Unsecured Loan and Jobseekers Allowance (JSA)

willsonline

Hi guys, recently unemployed through health although desperately trying to get back into work. In the meantime however, Im living off JSA (64 quid a week) but living with parents so just about bearable!!

I have a u/s loan which I took out Dec 2006 for £5k, just over £3k to pay with my monthly payments at £102...My question is what are the likely outcomes to neg. a lower monthly payment with my Bank.

Given that the loan is taking 50% of my JSA each month its not good! Im quite happy to continue paying it and would agree to the extra interest etc (not sure how the banks would do it) but I would like to reduce my monthly payment on this by around half untill i get back into f/t employment then i'll reinstate the £102.00 p/m..

Would this be possible? Cheers

Will

jonesMUFCforever

You can ask - I take it the loan was not protected by PPI? but you may find your credit rating trashed.
The banks have a duty to treat you fairly but at the same time you signed a legally binding agreement to repay so much a month.

Go and see the bank - if they won't help go to CAB.