Any Help for this Newbie?

misspixie_2

Hi so if i tell my story, maybe someone will reply with some help...

I had a loan with my bank, HSBC of £8000. Unfortunately i could no longer make repayments, and even though i had PPI, they said it didnt apply to me and refunded me what i had paid towards this.
They converted my loan into a Managed Loan so instead of paying the £180 a month, i now pay £66. This is only paying off £10 each month, the rest is taken as interest.
It really makes me sad/sick when i see how much i have actually paid, but nothings coming off the amount i still owe!

Does having had a managed loan mean i wont be able to get credit elsewhere?

Have been to Citizens Advice Bureaux and a solicitor to discuss bankruptcy but nothing seems right.

i would really like to get away from this managed loan and get a £10,000 loan from somewhere else. But can only afford maximum £110 a month.

Please, please help if anyone knows anything!

scheming_gypsy

go easy on her, she's a good friend of mine...

tomstickland

They bank love you - they know that it will take forever to clear the loan.

You need to look at ways of increasing the amount possible to put towards clearing it. On here that means a SOA - statement of affairs, ie: list of income and outgoings.

magentadreamer

Welcome to MSE Miss pixie.

do you have any other debts other than this loan? I'm only asking as £8K could well be manageable and so avoid bankrupcy etc.

Are you able to make additional payments to the £66 a month you are making already?

What you really should do is put up an SOA - it's a list of all your incomings and outcomings, you'll be surprised at what you can save and the experts on here will more than likely point out savings you could make that will then free up money to chuck at this loan.

It's a big step posting on here but the wealth of experience really is amazing. You should take a look at the other sections on the board as well - plenty of money saving tips.

MD