/biz/ - Business & Finance

>>54198706
You're best bet there is to look it up on your bank website and maybe the HMRC website to see if it has any affect on your credit score.
You're not alone though, i'm in debt and i'm sure atleast 25% of /biz/ is too.

>>54198984
I'm not in debt. but i'm poor.

>>54198706
>payday loans
lmao

>spends money on hookers
I need 3k to keep all my utilities from being shut off in 10 days.
I've never spent a money on a hooker, or even a date....

>>54198706
I used a debt consolidation company back in October of 2019 and it fucked my credit score down into the low 500s. Now my credit score is 723. If you're cool with having shitty credit for a few years then go for it.

>>54199059
>it fucked my credit score
Why would it do that? I thought the only time you get fucked is when you have too many hard searches or a utilisation above 50%. Since you consolidated your debt wouldn't it have dropped your utilisation?

Also can I pick a date to pay it? I'm in a dilemma rn. If I consolidate now I'll be forced to pay it 1 week before payday every month. If I dont I'll have to pay the £400 within 2 days of pay day.

>>54198998
We are poor together now fren. At least you weren't retarded like me.

>>54199052
3k for utilities is insane for a single person. Why is it so high?

>>54199296
Haven't paid em since november.

>>54198984
The HMRC are the ones taxing me for my bonus. I don't know why they do this. Gifts up to £10k aren't taxed. Bonuses are essentially gifts. I'm not guaranteed a bonus every year.

>>54199304
Man that's sucks. Can you haggle them into paying it in small sums with some interest?

>>54199279
The way debt consolidation companies work is they have you stop paying any of your debts. The bank has no incentive to negotiate with you if you're still making payments because, well, you're still making payments. After five months or so of no payments, they're willing to come to the negotiating table, at which point you pay the debt negotiation company every month. I don't know how things work in bongistan, maybe they're willing to directly lessen the amount of debt you have for some reason. For me it came out to a hell of a lot less than I actually owed.

Regardless of what you do, you should expect your credit to go down simply because you're not paying what you owe.

>>54199413
Man it must be tough in Muttland. In the UK it's just borrowing debt to pay off debt.

The bank will pay off my debts abd give me a lower interest debt. I'll speak to the bank on Monday to find out how this works and how it will fuck up my credit.

My bank's website said if I bank with them there is no need for a hard search.

>>54199059
>>54199413
wrong; what you're thinking of / talking about are debt *settlement* companies, not debt consolidation.

debt consolidation is different; it's when you get one low-interest loan and use it to pay off all of your high-interest loans. That way you have one, smaller payment to worry about instead of multiple payments that are collectively larger.

>>54198706
yes anon of course you should consolidate your debts and spend less money on interest; can you name one reason why you shouldn't?

>>54200299
How badly it will effect my credit history and borrowing in the future. Will the banks I have credit with cut me off? etc.

The only time I have ever missed a payment was when I was 19 in college and I went into overdraft the week before payday. That was 6 years ago.

>>54200467
it's one new line of credit and one new credit inquiry so it'll hurt your credit score a little bit but unless you were planning to buy a house in the next 2 years

>>54201031
... unless you were planning to buy a house in the next 2 years there's no reason *not* to do it, just be sure to actually pay off all your other loans with the money

>>54200286
Based Deus-Ex poster as usual