rbs bank loan

bubbaloula

I stupidly got a loan from rbs about 3-4 yrs ago to consolidate credit cards to the sum of around £7000.. i was on benefits at time and no-one asked me if i worked so i was surprised i got the loan..but i was desperate and i had help from my boyfriend to pay. im now alone and on single parent benefit of £80 aweek my repayment is £154.00 a month you can only imagine the struggle it is to pay it..is there anything i can do to help with this situation>:o

staceh

you could phone them and explain ur situation, see if they will work with you and possibly lower your repayments?

Kavanne

What benefits are you getting at the moment? have you checked https://www.entitledto.co.uk to see if there are any others you should be getting?

mrcow

How many years was the load over originally?

And check out your documents - are you paying for Payment Protection Insurance?

leebee11_2

hiya,
i also, stupidly, took out a loan 3/4 yrs ago for £6000. I was working at the time. I fell pregnant a year later (EXTREMELY UNPLANNED.) I am a single parent, and could no where near pay for childcare on the wages I was on so had to leave work. I am on income support and the usual benefits now (will be going to uni in spetember tho so wil finally be off all the benefits, so the usual insults from people saying i sponge off the government will stop.)
ANYWAY! I asked for advice from an organisation I know of, and BASICALLY they cannot make you pay that much. For the last two years I have been paying back what I can afford. Phone RBS and tell them you have had a change of circumstances and need to lower the repayments. I'm pretty sure they will tell you to go into arrears before they can change the agreement though.
RBS should then send you out a statments of means form, where you fill in all your incomings and outgoings, literally every penny. I should be paying back £188 pcm, but am currently paying back £50, and thats pushing it. I was told by the organization who informed me of this though, that they know of a girl who pays back £1 per week because thats all she can afford. They cannot take money from you that you dont have.
YOu will get a poor credit rating with this, that can last for up to 5 years I believe, BUT if you are on benefits, are you going to be getting a mortgage in the next 5 yrs anyway? and the interest will keep going. But you can sometimes get them to freeze it, when they realise, they will never get their money back if they dont!

sorry for the long windedness!
hope it helps

ILW

leannebarry1 wrote: »

hiya,
i also, stupidly, took out a loan 3/4 yrs ago for £6000. I was working at the time. I fell pregnant a year later (EXTREMELY UNPLANNED.) I am a single parent, and could no where near pay for childcare on the wages I was on so had to leave work. I am on income support and the usual benefits now (will be going to uni in spetember tho so wil finally be off all the benefits, so the usual insults from people saying i sponge off the government will stop.)

I am having difficulty understanding two of your points.

Why is the father of your child not supporting you and his offspring?
How will you be off benefits when you go to university?
I am probably a bit thick to not get it.

bubbaloula

thanks i will do that straight away it was really helpful x

bubbaloula

im not paying ppi

leebee11_2

i was paying ppi, but its not because of that, i have just cancelled the ppi coz i realised i was paying for something that was of no benefit to me!

leebee11_2

ILW wrote: »

I am having difficulty understanding two of your points.

Why is the father of your child not supporting you and his offspring?
How will you be off benefits when you go to university?
I am probably a bit thick to not get it.

ILW, thats becuase he is also a student, and can afford to give me £10 per week, which he does (he isnt working part time as cannot find a job) so that is all he can afford.
the loan company know that too.
and when I become a ft student, my income support will stop as a maintenance grant will cover that money. il still get council tax benefit as I will be a student. still get child benefit, and probably child tax credits, but believe I will lose housing benefit and will have to pay that through my maintenance loan?