Owing Family...n declined for a loan from my bank....ADVICE!

worried22

i have tried for the last Year and a half to get a loan from my bank, my situation I owe my family £8000...this was throughout university...and moving to get my career started as a teacher. Whilst I was on my teaching post I had no difficulties paying the £400 a month that i verbally agreed to. Now however I have moved back to my hometown and I am struggling to get my career back on track and with this I am unable to pay the orignal £400 pm.

Problem is my dad is pressuring me to pay back the money I owe him when I am currently working two jobs to stay above water...I suggested that I can atm pay £30 a month x 4 to each person I owe money to, consequently my mum and dad are the only ones not happy with this and want to whack interest on top. I have recently spoken to Harrington brooke (a loan broker) they said the usual there is a loan waiting but i need to pay £49.99 for admin fees I am very wary...But i am stuck in a rut as my family are pressuring me to pay.

HELP? Any Advice is welcome

thank you

Worried22

catmanscoop2810

sounds like your in the same sort of situation as me! Im going to check your post, so welcome to check mine for the same help 'Is it now the time!?!?'

Who are this Harrington Brooke? They are willing to give u a loan but for a admin fee? whats the APR?

worried22

The monthly repayments for 6 years is £168.73 so i think it is a pretty good APR as that is roughly the same as i went for my bank...I am just extremely concernec as I have heard so many bad things about paying admin fees and then not getting a loan they promised or getting a loan with a ridiculous APR...I'm so stuck!

Fonz_2

Just for clarity - should you have missed the other 50 posts per day saying "A broker promised me a loan for an admin fee but now they have my money and I have no loan"....

These brokers will not guarantee you a loan whatever they say. They prey on desperate people and relieve them of their 'admin' fee but never come up with the loan.

CHR15

worried22 wrote: »

The monthly repayments for 6 years is £168.73 so i think it is a pretty good APR

Ditto what Fonz said above.

There is a reason they have not told you the apr.... because there is no loan.
They have just told you typical figures.

Once you have blown away your admin fee, your detials will be forwarded to dubious finance companies offering woeful loan amounts at astronimical apr's.

Please try to read and digest all the posts about admin fees, no matter how much they promise you a loan, no matter how guaranteed they tell you it is...... the loan does NOT exist, you will be ripped off.