help - loan arrears

intheredagain

This is my first post and i could really do with some advice. I currently have a personal loan with the Abbey which is in arrears by 2 months. I agreed last month to pay an additional sum to clear the arrears but unfortunately havent been able to pay anything this month either (had to spend £1000 on new boiler). Has anyone had any experience with similar arrears and advise what I am best to offer (had to borrow an additional £500 to pay for boiler from family). With christmas coming and 3 kids I am worried I am not going to be able to pay what they ask and subsequently become more in debt. I also have a large overdraft and 2 other loans to pay which are currently up to date. Any advice welcome

marshallka

intheredagain wrote: »

This is my first post and i could really do with some advice. I currently have a personal loan with the Abbey which is in arrears by 2 months. I agreed last month to pay an additional sum to clear the arrears but unfortunately havent been able to pay anything this month either (had to spend £1000 on new boiler). Has anyone had any experience with similar arrears and advise what I am best to offer (had to borrow an additional £500 to pay for boiler from family). With christmas coming and 3 kids I am worried I am not going to be able to pay what they ask and subsequently become more in debt. I also have a large overdraft and 2 other loans to pay which are currently up to date. Any advice welcome

Have you asked them for any advice on this..??

intheredagain

not yet, after reading forum feedback on other threads sounds as though they not particularly helpful. I will be contacting them today but just wondered if anyone had any advice on what they will possibly accept. Wondered if adding to the term of the loan an option?

marshallka

intheredagain wrote: »

not yet, after reading forum feedback on other threads sounds as though they not particularly helpful. I will be contacting them today but just wondered if anyone had any advice on what they will possibly accept. Wondered if adding to the term of the loan an option?

You would have to weigh it up by doing this... How much extra would you have to pay and would you have to have the loan redone and penalties etc. I suppose if you have no other choice than this then it may have to be done. Would the loan company offer this option to you...??

You really need to speak to them. Perhaps they could suggest the OD and other loan and this one on one... I know its consolidation but if its the only way to do it then perhaps would help out. Could you perhaps shorten the loan time this way ....

intheredagain

thanks, will phone and see what they can offer!

marshallka

intheredagain wrote: »

thanks, will phone and see what they can offer!

I hope you get it all sorted... at least you are trying..good luck

intheredagain

Hi, just wanted to update you, phoned Abbey who were really helpful. o/s arrears currently £520, they will accept at £40 per month until Jan and then review to see if my circumstances allow an increase in paying back. Weight lifted off shoulders!! Thanks again

marshallka

intheredagain wrote: »

Hi, just wanted to update you, phoned Abbey who were really helpful. o/s arrears currently £520, they will accept at £40 per month until Jan and then review to see if my circumstances allow an increase in paying back. Weight lifted off shoulders!! Thanks again

See what talking to them can do.. so glad for you and hope you get things sorted real soon.