What Happens

brassleaf

Could anyone help me with some advice please....

I am seriously thinking about stopping paying for a personal loan which is halfway through its term,if i cancel the direct debit can the bank still collect its money from my account which is the same bank the loan is from.
What will the final outcome be after bankruptcy regarding my wage as i am in full time employment,do they take money from your wage can i stop it or is prison an option for the courts.

I am after the total bottom line of the consequences.

Thanks for any advice given.

Also can anyone give a time limit before money is taken without my consent.

confused76

hi there
it sounds to me like you need to take some advice, please ring one of the free debt charities such as the national debtline, cccs or the cab. they will look at your situation and give you your options.


Main recommended sources of help:

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

if you are stopping paying the loan then i suggest you open a new bank account away from the debt, try the coop cashminder or the basic barclays account, these are both ok for br people.

i hope this helps x

brassleaf

Thanks confused76,,,,,,,,,, just need to know what options are open to me, will give one of those help lines a ring, before i do anything desperate. All this sort of stuff is totally new to me and my attitude to it will probably seem strange to some.

confused76

your best bet is to ring one of the above, i dealt with the national debtline were were very helpful. they asked me some questions about debts and income and outgoings then told me what the viable options were, then it was down to me to decide which way to go.

things will seem clearer once you have spoken to someone

brassleaf

Thats what has me up in arms, discussing things with people (LOL WHO ME U MUST BE JOKING), plus on paper i can cover my loan with ease, but £450 quid a month is alot of money, i want to buy my son a car and insure it. If i have a few months before my world would come crashing down around me, i could do this.

tigerfeet2006

Well if you go BR you won't be able to buy your son a car and insure it for him, sorry.

Talk to a debt charity and see what they suggest, it sounds as if BR may not be the way for you to go. BR is always a last resort and can cause repurcussions with things for years.

brassleaf

Btween me and his mother, we have a couple of hundred quid of disposable income per week so i know BR is not going to be straight forward. I can eaisly get a loan to buy him a car and refuse to pay for it or just stop paying current loans totaling roughly £600 per month. what im after on here is the bottom line consequences if i just throw the towel in and what sort of time scale would i have.

This anger has built up over 3 years and still over another 3 to go i feel that i was talked into something i didnt want or even ask for. By someone who told me they had my best interests at heart. (lol guliable or what) i get out of bed on a morning for my kids not to feather the nest of this bank. Yes i know i took the money and spent it blardy blar blar, but i never went to them and asked for it, they seen me as an easy very reliable guaranteed to get our money back with huge profit target..... and its that what has got me in a frenzy.

I know im going against everything this site stands for helping people move forward, when i seem to want to go the other way..... and i hope i dont offend anyone, its just advice im after THANKS....

lilibet1

Well you would get a bro for sure if you do that. But please can posters please post nice comments and not turn this into a slanging match

thanks in advance

curly04

hang on i've gone through hell and back and had to go BR, this guy is coping and has come to us for advice
No im not going to answer him because I CAN NOT say anything nice to him!

Sunnylooloo

Sorry not meaning to be rude, I completely understand if you are in a mess and you feel yo need to consider BR as Confused has suggested please seek advice.

However I do not condone that you are thinking of getting a loan for a car for your son - this is quite irresponsible.

Dave70

why risk yourself going into bankruptcy just to buy a car and insure it for your son ?. take a step back and think hard about what you are planning to do. Not wanting to sound too harsh but why are you buying and insuring a car for your son ? if he is 17 the insurance will be more than the value of the car. by him a pushbike to use or a bus pass etc to get to work and encourage them to save for their first transport and add a percentage of what you have saved towards it.