Debt management. • Non-Gaming • General Non-gaming • Eurogamer.net

solidsneek 7 Apr 2018 14:09:41 763 posts
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I know this is really off topic - Have any of you guys got ever gotten advice on debt?

I am looking at potentially consolidating all my debts in to one - I reckon as a whole I own about Ł4500 from when I was 18 and got cards etc (really young stupid me).

Thanks in advance.

You-can-call-me-kal 7 Apr 2018 14:14:11 23,013 posts
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Transfer balance onto a 0% credit card if you can. Otherwise a loan to pay it all off could make sense.

solidsneek 7 Apr 2018 14:18:01 763 posts
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@You-can-call-me-kal These are debts that haven't ever been paid and being contacted by debt management companies - CCJ active as well the one thing I am struggling with is managing them as there's a few separate ones.

Not-a-reviewer 7 Apr 2018 14:18:32 7,686 posts
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https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/debt-management-plans/getting-a-debt-management-plan/do-you-need-to-pay-for-a-debt-management-plan/

Not-a-reviewer 7 Apr 2018 14:19:30 7,686 posts
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Link there has good advice and there are charitable organisations that sort out payment plans with those you owe money to.

Flying_Pig 7 Apr 2018 14:19:30 16,956 posts
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I've never gotten debt advice but consolidating all of your debt into a single loan is a smart move.

Depending on your earnings and credit history, you should be able to get a Ł4,500 loan quite easily. You'd repay it in equal monthly installments over 3 or 5 years. Personal loan rates vary so shop around and go for as cheap as possible.

An alternative option is to stick it on a 0% balance transfer Credit Card. If you can pay it all off within the 12 - 18 month period that the 0%offer lasts, this is the cheapest option as you'll pay no interest, just a balance transfer fee (usually around 3%). However, you need to be strict about making repayments, as you would be able to under pay and unless you Lear the balance within the 0% period you'll be back to where you are now (except hopefully less debt).

It really depends on how much you trust yourself to make large enough monthly payments to clear the debt, as a loan gives you no flexibility...

Edit: just seen your second post. Given your circumstances proper debt advice probably is the way to go...

Edited by Flying_Pig at 14:23:12 07-04-2018

solidsneek 7 Apr 2018 14:21:53 763 posts
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I would rather pay say Ł50 a month than 10 here, 10 there , 5 there etc. My credit history is appalling so there's no chance of a loan I wouldn't of thought.

Frogofdoom 7 Apr 2018 14:22:25 17,973 posts
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Active ccj means he won't be getting credit.

One of my friends used a debt management company and it helped him loads. Its all paid back now and life is much easier without the constant stress.

solidsneek 7 Apr 2018 14:24:58 763 posts
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I am going to use the last company on that link provided - They approach the debtors for me which sounds really helpful.

drhcnip 7 Apr 2018 14:26:10 6,573 posts
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@solidsneek

i'd look at the link reviewer posted - a dmp is they way forward, i would think, with your credit history and the relatively low nature of the debt but they'll be able to help with that...

this is coming from someone who, through no particular fault of his own, ended up in an iva for 5 years and you'd be better getting it sorted properly now while the debt is low, rather than letting it get any further...

Frogofdoom 7 Apr 2018 14:28:08 17,973 posts
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@solidsneek thats what the company my friend used did, I don't know the name of them though. He went from constantly being hassled by companies to peace and quiet and it made a big difference.

solidsneek 7 Apr 2018 14:28:28 763 posts
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Very true all round guys - it's not a position I want to be in and I hate the idea of my debts being all over the place if I am paying one sum I know they are all paid. I was young, stupid and made a mistake.

magicpanda 7 Apr 2018 14:29:44 15,130 posts
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@solidsneek First thing is to check any for being Statute Barred.

https://www.nationaldebtline.org/EW/factsheets/Pages/time-limits-for-recovering-debts/statute-barred-debt.aspx

Deleted user 7 April 2018 14:31:58

I recently consolidated all my debts (Ł4000) with a zopa loan. I'm saving myself around Ł45 a month.

Frogofdoom 7 Apr 2018 14:42:47 17,973 posts
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Funnily enough that's who my car loan was with, they were brilliant.

Fab4 7 Apr 2018 15:21:38 8,924 posts
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If you have one in your area, might I suggest CAP (https://capuk.org/).

Don't be put off by the Christian part. They don't do it to convert people, but see it more as part of their pastoral duties to the community.

Deleted user 7 April 2018 18:33:49

https://www.stepchange.org/about-us/our-history.aspx

Used to be Consumer Credit Counselling Service. I wouldn't bother with citizens advice imho.

seasidebaz 30 May 2018 20:25:37 7,500 posts
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PayPlan but they get all up in yo face

chopsen 30 May 2018 22:00:19 21,958 posts
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CompetitiveDad wrote:
I wouldn't bother with citizens advice imho.

No? Why not? Thought that was a fairly obvious place for this sort of thing.

Deleted user 31 May 2018 11:40:08

I used PayPlan around 12 years ago. They were brilliant, sorted everything out for me, gave me one monthly payment that was around half what my creditors wanted, all the letters and demands stopped and I was able to get on with my life.

Can't comment on what they're like now obviously, but I would recommend them based on my experience.

Sharz 31 May 2018 15:49:39 2,121 posts
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A friend used payplan last year and they said that while they were great for sorting the payments they were very aggressive in terms of monitoring her. They wanted to know everything she spent money on and were quite invasive. Even questioning why she bought her daughter a magazine at a train station.

While she understood that some policing made sense it did go abit far. Not saying don't use them just that you should be prepared for it.

Edited by Sharz at 15:50:23 31-05-2018

BurnoutJunkie 31 May 2018 16:08:27 1,222 posts
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Never used one, but just want to say good luck. I spent quite a bit on a credit card during my student years and the few years after. Eventually got into decent work and resolved to pay everything off. Transferred everything onto one credit card and was paying off around Ł500 a month. It's such a great feeling when you're all clear of debt. Never been in debt sinc, pay off my card in full every month.

Good luck!