Got a Loan now need advice

Makeandsave

Hi,

I took a load with Moneybackbank in November 08 and need advice, I was under a lot of pressure at the time and even thought about suicide because of the debts i had. I got turned down from the RBS that had given me a loan before (paid all off) they said there were not lending. So i shopped around and all the rest were asking for proof of income and right now i am not working due to sickness. I applied for Moneybackbank and they said yes they would lend me £3000 i lied about were i worked (then never even asked about proof) they sent the forms out and they then said to send a white form back but they only sent me 2 blue ones so they accepted the blue form not sure what that was all about. I never had PPI on my loan because i was not working. I feel that because other banks etc were not lending i might have got an unfair rate, I have to pay back £3751.56 over 36 months and the APR is 16.2%. I rang the other week to try and get payments down from £104.21 to about £60 a month they said that it would affect my credit rating if i did they were very unhelpful. I have credit cards but with nil on them i did have 6 credit cards with about got it down to 2 now got rid of my store cards. I am just wondering if there is anything i can do? I have tried to speak to them and they say they are a responsible lender!!! I know people may say it is my fault but at the time i was under a lot of pressure. I would like some advice please no attacks i am feeling low as it is.

Thankyou

Robert_Sterling_3

No attacks from me just best wishes for your future.

gomer

The only option you have is to come clean. You have committed fraud by lying to obtain a loan & there is no way around this other than to tell the truth & hope they don't take action against you for knowingly supplying false information when you applied, or get back into work asap & start paying the loan back.

Probably not what you wanted to hear but i'm not really sure what you want to hear under the circumstances. All you can do is accept that you need to come clean & take the consequences.

Perhaps CAB is your best place to start but you are going to have to tell them everything whatever happens.

max2009

If you push Moneybackbank too hard then they may look to have you for fraud and obtaining money by deception so be careful.

ScRiMpNsAvE_2

Firstly I would suggest that you take responsibility for your actions and stop looking for ways to pass blame to the lender. From what I can see they have indeed lent responsibly, based on the information you provided. You on the other hand have not only acted irresponsibly but illegally. If I'd lent you a lot of money in good faith and you decided to change the terms a few months down the line I wouldn't be too cheerful either.

I'm sure you on here out of desperation for some advice on a quick fix, but it looks like you've dug a little too deep.

I understand that in times of desperation you don't always think and act too clearly, but you need to face up to the situation. How many more lies / loans are you going to rack up before it all comes to a head?

I would suggest you approach Citizens Advice Bureau, who will be able to offer you impartial advice and discuss the legalities of what you've done.

Can you clarify your situation a bit better? Your age and usual occupation? You say you are off sick, how long have you been (and do you expect to be) off sick for? Credit history?

Dekazer

Hi there,

It sounds like you're feeling really down about this. I do hope that things will feel a little clearer when you've had a read of these replies. Also, do have a look round the rest of the forum - there are some useful threads that you might find interesting.

Firstly, I would suggest that you try to maintain your current level of payments by saving elsewhere and/or increasing your income. Have a look on the Debt Free Wannabe forum, and try posting your Statement of Affairs (SOA). Other posters will be able to advise on ways of cutting your current expenditure so that you can focus on paying off debts.

Secondly, I am assuming you are seeking work? If so, best of luck with it. if not, have you considered it? It may seem like a daunting time to be looking, but if you don't try you'll never know. Also, have a look at the forum threads about increasing your income - you could try selling some things on Ebay for example. Posters here have managed to sell all sorts of unlikely things like carrier bags and empty perfume bottles!!

Finally, if all else fails, try talking to some of the free debt advice helplines - they may be able to offer more specific help.

Above all, well done for facing your current situation head on - as others have implied, it's hard to take responsibility but it's the only way to get through this. Best of luck.

gomer

You need to keep in mind that with most legally obtained loans there would be a lot of advice to offer regarding dealing with your debts but this isn't going to be a simple debt issue to resolve because of the potential legal implications of fraud & obtaining money by deciet. Personally i think the OP needs to find urgent professional & legal advice on this rather than seeking help on the forums because in all honesty there's nothing any of us can do in these circumstances.

powned

another useless response for the morally superior :rolleyes2

ScRiMpNsAvE wrote: »

Firstly I would suggest that you take responsibility for your actions and stop looking for ways to pass blame to the lender. From what I can see they have indeed lent responsibly, based on the information you provided. You on the other hand have not only acted irresponsibly but illegally. If I'd lent you a lot of money in good faith and you decided to change the terms a few months down the line I wouldn't be too cheerful either.

I'm sure you on here out of desperation for some advice on a quick fix, but it looks like you've dug a little too deep.

I understand that in times of desperation you don't always think and act too clearly, but you need to face up to the situation. How many more lies / loans are you going to rack up before it all comes to a head?

I would suggest you approach Citizens Advice Bureau, who will be able to offer you impartial advice and discuss the legalities of what you've done.

Can you clarify your situation a bit better? Your age and usual occupation? You say you are off sick, how long have you been (and do you expect to be) off sick for? Credit history?

Makeandsave

ScRiMpNsAvE wrote: »

Firstly I would suggest that you take responsibility for your actions and stop looking for ways to pass blame to the lender. From what I can see they have indeed lent responsibly, based on the information you provided. You on the other hand have not only acted irresponsibly but illegally. If I'd lent you a lot of money in good faith and you decided to change the terms a few months down the line I wouldn't be too cheerful either.

I'm sure you on here out of desperation for some advice on a quick fix, but it looks like you've dug a little too deep.

I understand that in times of desperation you don't always think and act too clearly, but you need to face up to the situation. How many more lies / loans are you going to rack up before it all comes to a head?

I would suggest you approach Citizens Advice Bureau, who will be able to offer you impartial advice and discuss the legalities of what you've done.

Can you clarify your situation a bit better? Your age and usual occupation? You say you are off sick, how long have you been (and do you expect to be) off sick for? Credit history?

Thanks to everyone for there advice i know i might not want to hear it but it is true. I was very desprerate at the time. I have been on the sick for a year now but been looking for work in retail/bar work however going to start a course on the 15th of this month all postive steps.

Makeandsave

Dekazer wrote: »

Hi there,

It sounds like you're feeling really down about this. I do hope that things will feel a little clearer when you've had a read of these replies. Also, do have a look round the rest of the forum - there are some useful threads that you might find interesting.

Firstly, I would suggest that you try to maintain your current level of payments by saving elsewhere and/or increasing your income. Have a look on the Debt Free Wannabe forum, and try posting your Statement of Affairs (SOA). Other posters will be able to advise on ways of cutting your current expenditure so that you can focus on paying off debts.

Secondly, I am assuming you are seeking work? If so, best of luck with it. if not, have you considered it? It may seem like a daunting time to be looking, but if you don't try you'll never know. Also, have a look at the forum threads about increasing your income - you could try selling some things on Ebay for example. Posters here have managed to sell all sorts of unlikely things like carrier bags and empty perfume bottles!!

Finally, if all else fails, try talking to some of the free debt advice helplines - they may be able to offer more specific help.

Above all, well done for facing your current situation head on - as others have implied, it's hard to take responsibility but it's the only way to get through this. Best of luck.

Thanks, I have sold almost everything i can on ebay started using coupons and sending away for freebies etc. I have cut back on going out my cat comes first when shopping for food she will never go without this is my fault and i need to deal with it i can make a few more payments. I have cut back on a lot of things around the house heating is turned off everything is switched off not on standby. The only thing i have left that brings me join is the internet and well i am not prepared to cut myself off from my friends i am on the cheapest plan going. I am also on the cheapest plan for electric £40 a month on one of this plus care plans. I have cut back giving to chairty (still gave £5 to red nose day and red cross apeal) i am going to give some time instead.

Cheers everyone i do feel a lot better posting and reading your comments.

freeoffers

Ok. You've cut costs, now it's time to start making money, because that is th eonly way forward to paying off your debts. I assume you are looking for a job? Whilst you look, why not see if there is anything you can do online by way of a business. Maybe you have a skill or talent that you could use. Mine is writing, which is quite handy.

I'm not gonna bash you for what you did, but i do agree that facing up is the only way, but if some good can come out of it its that you're at least trying to act responsibly now.

Yuo have two eyes, two hands, see if you can find something to make money from your computer, opportunities are out there trust me.