We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
This loan is killing me!!!
Hello everyone - this is my first post. I am desperate for some good advice and hope that someone can help...
Here's my situation...
Went to university for 4 years, graduated in 1998 with student debts etc. Got a job in London that didn't pay all that great and started making minimum payments on a loan and credit cards. After a year the loan ceased to be a "graduate loan" and became a regular bank loan with higher interest. I then raised the loan amount to help with the costs of living in London and to pay off my credit cards. A year later I changed the loan company to Egg to get a better rate. A year after that I got sick and was off work for 8 months. Because I didnt take payment security on my loan I had to continue paying the loan over the 8 months as well as my rent, bills etc. I then had to borrow more to cover what I had to pay out when I was sick. I've had my Egg loan for 3 years. I originally borrowed £15 000 and still owe £12 000. I have now moved abroad in an attempt to get on the property ladder and have a job that pays less than I was earning in the UK. Basically. there is no way I can make the £263 per month payments to Egg with what I am earning here. Thius far I have excellent credit and have never missed a payment. What can I do?? I have heard that I can ask for a settlement fee? Can I declare bankruptcy? Please...any advice would be so gratefully received.
Thanking you in advance...
Here's my situation...
Went to university for 4 years, graduated in 1998 with student debts etc. Got a job in London that didn't pay all that great and started making minimum payments on a loan and credit cards. After a year the loan ceased to be a "graduate loan" and became a regular bank loan with higher interest. I then raised the loan amount to help with the costs of living in London and to pay off my credit cards. A year later I changed the loan company to Egg to get a better rate. A year after that I got sick and was off work for 8 months. Because I didnt take payment security on my loan I had to continue paying the loan over the 8 months as well as my rent, bills etc. I then had to borrow more to cover what I had to pay out when I was sick. I've had my Egg loan for 3 years. I originally borrowed £15 000 and still owe £12 000. I have now moved abroad in an attempt to get on the property ladder and have a job that pays less than I was earning in the UK. Basically. there is no way I can make the £263 per month payments to Egg with what I am earning here. Thius far I have excellent credit and have never missed a payment. What can I do?? I have heard that I can ask for a settlement fee? Can I declare bankruptcy? Please...any advice would be so gratefully received.
Thanking you in advance...
0
Comments
-
You should post on the Debt Free Wannabe board.
Other sources of info for you to check:
http://www.debtquestions.co.uk/debt_forum
and:
http://boards.fool.co.uk/:beer:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards