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JimLawyer
JimLawyer, Solicitor
Category: European Law
Satisfied Customers: 7128
Experience:  Senior Associate Solicitor
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I have loads of credit cards and loan debts what’s the best

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I have loads of credit cards and loan debts what’s the best way of getting rid of them without affecting my credit and becoming bankrupt or applying for AVA’s

Hello, my name is Jim and I am a qualified lawyer happy to help you today.

The only real way to do that is to pay them off or to enter in to a payment arrangement then wait 6 years - after which your credit rating goes back to normal. Or you can move to a different country where you have a fresh credit rating over there. If you default on credit cards and loan payments then marks are left on credit records - they stay that way for 6 years unfortunately. To get rid of those debts efficiently you can pay the loan off with the highest interest rate. Once that is paid off, pay the others off in turn (the highest interest rate first) and in time you should have them sorted.

If you ask http://www.stepchange.org to help and they can also speak to your lenders for you - you could even ask the lenders to freeze the interest or reduce it to make the payments more manageable.

I hope this answers your question – if so could you please click 5 stars at the top of your screen, that will give me a rating on the site and I can answer any follow up questions at no extra charge.

Many thanks,

Jim

I hope I have answered the question to your satisfaction. If so could you please rate the answer (5 stars on your screen). It won’t cost extra to give the rating and I will be credited for helping you. You can come back here for any follow up questions.

Many thanks,

Jim

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