Is there anything I can do about this loan?

SingleMumAndProud

I got a loan when I was about 19 for about £9500 which I didn't really need. I went in and asked for a £5000 loan for a car and got talked into the higher amount because they said it was a lower interested rate and I was very clueless.

Now, I am 23, a recently singled mum with 2 children and living off benefits. I pay £200 a month for this loan and apparently have nearly £4k left, which I think is mostly or all interest. The £200 a month paying for this is totally distroying me financially. I can't do it. I am being charged overdraft fees etc where I can't meet my outgoings and now owe my parents lots of money as they keep bailing me out each month when I can't afford to live.

I went into Barclays, which is who the loan was with, to talk about lowering the repayments but all I was told is there is nothing they can do .

My mum said she knows somebody who got a loan written off due to "irresponsable lending"??

I really don't know what to do. CAB have said its about a 6 week wait till I can have an appointment with them.

Beast

Surely this is irresponsible borrowing rather than lending?

Dave101t

this is, and dont call me Shirley.

CLAPTON

Forget about writing off debts at this stage

no-one can give any advice without knowing your full financial details

I would suggest you go over to the debt free wannabe board and post up an SOA and explain your circumstance
you will get lots of support and suggestions and help there from people in similar circumstances

format for SOA is http://www.makesenseofcards.com/soacalc.html

best of luck

Rainmaker_uk

Whilst it is harsh and I do feel for you - however if you are old enough to vote then you are old enough to deal with your own mistakes.

Take it as a valuable lesson and ensure you pass on your learning to your children - unfortunatly we do not teach this useful stuff at school.

eschaton

SingleMumAndProud wrote: »

I got a loan when I was about 19 for about £9500 which I didn't really need. I went in and asked for a £5000 loan for a car and got talked into the higher amount because they said it was a lower interested rate and I was very clueless.

Now, I am 23, a recently singled mum with 2 children and living off benefits. I pay £200 a month for this loan and apparently have nearly £4k left, which I think is mostly or all interest. The £200 a month paying for this is totally distroying me financially. I can't do it. I am being charged overdraft fees etc where I can't meet my outgoings and now owe my parents lots of money as they keep bailing me out each month when I can't afford to live.

I went into Barclays, which is who the loan was with, to talk about lowering the repayments but all I was told is there is nothing they can do .

My mum said she knows somebody who got a loan written off due to "irresponsable lending"??

I really don't know what to do. CAB have said its about a 6 week wait till I can have an appointment with them.

What did you do with the extra £4,500? Spend it?

Irresponsible borrowing not lending.

I am sure you were old enough to do what you did when you had your children, borrowing is no different.

Enfieldian

My mum said she knows somebody who got a loan written off due to "irresponsable lending"??

Probably the friend of someone who's neighbour's cousin goes to the same hairdresser......

Seriously.

Time to grow up.

Have you sold the car, can you downsize it at all if there is any equity in it?

CLAPTON

Rainmaker_uk wrote: »

Whilst it is harsh and I do feel for you - however if you are old enough to vote then you are old enough to deal with your own mistakes.

Take it as a valuable lesson and ensure you pass on your learning to your children - unfortunatly we do not teach this useful stuff at school.

What a stupid comment; most of us continue to make mistakes throughout life and seek support and advice from others on how to overcome them.

eschaton

SingleMumAndProud wrote: »

I got a loan when I was about 19 for about £9500 which I didn't really need.

Is there anything I can do about this loan?

Another answer would be: yes, pay back what you borrowed.

Rainmaker_uk

CLAPTON wrote: »

What a stupid comment; most of us continue to make mistakes throughout life and seek support and advice from others on how to overcome them.

What she is trying to do is get out of her responsibilities. I am suggesting that rather than blame others she might want to ensure that valuable money lessons are passed on to her children - not quite sure whats so stupid about that?

You obviously are looking for some kind of negative reaction from me - there is only one troll on here...

CLAPTON

Rainmaker_uk wrote: »

What she is trying to do is get out of her responsibilities. I am suggesting that rather than blame others she might want to ensure that valuable money lessons are passed on to her children - not quite sure whats so stupid about that?

You obviously are looking for some kind of negative reaction from me - there is only one troll on here...

if indeed she is a troll then it isn't worth either of our time replying

if she isn't a troll then your commenst is just plain stupid