Tesco Personal Finance Loan PLS HELP ME?

maddy100

Please can anyone help me? I took out a Tesco Loan years ago which where I kept topping it up, to pay off credit cards, totalled £25,000! I have no idea how I got in such a mess and am so ashamed, but over the past 6 years I have been paying them through a Debt Management Company called Payplan. I have been paying £250 per month, but in January 09 they said that they were taking me to court to get a Court Order on my property (which I own by mortgage with my elderly parents, who know nothing of my debt, as it would make them even more ill than they are now), so I begged them not to take me to court, as I don't want my parents to find out, but they said unless I can pay £500 per month, they were going ahead with it. I have £23,000 left to pay, due to all the interest that I have paid over the last 6 years. I am the only person working at home, I am 40 and my parents are both 78, so I have been paying the £500 per month, but it is getting me so stressed keep trying to borrow off my parents (making out it's to help me with the bills) and they already pay for the food each month, as well as helping me with petrol etc, at my age I should be looking after them! Can someone please tell me if there is anything I can do to persuade Tesco to at least drop the payments to £400 per month, because when I asked they said no way and that I will need to keep the payments up, otherwise the court action will go ahead. I tell you it's no wonder people think about suicide, these people are ruthless - I can't even think to do that because I love my parents too much to do that to them, but I do see how it can happen. I realise it is all of my own fault and a lesson well learnt, but is there nothing I can do? Thank you so much for taking the time to read this and really sorry to go on, but I am beside myself with worry. Maddy.

Morglin

Have you contacted Payplan and asked them what you sgould be doing?

Their website says that they negotiate with creditors on your behalf, and it may be that they can talk to Tesco's and get them to agree to put the payments back where they were.

Sorry, that's not much help, but you might be better posting this on the DebtFree Wanabee board, as there are a lot of people on there who will have plenty of advice for you.

Best wishes.

Lin

maddy100

Hi Lin, thank you for your reply. Yes I have been on to Payplan, but they say that there is nothing they can do about stopping the Court Order, so I had to pay the £500. I am going to call Tesco tomorrow and ask them again and see what they say. I'm not really familiar with this site yet, hence the reason I didn't know I should have put it on the one you mentioned! Thanks so much anyways for taking the time to not only read my thread but to answer it. Kindest regards, Maddy.