Just keep it up, honey. You have a long way to go, and it will seem dark and depressing at times. Hang on to that smiley feeling you have right now, and always remember how good it felt it get in control, and how bad it would feel to lose it again!!

Good luck with everything and keep us posted. Maybe you could stick around, and help to do what we do, when someone else comes along who has similar problems?

Great to hear you sounding so positive.

Cat

If I knew how to put a beaming proud smile on the screen I would do so! I have actually set aside the money I would have spent on c/c payments this month (as the loan came through before the payment dates) so can reduce my o'd by quite a bit.

From now on, I'll be a financial angel... It's been a lesson well learnt, but I've a long while till I'm home and dry!

WTG worried, and even better that you managed to sort it out for yourself.

You can now go around as proud as a very proud thing knowing you are on the way to resolving it before you sank. Just make sure you keep up the payments, and dont take on any more credit until you know you can handle it.

Good luck with the job.

Dave

Hi all, just for an update, after searching the loans calculator I took a loan with MBNA to pay off the c/c's (now confetti, what a great feeling!), which was quite a good rate, saving £100+ p.m on current payments, and with a term the same as I calculated it would take to pay off the cards as I was doing before. The first payment is deferred for 4 months, which gives me time to clear some of my overdraft and reduce that, and when my car loan finishes in a year, I will take the couple of hundred and put that towards paying off my egg loan (very glad it's flexible). It will take the next 3 1/2 years for me to be completely debt free, and will be hard work, but I'm determined to clear this and start afresh. I didn't go to the CAB (too ashamed, and nervous), but after taking a serious look at my finances, down to calculating interest to the penny, I feel a lot more positive!

Also waiting to hear on a job with a better salary then I'm on at the moment, so fingers crossed!

Sorry its long-winded, but lastly a BIG thankyou to all those that took the time to help me. Your advice really helped,and just telling someone eased the burden, so THANKS!

Well, keep us posted, OK?

Cat

Unfortunately my parents are both unable to work due to illness so no joy there! Will be checking out my local CAB as soon as I can. Thanks all

Antonia is right. your credit report is based on your ability to pay, and also considers whether you can afford so. So prospective lenders will be able to see your existing committments, what others you have applied for (called a footprint) and whether you have been late in making any payments or have even failed to make any.

How are you getting on?

Cat

hi been in the same situation afraid to tell my parents but in the end i had to and god it was a hugh relief they helped me out took out a loan for me and arranged my finances for me as well which i payed back.cab are great with debt as well does not affect your credit record but it might affect it when you start paying your crediters less .

Thanks a lot guys, well I've had my experian report back, and it's all fine, not a single blot on there, and all my credit commitments are listed with them rather than equifax. Just a bit worried about going to the CAB, would this arrangement show on my report? Sorry, i'm quite naive about this!

Hi again Worried!

You need to find the numebr for your local CAB and call them. They can tell you what to do from there, but, basically, they will do an interview with you, and will take all your debt, repayment and income information from you, as well as details of all your expenditure, right down to cat food and newspapers. Be prepared to give them every last little detail of every last little debt and expense. I do mean every last little detail.

After that, they will draw up an income and expenditure and will approach the people you owe money to with a statement of your situation and offers for repayment. They will also ask if lenders would agree to lower or suspend interest for a period of time. When such a request comes from the CAB it is usually acceded to; or, at least, it was in 'my day' when I worked for a bank.

I wish you luck and, remember, we will be here for you to chat to at any time.

Cat, how did you manage to do this? My parents are in poor health, I wouldn't really want to worry them, plus I'm so ashamed. I realise this will be a lengthy process getting out of this, just want to figure out the best way possible. Thanks

I aim to please. Still exploring at the moment and if the truth be told I really should get on with some work...but I'm intrigued by all the different subjects!

Hopefully one of the more knowledgeable guys - Miyagi is extremely well up on credit reference, now I come to think of it - will be on later to further set your mind at rest.

Welcome to the show, by the way - great posts!

Cat

Thanks Cat. I have to confess it was one of the things that bothered me about moving into rented, losing some of the creditworthiness we have. Silly really as we'd have ££s worth of equity from this house in the bank, whereas while we are living in it we don't actually have that money to hand...theoretically we're less risk with the cash in the bank...

I doubt it, AF, because you will have a mortgage history behind you. But there are others on board who know a lot more about credit scoring than I do, so we will find out, I think.

Backfoot? Landshark? Problems? I think you guys know a bit about credit scoring don't you?

Cat