an obvious choice forgot they had a forum, thanks John

Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Online
15th Mar 11 at 15:15   View User's Profile U2U Member Reply With Quote

Tom nobody in a position to help really, I will be in about 6months.
pow
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Registered: 11th Sep 06
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15th Mar 11 at 15:15   View Garage View User's Profile U2U Member Reply With Quote

A nice excel spreadsheet would help you manage all this tbh
Colin
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Registered: 4th Apr 02
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15th Mar 11 at 15:34   View User's Profile U2U Member Reply With Quote

Use the proceeds from the clio?

Get a joint loan & help her that way?

Your a couple & a good looking one at that, share the wealth.....or debt!!

Part time job....?
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Online
15th Mar 11 at 15:55   View User's Profile U2U Member Reply With Quote

She's not well Colin so she can't get a part time job, it would probably kill her.

I have no cash and am trying to stand on my own two feet as it is. In 6months I might be able to help out. Bought her wiper blades this month at least


Pow I'm on the excel game tonight
AndyKent
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Registered: 3rd Sep 05
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15th Mar 11 at 17:05   View User's Profile U2U Member Reply With Quote

Probably not legal, but what if you took out a loan in your name and gave her the cash to pay you back.

Risky if she fucks you over, depends how sound she is and how much you trust her.
Jambo
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Registered: 8th Sep 01
Location: Maidenhead, Drives: VXR Arctic
User status: Online
15th Mar 11 at 19:46   View User's Profile U2U Member Reply With Quote

That's an option Andy. Never really thought of that
Pete_vxl
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Registered: 24th Nov 06
Location: Lochgelly, Fife
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15th Mar 11 at 20:02   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by AndyKent
Probably not legal, but what if you took out a loan in your name and gave her the cash to pay you back.

Risky if she fucks you over, depends how sound she is and how much you trust her.


This is your best bet, it sounds as if she wouldnt get a loan or if she did it would be pretty high APR. The 8% your mentioning would be the typical and it would be hard for mrs Jambo to get that.

Paying off the cards one by one isnt an option as it would takes years at high apr, better getting a lowish apr on a loan that she can easily afford and she can make over payments at any point if she is feeling flush or even pay it off.

Certain companies would also give her or you a 3 month defferment at the begining which means it would clear up all the debt into one payment and she wouldnt make a payment for the first 3 months, therefor giving her a chance to build up some credit in her account or some extra cash to spend.

If she is wanting to go down that road check out money saving expert for advice or phone me and get me some bonus
Edd
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Registered: 8th Nov 04
Location: Glasgow
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15th Mar 11 at 20:29   View User's Profile U2U Member Reply With Quote

Don't go into debt for her, move in, half the outgoings straight away for her
AndyKent
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Registered: 3rd Sep 05
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15th Mar 11 at 22:58   View User's Profile U2U Member Reply With Quote

I'm not recommending you definately do it, but something to think about.

I mean, if you were husband and wife it'd be the obvious thing to do.......totally depends on your relationship and probably more importantly how much money you're talking.

A thousand quid is one thing, 5000 is another.
ed
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Registered: 10th Sep 03
Location: Northampton Drives: Fiat 500/Porsche Boxster
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16th Mar 11 at 18:04   View User's Profile U2U Member Reply With Quote

Don't go into debt for her. Large sums of money are a sure fire way to fuck things up between people.

Get a spreadsheet up of everything and figure it out from there.
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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16th Mar 11 at 21:24   View User's Profile U2U Member Reply With Quote

Work everything out on a spreadsheet.

Pay those credit cards off with the higher APR first, or a higher percentage of the money allocated for credit cards goes to the high APR.

Sit down and work out a plan of action of when she'd like to be debt free, realistically. Then work out what needs to be paid off every month.

Check the interest vs. actual balance. My misses was over her credit limit and paying interest on the balance, so paying loads of fees. She was paying off 100 per month. But as she had silly charges, interest on that and interest on the balance, in turned out she was only paying off 15/month in real terms.

You can also try ringing the credit card companies to see what 0% deals they are doing to transfer balances. Also some credit card companies do have offers for existing customers to reduce APR for the short term.

You can also plead poverty and claim she can only pay a X amount, so to prevent her defaulting what can they do to help.
pow
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Registered: 11th Sep 06
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16th Mar 11 at 21:31   View Garage View User's Profile U2U Member Reply With Quote

I'm sorry, is there an echo in here?

I really don't think getting into debt for her is a good idea, no matter how much I loved someone I wouldn't do it.
AndyKent
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Registered: 3rd Sep 05
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16th Mar 11 at 21:35   View User's Profile U2U Member Reply With Quote

Good luck getting a mortgage with a lass then pow.
pow
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Registered: 11th Sep 06
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16th Mar 11 at 22:12   View Garage View User's Profile U2U Member Reply With Quote

Well that's a bit different
Sam
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Registered: 24th Dec 99
Location: West Midlands
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17th Mar 11 at 08:19   View User's Profile U2U Member Reply With Quote

Debt management plan through someone like CCCS.

Forget all this spreadsheet bollocks some of you lot are going on about, her creditors need to know she's in the shit.

Downside of course is that she will default on all her loans/credit cards etc. and won't have a clean credit record for 6 years.
SXIBLK
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Registered: 9th Feb 10
Location: Barnoldswick
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17th Mar 11 at 09:51   View User's Profile U2U Member Reply With Quote

A few month of payments being correct and on time should help lots iv also been told things like making sure your on the electoral register and even as much as having a house phone in your name gives you a few points we are in a simular place at the moment pal
adiohead
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Registered: 28th Sep 01
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17th Mar 11 at 09:53   View User's Profile U2U Member Reply With Quote

Can she reduce her monthly outgoings?

eg. Phone tariff?
Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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17th Mar 11 at 12:14   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by SXIBLK
A few month of payments being correct and on time should help lots iv also been told things like making sure your on the electoral register and even as much as having a house phone in your name gives you a few points we are in a simular place at the moment pal


Simply this, much more effective than people think.
John_C
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Registered: 5th Mar 03
Location: South east, Bromley
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17th Mar 11 at 12:17   View User's Profile U2U Member Reply With Quote

Jambo take out a 0% balance transfer card. Some are now at 20 months! Once balance is transferred then add other half to account.

http://www.moneysupermarket.com/credit-cards/
deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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17th Mar 11 at 19:59   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by John_C
Jambo take out a 0% balance transfer card. Some are now at 20 months! Once balance is transferred then add other half to account.

http://www.moneysupermarket.com/credit-cards/

Existing Virgin credit card holders get 0% until April 2012

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