loan is becoming too much....

frostman

got a loan with sainsburys its was 10,000 over 60 months @ £288 per month. lost my job, i have a new one but the wage is no way near as good i am struggling to pay the loan each month. I dont think i opted for insurance with the loan incase of job loss i really dont know what i can do.

Tixy

Hi

How much longer do you have left on the loan? Have you worked out a detailed income & expenditure to see how much you can afford? have you been through all your outgoings to see if you can reduce the cost of them (eg by switching suppliers etc) or by cutting down?

If you still cannot meet the loan repayments then you could either ask sainsburys if they will restructure the loan to allow you to pay less but for longer or if they won't do that you might need to consider writing to explain your change in circumstances and offering a reduced repayment. Though if you take this option they will likely default you and this will affect your credit score for the next 6years. But it might be the only option.
Do you have any other debts? if you do then you might want to seek advice from a debt charity.

SkintGypsy

Just to say, we had a loan with Sainsburys which was happily ticking along while we tackled the cc debt. They contacted us a few times to encourage us to take a payment break, refinance or add to the loan. We said no thankyou. Then we had a job loss, and we called to ask about the options previously given to us. They turned us down. Nice. Don't expect their help.

jayremoh

frostman wrote: »

got a loan with sainsburys its was 10,000 over 60 months @ £288 per month. lost my job, i have a new one but the wage is no way near as good i am struggling to pay the loan each month. I dont think i opted for insurance with the loan incase of job loss i really dont know what i can do.

is that 24% apr!?

iolanthe07

£288 a month for £10k over 5 years seems very high. I paid under £200 a month for exactly the same amount and period with Black Horse some years ago. Are you absolutely certain the payment doesn't include PPI? It sounds as if it might and you may be able to make a claim. Double check.