For four, nearly five, years my wife and I were told by our bank that they would help us when we decided that the time was right to consolidate all our finances. They were aware of our circumstances, which most people would class as very lucky, but at the last minute they decided against it and made demand for repayment of overdrafts, loans etc which, of course, they had been delighted to throw at us up to that point. They even gave us an extra £1000 on our overdraft when I told them I had lost my job - 'just to get you through christmas'. Subsequently our credit rating, which was perfectly healthy up to then, is now shocking. We need to raise £100,000 for a short 6 to 9 month period. This would be fully secured and even repayment can be guaranteed. Has anyone got any sensible ideas?
2006-09-27 01:32:17 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Contact the banks head office and talk to someone higher than your own branches manager. Or contact the CAB they have great financial advice. It may be unwise to try for another loan to consolidate the others as the interest rates on there are very high, if all advice fails, change banks and explain to them what happened, they may understand.
Do not do debt management as they charge high rates of service and you will end up paying lots more than you owe.
Talk to your creditors and explain the situ and they may stop all interest and reduce any late charges as well.
2006-09-27 01:38:09 · answer #1 · answered by Mas 7 · 0⤊ 0⤋
If you can secure the loan on your house what about one of those loan companies that advertise on the telly? The interest rate is shocking but if you are only wanting it for a short period of time and there is no early repayment penalty it may be your best option. Alternatively what about re-mortgaging your house?
Good luck
2006-09-27 08:36:00 · answer #2 · answered by Dingle-Dongle 4 · 0⤊ 0⤋
If you want to take issue with your bank you could always make an appointment with the Citizen's Advice Bureau. They are very good at giving free advice. If it is one of the main high street banks you may be able to get them to reiminstate your loans, if their advice was incorrect. You may have problems going to another bank if you have a large debt. Banks can be really funny about taking on new customers (I know from experience). Failing that CAB may have some suggestions.
2006-09-27 08:39:48 · answer #3 · answered by lottie 3 · 0⤊ 0⤋
Try speaking to the Consumer Credit Council, they offer free impartial advice on credit issues, they are a charity and can offer a similar service to those debt management companies that advertise on tv but do it without charging a fee. They are very good and will point you in the right direction.
2006-09-27 09:05:30 · answer #4 · answered by Bindesh M 2 · 0⤊ 0⤋
Report them to the Banking Ombudsman
http://www.financial-ombudsman.org.uk/
2006-09-27 08:51:57 · answer #5 · answered by ? 6 · 0⤊ 0⤋
Contact the Banking Ombudsman and the FSA and see if they can provide any advice or assistance.
You could of course contact other banks to see what they could do.
2006-09-27 08:43:16 · answer #6 · answered by LongJohns 7 · 0⤊ 0⤋
Go to one of these debt management companies, they claim they can wipe out the majority of your debt something like 95% and you pay the rest off over the next five years.
2006-09-27 08:35:59 · answer #7 · answered by mango_amigone 2 · 0⤊ 1⤋
Do not borrow on your house or you will lose it as well.
Tell your bank to forgive you half the debt or you will declare bankruptcy. They will agree. But do not bluff, do it if you have to.
2006-09-30 21:15:59 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You could sell your house on one condition to the buyer, that is you get to lease it back for one yearfrom the buyer of your house. then you can buy another one in future, or rent a house.
2006-09-27 08:44:17 · answer #9 · answered by chp 2 · 0⤊ 0⤋
go to financial adviser.
2006-09-29 09:30:48 · answer #10 · answered by Anonymous · 0⤊ 0⤋