Big Mistake!!!! Wot Can I Do???

slick-chic85

Hi Guys,

Ive done something really silly :mad::mad::mad::mad::mad::mad: I took a loan out for £9500.00 with an interst rate of 12.5% i think anyway my total repayment after 48 months is £12500.00
and Im on income support...I'm pregnant at the mo...and Im literally scraping pennies I cant afford to repay £259.00 a month Im only on £115.00 a week for me and my 5 year old.

Please go easy on me Ive already had an earbashing from mum and friends.

lookin for sum friendly advice please..........

tuggy

Hi there,

You should get a cooling off period to change your mind...how recently did you take out the loan? this week/last week or ages ago?

~Beanie~

What have you spent the money on - do you have any left? Did you buy anything that you can sell to help you make the repayments?

Cranston_2

I am intrigued, how did you get a loan for £9,500 when you are on income support?

Is this (a) irresponsible bank lending or (b) did you lie on the loan application?

Kavanne

Use the cancellation period. It may only be 14 days though so act quickly!!

hipoh

Oooops :-(

You will need to give the board some more information to get the best advice .. if your not working and don't have many assetts iva/bankruptcy maybe a good choice?

If you did make a mistake on your form to get the loan .. and can still send it back you really should ...i dont know if you can plead some sort of "insanity" from pregnancy ;-)


if it's too late to return the cheque get some legal advice, really quickly.

I feel for you with one 5 year old and another on the way it must be really tough .... but remember, kids need love more than nikes.

Junglebear

slick-chic85 wrote: »

Hi Guys,

Ive done something really silly :mad::mad::mad::mad::mad::mad: I took a loan out for £9500.00 with an interst rate of 12.5% i think anyway my total repayment after 48 months is £12500.00
and Im on income support...I'm pregnant at the mo...and Im literally scraping pennies I cant afford to repay £259.00 a month Im only on £115.00 a week for me and my 5 year old.

Please go easy on me Ive already had an earbashing from mum and friends.

lookin for sum friendly advice please..........

Hi

I no expert in the matter but if you have spent some of the money already then you might not be able to cancel the loan but you could try to contact yourloan company first to see if you could extend the term length? although personally if your not working and you cant cancel i think you should contact the debt advice line for advice first.

Good luck

slick-chic85

Thankyou for all your replies,

I can't cancel as I took the loan in April repayments didnt start till end of june.

I was on income support at the time of getting the loan, but my bank had me down as working with my previous employer they didnt ask me & i never told them.

I spent £7800.00 on a car:mad::mad::mad: which has already lost value, i didnt shop around at the time i was desperately in need of a car as my daughters school was far away from where i live !!!!!

& it cost me £1100.00 for the car insurance the remainder £600.00 was used to pay the loan for the first two payments.....:mad::mad::mad:

Scousebird_2

So did you just not mention that you were on income support and went through the application as employed, because most lenders are obliged to go through income and outgoings with you.

You have made a mistake, you were desperate and you are only human.

Go to your local citizens advice. Face the problem head on and go to your lender and explain you cannot afford the repayments on your loan and can they help you reduce the payments whilst you get on your feet again. It's best to be honest now, because if you default on the loan, the bank/lender may look at you in a different way, and may not have much of an option to help you at this point.

Best of luck to you

PS-consider selling the car, seriously....this will help you pay the loan off and give you the peace of mind. We live and learn....we've all made mistakes with money and we've got our fingers burnt. It's so easy to sign on that dotted line! Until a few days later when it dawns on you that you have been an eejit (believe me, I wake up everyday calling myself a super muppet for getting my loan)!