A loan i cannot afford

thejokka

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.

thejokka

Ps I owe £13,800 and it is over 5yrs.

dmg24

They may offer reduced payments, however it will mess up your credit record. You would be best advised to speak to CAB.

thejokka

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 again

PNPSUKNET

try posting you soa

thejokka

PNPSUKNET wrote: »

try posting you soa

I am new to forums and dont understand soa?

talana

Statement of Affairs - follow the link from this thread
http://forums.moneysavingexpert.com/showthread.html?t=107280

thejokka

statement of affairs, I will look at link - Thank You for your kind help!