Dont know where to turn!!!!

mark852000_2

Ok, so I best start at the beginning.

Afew months ago, I did a really stupid thing by taking a loan from a loan shark. ( I know I shouldnt of, and know i know why!)

I have kept up regular repayments with him, but no, all of a sudden he wants a final payment of £500 which i just cannot afford!

He has told me that If payment is not made within 28 days, he will send 'the boys round' and i think we all know what that means!

My current situations is that i earn aroud £800 pm, and my outgoings are around £600 (rent, bills, food) and i pay the loan shark £50 pm.

I really dont know where to go with this one, as it wasnt an exaclty legal loan!

Please help me because i dont know what to do!

LULUBELLE_2

You may not like this, but............the Police are the answer. Don't try and deal with it yourself and DON'T borrow more to pay him off!!

Really, go see the Police, tell them the story, you will treated courteously and helped.

di3004

mark852000 wrote: »

Ok, so I best start at the beginning.

Afew months ago, I did a really stupid thing by taking a loan from a loan shark. ( I know I shouldnt of, and know i know why!)

I have kept up regular repayments with him, but no, all of a sudden he wants a final payment of £500 which i just cannot afford!

He has told me that If payment is not made within 28 days, he will send 'the boys round' and i think we all know what that means!

My current situations is that i earn aroud £800 pm, and my outgoings are around £600 (rent, bills, food) and i pay the loan shark £50 pm.

I really dont know where to go with this one, as it wasnt an exaclty legal loan!

Please help me because i dont know what to do!

Hi there

Sounds like they are just threatening you here, so if you can I know easier said than done, try not to panic at this point.
I have read on things like this before and these matters can be resolved.

Have the the paperwork, terms and conditions of this loan? (although you state it was not a legal loan) is there anything at all in writing?

I would contact either your local CAB as soon as possible or maybe your local trading standards may offer to look into this for you.

There are ways around this but they should not threaten you like that as you have been keeping up the normal payments.
I do think your trading standards can help here, this is not a legal finance agreement.

Good luck and I'm sure someone with more knowledge on how this works will post up with some help for you.;)

mark852000_2

thanks! i was kinda hoping there would be another option as he has already started visiting my local pub and question my a few people as to my whereabouts!

di3004

LULUBELLE wrote: »

You may not like this, but............the Police are the answer. Don't try and deal with it yourself and DON'T borrow more to pay him off!!

Really, go see the Police, tell them the story, you will treated courteously and helped.

Hi there

Yes in this situation I think this is what I would do too, good thinking.

di3004

mark852000 wrote: »

thanks! i was kinda hoping there would be another option as he has already started visiting my local pub and question my a few people as to my whereabouts!

So do you mind us asking if you know the person who sold you this personally?

And why on earth should be be chasing you? its not as if you've not kept up the repayments.

Maybe a visit to your police station is a good idea, just to cover yourself in this matter.;)

di3004

Mark

You have not got to write the name down of the loan shark, but I take it he deals with this on a private basis? Is that correct?
If this is the case, does this shark lend money to others as well?

mark852000_2

I do know him personally, and I was stupid to take the loan as it was just a brown envelope under a table, and no paper work, just a verbal agreement to to pay £50 a month untill it was repayed - desperate times call for desparate mesures! I have no idea why all this now, as everything was going as it should be! I kinda feel like Billy Mitchel from Eastenders atm , and i really have no idea where the money will come from! but i think the police will be my best bet, however, im kinda relectant to, because i know what sort of people im dealing with!

di3004

mark852000 wrote: »

I do know him personally, and I was stupid to take the loan as it was just a brown envelope under a table, and no paper work, just a verbal agreement to to pay £50 a month untill it was repayed - desperate times call for desparate mesures! I have no idea why all this now, as everything was going as it should be! I kinda feel like Billy Mitchel from Eastenders atm , and i really have no idea where the money will come from! but i think the police will be my best bet, however, im kinda relectant to, because i know what sort of people im dealing with!

Strange why he is chasing you up when it was agreed by both to pay £50 a week, shame I know now to think a paper agreement wasn't drawn up.

Do you know how much you owe in total now?

Police is your best bet I think, if this guy is not the sort of guy to mess with, at least your dealing with it.
I know you have nothing in writing but that guy should not really be doing this anyway, lending money with no actual paper agreement, he is not licenced to do so, especially if he does this for a living.

mark852000_2

yes, I owe £500, thats what he is askin for. I know realise how stupid I was to even consider a loan from him. And I realy dont know why he is chasing me for this! Its at the stage where im too scared to answer the door, or even leave the house, and everytime i hear a car, im thinking its him come for collection or worse!

di3004

mark852000 wrote: »

yes, I owe £500, thats what he is askin for. I know realise how stupid I was to even consider a loan from him. And I realy dont know why he is chasing me for this! Its at the stage where im too scared to answer the door, or even leave the house, and everytime i hear a car, im thinking its him come for collection or worse!

Mark

so you make a note of all payments that have been made, what about the guy?

What you have just explained, tell the police you were given advice from posters on this site, where it was thought it was best to contact the police themselves, explain your situation and ask if there is any sort of protection for you in your case, tell them your petrified to think what may happen.

Mark, we all make mistakes.;)