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    Unsecured loan, can't afford to pay, what do I do?
    • #1
    • 9th Nov 08, 9:51 PM
    Unsecured loan, can't afford to pay, what do I do? 9th Nov 08 at 9:51 PM
    I have an unsecured loan with AA Financial services for 15000. the payments are 378 per month. I am a builder and have been struggling for work and at the moment cannot afford to make these payments. I have agreed with the company to pay 50 per month until things improve and have asked them to freeze the interest on the loan. They refused to do this unless I go to the Citizens Advice Bureau but I have already been and after my mortgage lender suggested it during negotiations with them, but when I saw the CAB they were too busy to handle my case as they had much more sever cases to deal with. When I explained this to the loan company they suggested I contact CCCS who I understand are a debt management company. I have another loan with another finance company, also unsecured, they have already agreed to freeze the interest for 12 months and accept a reduced payment without me having to go to these lengths. What can I do as I don't want to use the debt management companies as I have heard on a radio programme featuring Debt Wizard that these are not advised?
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