Hi - thankfully I didn't see that interview, I'm panicking enough as it is about hubby going BR.
Our house is being valued tonight so we'll know if there's equity...I think if there is, it will be below £5k, so from the advice I've been given, I'll be able to buy the beneficial interest.
Don't these people realise how worrying debt is, without so called experts spouting garbage!
Nowhere on this page does it mention anything about a DMP or an IVA.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Haven't a clue Michael, but you may form the opinion that neither does he.
For balance, the feature seems to be more to do with doorstep lenders than anything else so perhaps that is his field rather than BR specifically, you would think though that a little research may have been in order. I have copied the full article below.
" Andrew's advice
In the current climate where banks are being even stricter to who they are lending money to. If you have been rejected by the bank there are a number of things you can do.
Borrow what you can afford
- Make sure you know what the level of interest rate is and only borrow an amount you can pay back.
- Be aware that someone will turn up at your door every week for the loan repayment and while they won't resort to violence or intimidation they can be very persuasive.
- Make sure that you read the small print.
Try and get a loan from a Credit Union
- A Credit Union is a co-op banking institution that is owned and controlled by its members. They can give high interest rates on savings to encourage members to save and with that money they can loan it to people at reasonable rates - normally around 2% APR.
- They are often operated on a local level, sometimes in housing estates.
Try and improve your credit rating
- It's possible to get a print out of your credit rating and if there is anything that you dispute you can put a note against it.
- The simplest way to improve your credit is to get a loan and make the repayments every month in full and on time. Even if this is with your doorstep lender it will help improve your credit rating.
Things to avoid
- Economically "Payday Loans" are the most expensive way of borrowing money. The APRs are massive as they lend money over such a short period of time. For example if you borrow £500 you will have to pay back £600, but that will be in just one month. On the flip side for people who just need an advancement on their salary for one month and are sure they can repay it straight away it can be a sensible option.
- Never sign up with a loan shark, they are unregulated and illegal.
Last resort: Declare bankruptcy
- This is the final resort when you are faced with debts that you just cannot pay.
- Can be a very traumatic thing to do, your house and all of your assets will be repossessed and it means that any future income will go to the receivers. It should only be considered as the final resort."
Interesting point also about getting a loan to improve your credit rating, even from a doorstep lender.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
Thanks for that Jan. Not only does this guy know nothing about bankruptcy he has no idea of credit unions either. They can charge 2% per month which is an APR of 26.6% although 1% per month is most common. Many high street banks can beat those rates and they are not the lovable lenders he seems to think.
Priceless eh? Very kind FD but Mrs Size unfortunately uses another adjective I'm afraid.........
The advice to get a loan when you can't get a loan due to bad credit was very interesting. Going to a doorstep lender when the whole feature was about avoiding doorstep lenders due to high interest was also eyebrow raising, and though I have been out of that side of things for a long time now so I do stand to be corrected on this but the doorstep lenders don't, as far as I am aware, register the type of loans they give with the CRA's (unless they litigate to recover) so that seems pretty pointless too.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
i would be thrilled if something like that happened for you.
you are just the person people need for debt advice. you would really make a huge impact-you already do with us ! [;)]
