Redundant

ineedinfo

Hi

Im 20 and have just been made redundant, I have got a loan with wait for it Welcome Finance I know what a stupid thing to do but I have already done it so it’s a bit late to say (You Idiot)

The problem I have is I cant afford to keep up the payments with them Any Ideas

Thanks in advance

Rick

crossleydd42

The first question is:
Did you have redundancy/ill-health insurance cover when you took out the loan? I suggest you look at the laon agreement first. At the same time, see what they say about a situation like this.
Then, you must ring them and be honest with them straight away, and see what arrangement/suggestions they propose to enable you to 'rete gracefully' from the loan! Be careful about argeeing any terms over the phone. Get them in writing and go to the Citizen's Advice Bureau for advice. Good Luck!

Debt_Free_Chick

ineedinfo wrote:

Hi

Im 20 and have just been made redundant, I have got a loan with wait for it Welcome Finance I know what a stupid thing to do but I have already done it so it’s a bit late to say (You Idiot)

The problem I have is I cant afford to keep up the payments with them Any Ideas

Thanks in advance

Rick

Are you getting a lump sum from your employer? Will it pay off the loan? If not, how many months net outgoings (as in your budget) does the payment cover?

cahjubb

Don't forget to check on your other bills and payments. Sign on asap and see what help you can get with rent, council tax etc to minimise your other outgoings. Taking a positive slant, what job areas can you do? What jobs are available? Can you take a job to help with your bills? Don't think I'm patronising, it's just I've been made redundant previously and went through this too. GOOD LUCK.

lynzpower

feel free to come over and post in the DFW board, we will help you find savings to get out of debt quicker if you like

Sorry to hear of your situation