can anyone advise me on this please

helenfromtheblock

Hey guys im new to this and ive got a query that i hope one of you will be able to help me with.

To cut a long story short i work for hsbc and at the moment im on maternity leave, im not going back to work but i havent told them yet. I also have a 14k loan with hsbc and its 271 a month and bank account...because im a slingle mum of 2 and i have my mortgage to pay i am going to really struggle to pay my loan....what would happen if i didnt pay it?
My house, bills and kids food is more important than paying this loan but will they be able to just take the money out of my bank account as my current account is with them? and at the moment im getting statutry maternity pay from them so can then stop paying me that and or sack me????

Thank you in andvance for any responses i get xxxxxxx:o

~Beanie~

They can take it out of your current account, yes. I don't know whether they can sack you or not.

Surely you would be best speaking to them and advising that you will struggle to meet the repayments whilst you are on maternity leave?

ILW

helenfromtheblock wrote: »

Hey guys im new to this and ive got a query that i hope one of you will be able to help me with.

To cut a long story short i work for hsbc and at the moment im on maternity leave, im not going back to work but i havent told them yet. I also have a 14k loan with hsbc and its 271 a month and bank account...because im a slingle mum of 2 and i have my mortgage to pay i am going to really struggle to pay my loan....what would happen if i didnt pay it?
My house, bills and kids food is more important than paying this loan but will they be able to just take the money out of my bank account as my current account is with them? and at the moment im getting statutry maternity pay from them so can then stop paying me that and or sack me????

Thank you in andvance for any responses i get xxxxxxx:o

Think I will get some real stick for this, but on the face of it, it appears that you have taken a £14,000 loan from your employer, You are a single parent and now have another on the way and have now decided you do not feel like going back to work and expect not to have to pay them back. I am probably missing something but this sounds outrageous to me. Sorry.

~Brock~

If you are definitely not going back to work then you will obviously need to let them know at some point.

I am unaware of there are any additional provisions in your contract of employment about staff loans, which may give them the right to offset outstanding salaries against debts owed, but non payment at this stage may well be a disciplinary matter if you do not tackle this head on.

If I was in this position I would consider coming clean with them, but at the same time I would suggest that you get an appointment with a debt advisor - CCCS maybe - asap.

helenfromtheblock

for your information ILW i was in full time work when i took the loan out and i wasnt a single parent either...circumstances change and thats something i had no control over. Its not like i dont want to pay the loan i would love to be able to pay it back and keep my credit score in tact but right now its something that i cant manage..i wasnt asking for someone to critisise me i just wanted advice.

petermb_2

helenfromtheblock wrote: »

for your information ILW i was in full time work when i took the loan out and i wasnt a single parent either...circumstances change and thats something i had no control over. Its not like i dont want to pay the loan i would love to be able to pay it back and keep my credit score in tact but right now its something that i cant manage..i wasnt asking for someone to critisise me i just wanted advice.

Now that is something there is never any shortage on this site. People who judge, people who wish to criticise and those who wish to bleat away when there is something here they dont like or agree with.

Back to the OP
I would contact them and advise of your position.

Now you may be able to assit me here Your loan...Did you get an agreement with it? Was it a standard Regulated Consumer Credit Agreement? or did you get a private arrangement?

helenfromtheblock

i think it was a normal loan but its a staff loan if you see what i mean.......
we are in a bit of a pickle at the mo tho:

My partner left about 8 months ago and as i was working full time i was paying the mortgage but as i am now only recieving statutry maternity pay there is no way i can afford the mortgage and me and my ex decided that he would take it over n id move out to private rent and get council to help me, but he got made redundant last friday so he cant commit to paying the mortgage now either.. the mortgage we have is about 117k and the house is work about 74k so obviously that means negative equity so we cant sell and its interest only so at the end of the mortgage we will have full balance left to pay, the boilers gone and the house needs work to it so renting it out isnt an option either..so we have decided not to pay the mortgage and for me to stay in the property as long as possible then when they tell me to move out i will, not sure wether it is the best option but we both just want rid of the house and to have a fresh start for me and my kids.
And by me not paying the mortgage i can carry on paying my loan...i do understand my mortgage comes first but i will be so happy once the house is out of my life.