TwistedPolitik Posted February 18, 2012 Share Posted February 18, 2012 Okay. This is for some users on here that have had some life experience because it's a pretty serious problem. I'm not sure if I should be sharing this, but it's starting to become a problem. I'm currently £480 in debt. I don't want to talk about how I ended up in this debt, but the long and short of it is I've been considering taking a loan out in order to get it paid off and have it over and done with so I can move on with my life. I'd like to know if it's worth taking a loan out or not. I've been very tempted to do it, especially in the last couple of days, because I live off £100 (I'm unemployed, unfortunately) a fortnight and I need to pay internet bills monthly and stuff. But family members have advised for me not to take a loan out, claiming that in the situation I somehow end up in debt with the loan company, my situation would be much worse than it is now. I'd like some advice on whether or not it's worth considering taking a loan out. I know this may seem like an unusual question for these boards, but like I said I want an outsider's opinion on it, on whether or not it's worth taking out a loan and what loans can offer me, because I'm new to this whole thing. Any advice would be deeply appreciated. Like I said I'd rather not go into details about my debt but if need be I will explain, without revealing too much (there's only so much I'd be willing to share). This is really getting to me and I want to get on top of it so I can move on with my life. Any help or advice would be deeply, deeply appreciated. Thanks. Link to comment Share on other sites More sharing options...
Mrs. Berryman Posted February 18, 2012 Share Posted February 18, 2012 Get a job. Get help for what ever it is your in debt for, and make a better life for yourself. Listen to your family and don't take out a loan. Link to comment Share on other sites More sharing options...
66 Posted February 18, 2012 Share Posted February 18, 2012 Don't do the loan. Sounds like an easy fix, but it's not. With interest, you'll pay a lot more than the amount you're presently in debt. Buckle down pay what you can. Banks are not forgiving and can ruin your credit if you're late on a payment, etc... This can effect your ability to purchase a car, rent an apartment or even get some jobs later down the road. I have excellent credit, but am also quite in debt. I've stopped spending promiscuously, and put all my surplus toward my debts. Paying slowly, but surely. Remember, the tortoise wins! :-) Link to comment Share on other sites More sharing options...
chuck kottke Posted February 18, 2012 Share Posted February 18, 2012 Yes, you're better off not borrowing the money, unless it's essential to keeping vital services connected which you rely on for work searches, and you haven't any other way (local library internet if it's close by, etc.). If that is the case, I would only borrow from a reputable lender who is reasonable (credit unions come to mind here), and only for the amount necessary just to get up and running. Otherwise, you'll probably wind up like we Americans - in debt up to your eyeballs, and sinking fast!:laugh3: (it's true! all too often) Loan offers are often highly profitable for the lender, we pay for their 18% profit margins. Partly the problem is low wages for workers in both the UK and the US (leading the world in wage disparities). I'd recommend frugality first, as I'm in a similar bind myself. If you do have some work that you can line up in the construction trades, some employers or customers will be willing to advance you a little money to get by with, if they know you and believe that you'll get to work and pay it right back right away or deduct it from earnings, so that's one option. Another might be to sell some belongings which you own and which are not of any great value either as tools, family heirlooms, and the like. Sometimes you'll discover things you really never use nor want and someone else wants them, so there's another option. Lastly, I would shop around for a better value in your services - here, I found out that unless one pays attention to the ads, the internet provider keeps charging a high rate, yet offers great deals to newcomers, and it's worth checking up on the offers, see if they'll offer them to you. Also, if you're not making many calls, you could switch to a pay-per-call basis for long distance, or try the internet long-distance services. Drop the frills, extra fancy cable/satellite packages, etc. - frugalistas rule Brittania, so should you!;) Link to comment Share on other sites More sharing options...
LoryABjerre Posted February 18, 2012 Share Posted February 18, 2012 I do not advice. become even more debt. I owe a debt of 3000 frs. I am in debt when I had forced to move in another region. and apparently there will be more of the work. since in this city I have not found work. then I eat less, I eat two times instead of 3 times. I set aside the little money . and I pay but the person who lent me told me to take my time. because I know I have nothing for life . is always an idea put aside the little money and pay debt. Link to comment Share on other sites More sharing options...
Cobalt Posted February 18, 2012 Share Posted February 18, 2012 I'm currently £480 in debt. I don't want to talk about how I ended up in this debt, but the long and short of it is I've been considering taking a loan out in order to get it paid off and have it over and done with so I can move on with my life. This plan is terrible. Why? You'd be creating even more debt for yourself to get out of your current debt. As for getting the monies, others likely have better ideas than I Link to comment Share on other sites More sharing options...
TwistedPolitik Posted February 18, 2012 Author Share Posted February 18, 2012 Thanks for the advice guys. Good news concerning this. They sent me a letter this morning saying they're gonna give me a month to pay £230 and then it's gonna be dropped (apparently, it sounds a little too good to be true to me). I can quite easily do this, although I'll be skint for a few weeks, it'd be the price I'd pay to get rid of the debt. Regardless I'm gonna save my next few payments and pay them the money. Hopefully that will be the end of it. Link to comment Share on other sites More sharing options...
LeonieArienne Posted February 18, 2012 Share Posted February 18, 2012 Very glad you didn't choose to do the loan. I think the whole financial world is in chaos because of people thinking to easy about a loan. Link to comment Share on other sites More sharing options...
Reilly Posted February 18, 2012 Share Posted February 18, 2012 I really don't think you should be stressing too much about £480, debt collectors are going to do fuck all in terms of chasing it (It will affect your credit history for a few months though) as it's going to cost about the same amount to pursue it through a solicitor, court etc. (You pay for your side, but one thing they don't mention is that they have to pay for theirs). Part of my job includes debt collection and anything around £500 normally just gets written off if unpaid, even up to over £1000 sometimes does. Thats not to say you shouldn't pay it, haha. Link to comment Share on other sites More sharing options...
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