Is there anything I can do about this loan?

masterlumps

nandj wrote: »

Am amazed at how people are so quick to attack someone, I look back ( a long time now) when I was 19 and I have to say I was quite naive to the financial world and before anyone has a pop at me about my signature, we were paying all our debts on time and with no worries until my wife had an accident and became disabled.
SingleMum, how is your credit rating? good, bad or trashed?
Have you missed any payment dates?
Don't worry if you receive a letter from Mercers Debt Collection in the future, it's Barclays in-house DCA, same room, same office, just different letter-head.
NandJ

why would it not matter, they still want the money

nandj_2

SingleMum,

Send them this letter but continue with your payments so it does not effect any credit history, if accepted though, your credit rating WILL be effected for 6 years so it's totally upto you.

---

Dear Sir/Madam,

Since making that above agreement with you, our circumstances have changed.

We cannot now afford to agreed monthly payments because … WRITE HERE OUTLINING THE SPECIAL CIRCUMSTANCES YOU HAVE THAT YOU WANT THE CREDITOR TO TAKE INTO ACCOUNT.

We enclose a Personal Budget sheet which shows our total income from all sources, and our outgoings. As you can see we have only £ INSERT AMOUNT per month left for our creditors. The offers we have made to our creditors have worked out on a pro−rata basis, and we have written to all our creditors asking them to accept reduced payments.

In view of our circumstances, please would you agree to accept a reduced offer of £ INSERT AMOUNT per month. If interest or other charges are being added to the account we would be grateful if you would freeze these so that all payments made will reduce what I owe you.

Should our circumstances improve we will contact you again.
We would be grateful if you would send a paying−in book to make it easier to pay you.

Thank you for your assistance.

We look forward to hearing from you as soon as possible.

Yours Faithfully

Sign Your Name

Print Your Name

---

Worth a try to help you out.
NandJ

nandj_2

masterlumps wrote: »

why would it not matter, they still want the money

After the way in which we were treated by the Banks and DCA's after my wife's accident, I will help whoever I can not payback a penny.

The only way I know how is to hit them where it hurts - on the balance sheets.

NandJ

somethingcorporate

nandj wrote: »

After the way in which we were treated by the Banks and DCA's after my wife's accident, I will help whoever I can not payback a penny.

The only way I know how is to hit them where it hurts - on the balance sheets.

NandJ

Being badly treated does not relinquish your responsibilities.

masterlumps

nandj wrote: »

After the way in which we were treated by the Banks and DCA's after my wife's accident, I will help whoever I can not payback a penny.

The only way I know how is to hit them where it hurts - on the balance sheets.

NandJ

how completely irresponsible

the OP has no missed payments at all, and you think, based on YOUR experience, that they should not payback a penny.

oh dear, you have offered some very good advice in this thread, but im afraid that bit is just rediculous

nandj_2

somethingcorporate wrote: »

Being badly treated does not relinquish your responsibilities.

To me it does

They didn't care about calling us all hours of the day and evening, they didn't care about the constant letters of vile threatening court action, bailiffs etc.

Some roll over and pay up, others become hardened, read up, wise up and fight back.

NandJ

Fiddlestick

SingleMumAndProud wrote: »

I know the loan was my fault. But IMO the sales woman took full advantage of the fact I was young and clueless.

And you then took full advantage of the money, right?

It works both ways I'm afraid.

lee1985

I am disappointed with the amount of 'attacking' posts by several members of this forum in various threads I have been reading. I am not a contributor as you can tell, but I do find these threads and the support (when it's given) very interesting.

I do feel however that many people are quick to simply point the finger at irresponsible behaviour and the fact that people want to 'find an easy way out' of their difficulties - rather than actually help!
I do see support yes and it is a very good forum but if I were in the boat of these people I would feel very saddened and even more worried/angry. All these people want is support, why people seem to make comments such as "you find yourself in this mess you only have yourself to blame" is not relevant, and not much help is it? Isn't this the point of these forums?

People do not come on here to be told and reminded of their silly mistakes, but they come on here for support so they can continue to live a happy life like most of us.

I actually feel sorry for some of these people. Of course they made mistakes but we are all only human - and yes indeed some are plain stupid! But it can be difficult and embarrassing to talk to family and friends about debts and financial matters so this can be perceived as a 'last hope' for some people - and it disappoints me to see that not everyone can be nice enough to help.

Yes; some will no doubt make a comment at this as well but it will not stop me from saying what I believe is right to say, to be fair.

This is a simple-written friendly message, you can percieve its tone however you wish but I am not angry, nor having an 'attitude', merely point out what I see as a problem in these threads.

Thanks for reading, those who did.

ILW

People on here can be very helpful, when sympathy is lost is when posters start going on about it was the banks fault for lending them the money in the first place. A post that just states "I borrowed some money, but due to a change in circumstances I am having difficulty repaying" will get good advice. But posts along the lines of "the bank forced me to take the money" get short shrift.

somethingcorporate

nandj wrote: »

To me it does

They didn't care about calling us all hours of the day and evening, they didn't care about the constant letters of vile threatening court action, bailiffs etc.

Some roll over and pay up, others become hardened, read up, wise up and fight back.

NandJ

You think because they called you chasing up money you owed them at unreasonable times it allowed you to dodge £40k+ of money you signed up to pay back?