Discussion
Firstly I want to say I'm sorry as there must 1,987,343 of these posts but here goes,
I'm 19 and have rubbish credit history, I would like to pay off a loan I have that a friend took out for me with credit of my own. What ways could I do this ? A friend suggested I get a credit card, I'm not so sure.
Thank you in advance
I'm 19 and have rubbish credit history, I would like to pay off a loan I have that a friend took out for me with credit of my own. What ways could I do this ? A friend suggested I get a credit card, I'm not so sure.
Thank you in advance
Advise. Not Advice (seeing as you are lookin for help.)
Have you considered the interest rate on a credit card compared to a loan? The CC will almost certainly be much higher. I doubt you will get a 0 rate cc for this sort of debt, but I might be wrong.
Why is your credit so good awful? Defaults and CCJ's?
Have you considered the interest rate on a credit card compared to a loan? The CC will almost certainly be much higher. I doubt you will get a 0 rate cc for this sort of debt, but I might be wrong.
Why is your credit so good awful? Defaults and CCJ's?
What size of loan is it?
Could you get a part time extra evening job/sell some stuff?
If it's a manageable figure and you're seriously keen to pay back your friend (which I'm sure no one here will criticise you for) You may have to spend a month or two thinking before every purchase "Will I actually come to harm if I don't buy this item?" and if not, don't buy it, and put the money into a savings account until you've got enough to pay your friend back.
Getting into debt to pay off another debt, such as your credit card idea will end one of two ways:
1) Financially very expensive and generally badly all round.
2) Financially very expensive and generally badly all round.
No-one said they had to be 2 different reasons!
Seriously, the fact that you have a bad credit history suggests that you are exactly the type of person that this could happen to. I don't mean to be rude saying that.
Could you get a part time extra evening job/sell some stuff?
If it's a manageable figure and you're seriously keen to pay back your friend (which I'm sure no one here will criticise you for) You may have to spend a month or two thinking before every purchase "Will I actually come to harm if I don't buy this item?" and if not, don't buy it, and put the money into a savings account until you've got enough to pay your friend back.
Getting into debt to pay off another debt, such as your credit card idea will end one of two ways:
1) Financially very expensive and generally badly all round.
2) Financially very expensive and generally badly all round.
No-one said they had to be 2 different reasons!
Seriously, the fact that you have a bad credit history suggests that you are exactly the type of person that this could happen to. I don't mean to be rude saying that.
Metroarea said:
PeetBee said:
Not spending £600 on a watch or buying a motorbike may help as you can put that money towards paying your friend off. HTH.
+1 
Metroarea said:
PeetBee said:
Not spending £600 on a watch or buying a motorbike may help as you can put that money towards paying your friend off. HTH.
+1 If you don't have money don't spend it, simple as that. You want to pay off your friend then do that then worry about splashing out on a watch and a motorbike when you're not in debt.
perhaps I'm a tad old fashioned, but what about working your heart out until you've paid your debts? I did this back in '88, got into massive debt with credit cards, didn't like it, so spent that whole year working to pay them off, never been in that position since. You have to make real sacrifices to crawl your way out, there is no quick and simple way unless you have rich parents or win the lottery). If you don't make these sacrifices now, you will have a future of financial misery and bad credit blacklistings.
Frodo69 said:
Firstly I want to say I'm sorry as there must 1,987,343 of these posts but here goes,
I'm 19 and have rubbish credit history, I would like to pay off a loan I have that a friend took out for me with credit of my own. What ways could I do this ? A friend suggested I get a credit card, I'm not so sure.
Thank you in advance
My advice is to apply for a loan with your bank after the credit crunch has finished !!I'm 19 and have rubbish credit history, I would like to pay off a loan I have that a friend took out for me with credit of my own. What ways could I do this ? A friend suggested I get a credit card, I'm not so sure.
Thank you in advance
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