What to expect from Citizens Advice?

ces82

Hello all! sorry if this post is a bit long.....

Ok so this is roughly my situation; i have a Barclays loan for about £9000 repayable over two years so about £375 a month. I set the loan up in 2007 and as part of the agreement had deferred the payments until Jan 2009. The loan was to fund my study which was not covered by the student loans company as it was a post grad course.

I have made all payments to date, £1900ish and have not missed any payments.

My life has now changed with lack of a job + new baby so the repayments are too much for me to afford.

I have spoken to the bank both in branch and on the phone about rescheduling the loan over a longer period say 5 years to bring the payments down to a level i can afford. But i have been told that because i don't have a job i don't have any way to repay at any amount, so they will not reschedule it.

While i understand this standpoint the fact is if the repayments were say £150 a month i could make repayments from a small amount of saved money and my partners income, which at £150 a month would go a long way but at £375 in a few months money would run out and it would be unlike for me to be working again.
The bank has said that this is unexceptable and to contact Citizens Advice if "i can not afford to make repayments", so i have a meeting with them in about a week and a half and have been told i qualify for a solicitors advice because of my low income.

What i was really wondering is what sort of help to expect from citizens advice? i would love for them to be able to negotiate a longer term for the loan whilst keeping my current rate as it is only 2% over base, is this unrealistic?
Has only one been in a similar situation with CA who could give me a clue of what to expect?

Thanks for your time reading this........... i really feel like I've shot my self in the foot with this as i had asked originally wanted a short repayment term to clear it quickly.

Thanks Chris

CLAPTON

We really need to see your complete financial situation before giving advice... CAB will ask you to fill is a income and expenditure sheet... something like
http://www.makesenseofcards.com/soacalc.html


However, based on the very limited information you have give, CAB will probably recommend that you simply stop paying your loan. Barclays will then probably default your account which will trash your credit rating but will eventually agree to stop interest and charges and agree to a smaller payment over alonger period.
However, I must emphasis that I don't know the complete picture here.

neverthesamedaytwice

I can really recommend the CAB - and would just add that you shouldn't hesitate booking your appointment. I needed advice a few times during the past 6 months and they were really understanding and supportive.

Don't stress about what they might advise.. just go ahead and ask them.

theartfullodger

What to expect from Citizens Advice?

Free, impartial advice from often overworked & not-that-well-paid employees or volunteers of an excellent Charity.

I'm very grateful I live in a country with such people & such a charity.

Cheers!

Lodger

worried_jim

Hi ces82- I would recommend contacting payplan as well, have a look at there website and you will get a call in 24 hours- its all free. Barclay's cant agree to a lower payment straight away or everyone would do it to get better terms. when your loan goes bad there is more help available. good luck and please don't panic, you can only do what you can do and no more, as long as you are doing something you'll be ok. If you do stop making full payments do make token payments if you can and if you have current accounts with Barclay's stop using them and get accounts with another unconnected bank . all the best, jim.