Got a loan & only managing to pay the interest so ot will never leave me!

kirstyf_3

Hiya,

I went into my bank (Lloyds) looking for £1000. I walked away with £4000 somehow.

I was seriously missold the loan and they even took the payment protection off when I consolodated it so when I lost my job they claimed I still had to pay it. I managed through complaining ALOT to get those charges waived.

Since taking out the loan I have dented £100 from it over 4 years. I don't think i will ever make much money than I am on just now so I feel like I will be paying off the minimum and interest rate only. I feel like this is stopping my life from moving on. Is bankruptcy the best option?

I feel like this is what banks do..see a young naive person..throw money at them and suck the life out of you.

If anyone can help id be really grateful. Ideally id love to do some travelling but I feel like loan is keeping me trapped.

Many thanks
k

AlwaysWorking

Hi Kirsty
Without meaning to seem harsh, I think the first thing you have to do is accept responsibility for your debts. You spent the money, now you have to find a way to pay it back. The first thing you should do is complete a SOA so all the clever people can see how you could cut this down, freeing up more money to pay your loan off. Could you also look for ways to increase your income - could you get a 2nd job? Have you anything to Ebay/carboot? Do you own a house where you could let out a room?

Good luck!!