"Wipeout" is my loan enforceable or not?

Hazzanet

So if they give you a full and final figure, would you say that you are in a position to pay it? (not yet knowing the exact figure)

paul-wales

Baz wrote: »

And why are you cutting and pasting your posts?

To be more than honest I don't know what I'm doing and appreciate that shows I'm not familiar with the use of forums etc. I just hoped to get some help and advice. I didn't know you could see the previous post sorry for that.

I've just had Lloyds on the phone four times this morning since 09:00 and am just desperate for help sorry.....

Sol00

Paul, are you able to post your agreements up (without personal information) and someone will be able to look at them for you?

paul-wales

Hazzanet wrote: »

So if they give you a full and final figure, would you say that you are in a position to pay it? (not yet knowing the exact figure)

I owe with interest about £13,000 to £14,000 the CAB offered approx £6000 due to other debts and having to treat them all fairly and I offered £9,000 which was verbally rejected, I want to pay as much as I can to settle the debt and stop the stress I feal like my head is going to explode (Iknow other people are in the same position and I'm not the only one needing help).

Sorry iy I am repeating anything please ask me anything and I will provide you with an honest answer in the hope of your help.

Thank you all for your patience......

paul-wales

Sol00 wrote: »

Paul, are you able to post your agreements up (without personal information) and someone will be able to look at them for you?

I will desperately try but may take me a day would that be ok. Thanks

Hazzanet

Right, as you can appreciate, I'm trying to get my head round what seems to be a very complcated situation so I might ask things twice.

I've asceratained so far that:

* If they give you a settlement figure of say, £14,000 you probably would not be in a position to pay it.
* You do have some capital available, but not to the tune of £14k
* You are trying to pay the regular monthly payments out of your income, but this is insufficient at present to meet the requirements of the loan.

Am I barking up the right tree so far?

paul-wales

Hazzanet wrote: »

Right, as you can appreciate, I'm trying to get my head round what seems to be a very complcated situation so I might ask things twice.

I've asceratained so far that:

* If they give you a settlement figure of say, £14,000 you probably would not be in a position to pay it.
* You do have some capital available, but not to the tune of £14k
* You are trying to pay the regular monthly payments out of your income, but this is insufficient at present to meet the requirements of the loan.

Am I barking up the right tree so far?

Yes definately.

I can actually get the money from the Mother-in-Law, its all she has (sounds terrible I know). But she just wants to help.

Hazzanet

My recommendation would be to go back to the CAB at this time and see what they think about the situation. Because I don't know what other debts and commitments you have, it's hard to say how you should be prioritising them.

If you're looking at the LTSB loans in isolation, I see three ways of dealing with the problem:

1) If you want to involve the MIL, send LTSB a cheque for £12,000 and point out that you're in a position to settle in full. Ask them to send a settlement figure which would be in the £2K region and settle that. As LTSB have a payment they should be happy to give the settlement figure and you can get rid of the debt.

2) If you don't want to involve the MIL, send a cheque for as much as you can comfortably afford without getting yourself into trouble. Advise that the current monthly payments are too steep and see if you can restructure the remaining balance over a period of time that is manageable for you.

3) You can use the cash that you have to hand to pay the deficit between the payment and what you're short of each month. I'd avoid this if possible, but it is an alternative (although it goes against the moneysaving grain which is to pay higher cost debits first).

Naturally you need to prioritise your debts properly, so my first and strongest recommendation is to go back to the CAB and have a chat about it. The first attempt to sort this problem hasn't worked, but maybe a second shot will help.

Good luck!

paul-wales

Sol00 wrote: »

Paul, are you able to post your agreements up (without personal information) and someone will be able to look at them for you?

Hi it looks like I can email each page to someone or however many that requires copies is that any help?

Thank you for your help.