Five years ago I lost my job and was out of work for 8 months. I was not eligible for any income assistance as my partner "earnt too much". Reality was after we paid rent and brought staples we had nothing left so my debts got out of hand.
I currently have 10k in debts but also have an adverse credit file due to defaults. 11 to be exact. (I buried my head in the sand)
I have been paying these debts off fortnightly for the past year and although I am in a position to pay it off, I have been trying to consolidate so it's not such a huge chunk of my pay each fortnight. Problem is no one will give me a consolidation loan due to the defaults on my credit file. I'm trying to right my wrongs and I accept full responsibility for my ignorance but how am I supposed to get ahead and fix my credit if no one will help me. Is there any creditors who look at your ability to pay instead of the shitty credit report? I have been offered a settlement with my debt which is 50% of the total but obviously I don't have access to that kind of money.
PS I don't want to enter a debt agreement - I'd rather keep slogging away at it. Any help is much appreciated.
Debt consolidation
Debt consolidation
Posted in:
Money
1 Replies
The bad news is none that are worth looking at they charge ugly interest rates. Break your debts down negotiate payments.
Then prioritise hit the highest interest rate ones as a priority. Pay them out get them done. Then the rest its worth more to be paying less interest and will get it cleared faster.
You can only consolidate before you default. Now it is best to pay it out as well as you can as fast as you can highest interest first