Is there anything I can do about this loan?

dancingfairy

undaunted wrote: »

Ignore this judgmental crowd & look after yourself - just like the banks do! What you need to do is sit down and work out your essential incomings & outgoings & what (if anything) you have left to offer to your creditors

Obvuiously things like food, electric, gas, Council Tax, telephone, any taxes, court fines etc that you might owe all need to be paid first, likewise you'll need things like clothes, haircuts, fuel / transport costs to get to work / the shops etc.

Be fair & sensible (you need a hair cut & clothes not Versace & Mark Hill for example!) and once you know what is then left divide it pro rata (so that the biggest debt gets the biggest repayment & the £1000 debt gets 10x the £100 debt) & write to your creditors enclosing a copy & offering those sums, asking them to freeze any interest which may still be accruing etc.

If you can't do this alone or have any problems with responses you could also try the Consumer credit Counselling Service (or CCCS) http://www.cccs.co.uk/ who, like the CAB, will help you free of charge. (There is also a rep on these boards somewhere I think.)

Good luck

I agree with this poster - but first you need to work out what sort of authorisation you gave the loan company - did you set up a direct debit etc? unfortunately there have been problems where even if you write to the loan company involved and notify you bank and cancel the direct debit then the company will sometimes stil ltry and take the direct debit and the banks aren't always as helpful as they could be.
In order to protect your money and make sure it gets spent sensibly as per the suggestions made by undaunted you need to get a new bank account unconnected with anyone you owe money to -this gives you the control back, then get your essential dd transfered across (ie rent, council tax etcand your pay/any benefits etc).
Loan companies can be full of threats but at the end of the day you need to prioritise yourself and your family and that means buying food and paying your important bills before paying this loan back.
I am assuming that this is an unsecured loan and not hp? -If the car is on hp then it might be a little more complicated in that the car still belongs to the hp company and not being able to pay might cause more problems (ie they might want the car back) - anyway don't worry there will still be a solution.
Anway I hope you are able to get some help and that the comments of the few haven't put you off - generally people on the debt free wannabee board are more sympathetic than some other boards.
There are also other charities that offer free debt advice such as CCCS or National Debtloine although they probably also have waiting lists.
Good Luck

df

somethingcorporate

geoffky wrote: »

Meanwhile..the banks have robbed billions off savers who many relied on the money to get by each month....The banksters should be hanging from lamp posts with what they have got away with scott free, not playing hard ball with people who really are struggling to pay..

Would you care to explain? do you mean from tax payers rather than savers?

Common_Sense_2 wrote: »

To the OP - i would take one part of nandj's advice - the letter offering lower payments. It is difficult, but as many other posters have said - it was your decision to take out teh loan, no one elses, and your original post did seem to those frequent visitors to this site like you were trying to wriggle out of paying your debt.

Turning to Nandj - your posts have become steadily more crass. your signature is a billboard displaying to all and sundry that you are quite willing to use every legal loop hole to renege on your debts. It's people like you that are causing the banks to think twice about lending to people.

Let's face it - most of the banks were bailed out by the tax payer. You would be one of the first people to shout and scream if the banks decided to say "well actually, the governement can't produce the bit of paper we signed, so we're not going to pay them back" and yet this is exactly what you have done and are now encouraging others to do the same!

If you and all the other cretins that take advice from you on this 'other website' (presumably called www.i-have-loans-and-have-spent-the-money-but-now-can't-be-arsed-to-pay-the-money-back-dot-com) continue to do so, then there will be fewer loan companies in this country and people who realy need loans will be forced to go to loan sharks and other kneecap lenders while the employees of the companies that you are refusing to pay back end up losing their jobs.

i hope you are happy

I love this post!!

SingleMumAndProud

I am giving up and going to get advice else where.

If I "couldn't be bothered to pay it back" I wouldn't have paid on time, in full every month for the last 4 years. I wouldn't have gone into the bank to try and lower the repayments so I can afford it back.

You don't seem to care what situation I am in and most people seem to have no intention of helping so not too sure why they posted?

The "irresponsable lending" bit, wasn't me saying that it wasn't my fault, I fully admit that I was an idiot to do it. That was a term given to me as a way to get the remainer (which is just interest, not money I actually borrowed). Written off.

If you were in a situation where you couldn't afford to eat some days, and somebody told you there may be a way out, wouldn't you want to look into it??

zppp

SingleMumAndProud wrote: »

(which is just interest, not money I actually borrowed)

As other posters have stated, it is not just interest. At the start of your loan you pay the interest.

ILW

SingleMumAndProud wrote: »

I am giving up and going to get advice else where.

If I "couldn't be bothered to pay it back" I wouldn't have paid on time, in full every month for the last 4 years. I wouldn't have gone into the bank to try and lower the repayments so I can afford it back.

You don't seem to care what situation I am in and most people seem to have no intention of helping so not too sure why they posted?

The "irresponsable lending" bit, wasn't me saying that it wasn't my fault, I fully admit that I was an idiot to do it. That was a term given to me as a way to get the remainer (which is just interest, not money I actually borrowed). Written off.

If you were in a situation where you couldn't afford to eat some days, and somebody told you there may be a way out, wouldn't you want to look into it??

Be careful what people tell you about getting loans written off, it can get you in even deeper.
If you had been straight and not angling for some sort of get out, you would have got much better advice.

ess0two

geoffky wrote: »

Meanwhile..the banks have robbed billions off savers who many relied on the money to get by each month....The banksters should be hanging from lamp posts with what they have got away with scott free, not playing hard ball with people who really are struggling to pay..

Since when has it been a given right to risk free return on savings.

deepin_it

I have used the advice given by nandj and am now debt free with a good credit rating, so i would advise anyone to listen and learn from them. Thanks nandj

Witchfinder_General

deepin_it wrote: »

I have used the advice given by nandj and am now debt free with a good credit rating, so i would advise anyone to listen and learn from them. Thanks nandj

First post praising Nandj the Nob to the skies eh? You should have called yourself "AE's R Us".

Orville

OP.

Do you still have the car..?. If not or you have another car which is worth under £1k and you have £50 or less left each month after your household bills are paid. (This does NOT include your debts) then you might qualify for a DRO.

https://forums.moneysavingexpert.com/discussion/1385275


Have a read of that thread and feel free to ask or pm me if you have any questions.

As for everyone else i agree with nandj, if you can use the law to your advantage then do it.

Fiddlestick

SingleMumAndProud wrote: »

I am giving up and going to get advice else where.

But you HAVE been given advice - several times!

You have been told to look into selling the car and buying a cheaper one or to head over to the DFW board for advice on reducing your lifestyle to make things more affordable for you.

Have you even looked at the DFW board?

The "irresponsable lending" bit, wasn't me saying that it wasn't my fault, I fully admit that I was an idiot to do it. That was a term given to me as a way to get the remainer (which is just interest, not money I actually borrowed). Written off.

It doesn't work like that - you don't first pay back the capital and then pay back the interest afterwords, it's all combined.