Is there anything I can do about this loan?

masterlumps

i think it was the irresponsible lending comment that set it off here

lots of good advice is available here, however all the advice in the world will not help someone who cannot help themselves. blaming the banks & payday loan comapanies etc etc is only remaining in denial and it is nigh on impossible to move forward and change ones future without accepting responsibility for ones actions. we have read it time and time again, and whist you may call it attacking, if it makes people angry enough to get their heads out the sand and admit they are in the wrong, then i think it has its place

somethingcorporate

masterlumps wrote: »

i think it was the irresponsible lending comment that set it off here

lots of good advice is available here, however all the advice in the world will not help someone who cannot help themselves. blaming the banks & payday loan comapanies etc etc is only remaining in denial and it is nigh on impossible to move forward and change ones future without accepting responsibility for ones actions. we have read it time and time again, and whist you may call it attacking, if it makes people angry enough to get their heads out the sand and admit they are in the wrong, then i think it has its place

You're absolutely on the money there. People are either too ignorant and lack the mental capacity to realise what it is that they are signing up to and then blame everyone else for their mistakes.

I do understand that situations etc change but that is what insurance is for.

People cannot possibly accept that they could be in the wrong and that it has to be "irresponsible lending" rather than "irresponsible borrowing". I have made hundreds of financial mistakes but I am the first one to put my hand up, admit it and take the hit where I have to. Not weedle my way out, protest that because I was young and naive the big bad bank were the ones that made me take huge loans and blow them on nothing.

Jo_R_2

I've been in a very similar position not all that long ago. A single parent of two on benefits, repaying a loan I could barely afford to.

Tbh given how stressful that situation was in itself, if I'd have come on here to be told 'you borrowed it, pay it back' without 'helpful' posters actually addressing the issues the OP has outlined (ie struggling to feed and clothe her children) then it'd have been a real kick in the teeth when I was already down and struggling enough.

In my case, I borrowed money when I was working in a permanent full-time job, faithfully made repayments, then a little while down the line in quick succession I ended up taking time off work for depression, couldn't claim on my PPI (another story), my OH left, then I got made redundant. I too struggled to pay the loan and have enough money left for other things.

Luckily - in part due to the help I got on this forum and a very tuned-in new wife of my ex-OH, I ended up reclaiming the PPI and having the loan paid off. Lots of people aren't that lucky.

I don't think there's anything wrong with pointing out where the OP's thoughts might be seen to be shirking responsibility, but surely it's more constructive and within the ethos of this whole forum to offer alternative ways forward (which helpfully some have done) than selected posts where they haven't actually addressed how to deal with the problems?

I hope OP you do take the useful advice that has been offered - as one who has been there there is a light at the end of the tunnel, but it does take work.

nandj_2

somethingcorporate wrote: »

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?

If they had been more reasonable it would have helped, and we would have set up repayment plans with them but instead, as usual greed took over and they started demanding all of it by next week or we can only accept £480 per month etc.

Have I dodged paying the money back - NO I HAVE NOT!!!!

It was the banks and the lending institutions that have failed to keep the paperwork in order and not have everything within the pre-scribed terms of the original agreements or lost them which is my legal right to with-hold payment until they can produce a full original agreement.

Best wishes

NandJ

lee1985

Hi guys,

To be honest I suppose I do agree with you.

I guess it depends on what people come out with when they come on here for help. If someone isn't serious about what they are coming here for and insist it wasn't their fault, then perhaps they do need to reminded it was their fault and they need to stick up for themselves and realise their mistakes in order to learn from them, also for the sake of not being 'walked all over' next time they go to the bank!

Then again I suppose this could be expressed in a nicer way, some of the comments that aim to do this really kind of 'shove it in their faces' - and still don't offer support!

But, I understand some of your reasons now which to be honest is fair enough. As I mentioned, there is some splendid advice here, so good on you guys who give it. What interests me about this forum is that there are plenty of posts that are helpful even for those who aren't in debt and don't have credit such as myself, i.e. about credit reference agencies, minimum and full payment markers also gave me a wake-up call as I didn't know they existed etc. So well done to those deserving it

mambo69

What happened to the car your brought with the initial loan? sell that buy an old banger to run around in and use the cash to pay down the loan?

somethingcorporate

nandj wrote: »

If they had been more reasonable it would have helped, and we would have set up repayment plans with them but instead, as usual greed took over and they started demanding all of it by next week or we can only accept £480 per month etc.

I don't think the banks wanting their money back can be called "greed".

I think you're calling the wrong people greedy here.

I bet it was in the original T&Cs (that you obviously broke due to missing payments etc) that allowed them to demand the money back straight away when you breached the contract.

Still you got off on a technicality and you still seem to think the banks are the irresponsible(!) ones. You're a complete muppet if you think your behaviour was any better than theirs.

masterlumps

mambo69 wrote: »

What happened to the car your brought with the initial loan? sell that buy an old banger to run around in and use the cash to pay down the loan?

a 5k car, 4 years ago. 4k balance on loan still to pay!

just a guess but id say its a no brainer

chesky369

OP - you state that there's a six week wait for an appointment with CAB. I hope you've made that appointment because, let's face it, you've had this debt four years, so it's not an urgent matter. Better to wait six weeks and get it fixed than to shrug your shoulders and say 'that's too long'. In six week's time, you'll still be in the same position unless you've done something about it.

Wutang_2

nandj wrote: »

Have I dodged paying the money back - NO I HAVE NOT!!!!

You have left a mini subliminal message in your signature which opposes this statement - see if anyone notices...

£8500. GE Capital Woodchester, Car Loan - Unenforceable :j
£3898. RBS, Credit Card - Unenforceable :j
£3200. Welcome Finance, Loan - Unenforceable :j
£2500. HSBC, Overdraft - Dealing With :beer:
£8500. HSBC, Loan - Unenforceable :j
£8900. Lloyds CCJ, Loan - CCJ Set Aside & Unenforceable :j