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A loan i cannot afford
Hi, can anyone please advise me?
Sounds stupid but - I had a bank loan in March 2008, to pay off a few cards and do some homeimprovements, I told the bank I was on the sick (full pay), In Aug 2009 my current account went £20 over its £1500 limit.
Bank called and I agreed to take out another loan, to pay off old loan, clear O/D and pay a C/Card, he asked me how much my rent was and council tax, when I started to say and my electric, gas, bills and.. at this point, the salesman interrupted and said I have calculated you can afford it.
At the time I was depressed and had not looked at my outgoings for several years (Im better now - well nearly), My payment is £304pcm, after all my bills inc food etc etc, but not including Christmas/birthday presents and treats, I only have £160 left each month, so clearly I cannot afford £304 pcm. Are the bank obliged to reduce my payments to an affordable level to help me? Thanks for reading. All the Best to Yous.
Sounds stupid but - I had a bank loan in March 2008, to pay off a few cards and do some homeimprovements, I told the bank I was on the sick (full pay), In Aug 2009 my current account went £20 over its £1500 limit.
Bank called and I agreed to take out another loan, to pay off old loan, clear O/D and pay a C/Card, he asked me how much my rent was and council tax, when I started to say and my electric, gas, bills and.. at this point, the salesman interrupted and said I have calculated you can afford it.
At the time I was depressed and had not looked at my outgoings for several years (Im better now - well nearly), My payment is £304pcm, after all my bills inc food etc etc, but not including Christmas/birthday presents and treats, I only have £160 left each month, so clearly I cannot afford £304 pcm. Are the bank obliged to reduce my payments to an affordable level to help me? Thanks for reading. All the Best to Yous.
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Comments
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Ps I owe £13,800 and it is over 5yrs.0
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They may offer reduced payments, however it will mess up your credit record. You would be best advised to speak to CAB.Gone ... or have I?0
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Thankyou for your advice, I want to pay it all back, when I am bcak at work properly, I will be able to get a part time job as well (hopefully), called CAB they are going to call me back soon with an appointment date to see someone (think they are really busy). Thanks again0
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try posting you soa0
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Statement of Affairs - follow the link from this thread
http://forums.moneysavingexpert.com/showthread.html?t=1072800 -
statement of affairs, I will look at link - Thank You for your kind help!0
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