Consolidation loans

[ray_a]

I know these are horrible but perhaps they could be a way forward if one was to adopt an IVA or BR approach to them!

Just getting a discussion going on this to see whether they are not as good as they are or whether it can be used as a means of controlling debt with secure safe guards!

[Skippy]

I think they could work better if there was more control. What I mean is, if you run up your credit cards and take out a consolidation loan then the cards should either be cancelled by the lenders or the credit limit reduced right down for the duration of the loan.

Going of track slightly, maybe it would be better if there was a limit on either the total credit limit you can have on credit cards, or else on the number of credit cards that you can have.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

hi agree skippy i think every thing should be based on your salary eg if you are on say 25k per you you can only have 10k of credit in the form on credit cards or loans

JOHNPAUL

[Skippy]

I earn £22.5k a year and I had run up £65k of debt...

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

a friend of mine earns £22k per year ran up 105k of debt skippy

JOHNPAUL

[Skippy]

I don't feel quite so bad now!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

how he ran up that he went Bankrupt 2 weeks ago and did not reget what he did srarting laughing about it

JOHNPAUL

[ray_a]

how he ran up that he went Bankrupt 2 weeks ago and did not reget what he did srarting laughing about it

Whilst I admit I had a feeling of relief I did also feel ashamed of myself for allowing myself to get into that position.

I think if anyone thinks going bankrupt is a laughing matter really should have a good look at themselves!

Thankfully we don't see many people on this site!

JOHNPAUL

[johnpaul]

i agree ray he said he will keep doing it until the day free credit comes to a end i said to him might be worth doing a iva he said no way going bankrupt paid is £485 and went to court and the judge said yes and just started laughing i said at least i am doing the right thing paying as much money back to my creditors after all right now on the dmp maybe 4 weeks time a iva and it is good of creditors to do this for us who need help if deep in debt

JOHNPAUL

[jpj]

The bit I always find interesting is that if you run up debts of £100k then go bankcrupt it is all tax free!..if you had earned 100k and blown it, the tax man would have had 30k off you for starters!!

[johnpaul]

every bodys talking about ivas being the next bankrupt i did tell him to do a iva ray he had to hand over his bank account cheque books etc etc and open a basic bank account with only a cash card while he is br

JOHNPAUL

[Skippy]

That's what we've all had to do Johnpaul. I now have a basic bank account with the Co-op (which does have a debit card) and a back up account with Nationwide and I'm managing so much better than when I had a 'normal' bank account.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnpaul]

i use to bank with gp banking its now called think banking but i got rid of it as i wanted a bank account with cheque book for my iva if they agree to it as a fresh start and to put in this 50% bonus by writing cheques out each money overtime comes in as its much easyer for me and since being on the dmp finding it much better looking after my money

JOHNPAUL