Hello and welcome to the very first post of my debt journey
After years of burying myself in the sand and taking bad advice from a debt-loving mother, I have found myself in approximately £12,000 in debt thanks to my education.
Of course, the idea was pay for an education that would grant me a job so wonderful, I could pay it all back. Unfortunately, the economy's arse collapsed and left those that tried the hardest with the toughest deal.
As it stands, my stoner 20 year old brother who has never aspired to anything has actually found himself in a better position than I have.
So, given that there are no obvious places to go for advice, I figured I'd give my own trial and error to getting out of debt.
Here is what I have learned in my first week
- MONEY SUPER MARKET forums are full of smug idiots that like to make fun of your debt rather than help you with it. I explained my situation and asked if there were any way that someone could survive bankruptcy without working. Oh, the endless thread of hilarity, but then again you have to ask yourself...if not in debt...who hangs around those forums? BEST AVOID.
- Loans with bad credit, no matter how they advertise it....are IMPOSSIBLE.
- Most loan websites are secretly more like 'loan search engines' which they try to say means "We are looking at everyone for you"...what they really mean is "We have just given your number to any desperate marketing company that will advertise our janitors birthday on their website for a day".
- Do not pay for loan lender search companies. This is daylight robbery and should NEVER be done. Bold and underlining here is very justified.
So what am I going to do?
Well I live in Scotland and technically this means that bankruptcy will be over in 1 years, however an advisor on People Per Hour that I hired told me bankruptcy wouldn't really be over for another 7 years! This would mean any mortgage is out of the window until I'm in my mid thirties, however at 25 I am still trying to work out how much that bothers me.
Bankruptcy Vs Consolidation Loans
Consolidation loans take all of my debt and make them payable at an affordable rate for me, which right now is about a fiver.
I am going to look at what consolidation loans I can get and if they really are better than bankruptcy.
Here we go....
