Barclays loan. Lost job. Advice needed.

Notfunthis

deleted deleted deleted

fozmcfc

Do feel for you, losing a job is crap.

Sadly I think you know the answer is basically is there is not a lot you can really do, other than get another job (easier said then done) and keep up the repayments.

You won't get another loan, if you state you are unemployed so to stand any chance you would have to lie on the application form to get around it, something which I certainly would not advise at all and judging by your post I don't think you would be silly enough to lie either.

TBH this is what PPI is all about, losing your job and then having the protection for at least a certain time when payments are made for you. I assume you don't have payment protection. I know many complain but it does work for many also.

You could let Barclays know what is happening, but I would advise to do that as a last resort because even if they agree lower repayments it is likely to have a bad effect on your credit rating. Hopefully if you do have to contact them, they will be sympathetic and accept reduced payments, even if it does effect you rating.

I wish you good luck, because unlike many you are trying to do the right thing and not blame everyone else and try to avoid paying off your debt.

But sadly it is a case of new job or eventually accept you are going to have to come to some sort of arrangement with Barclays to pay reduced amounts short of long term.

Tixy

Hi

You are right you won't get another loan whilst you are unemployed.
Do you have your current account with barclays as well as this loan?

If you do then before you let them know you are in financial difficulties you need to open a new bank account elsewhere with a bank not connected to barclays and have your benefits/income paid into that account - that will protect your money from being offset by barclays towards the loan repayments.

Do you have any other debts or just this one?

I would imagine that you cannot keep up the loan repayments long term if you are only receiving benefits. If you cannot then you may have to accept that your credit rating is going to be affected. You could write to the bank, explain you have lost your job and that you cannot meet your repayments, offer them a monthly repayment you can afford and also ask if they will freeze the interest on the account.
If you have more than this 1 debt then it might be better to seek some advice from one of the debt advice charities first - IMPORTANT - Where to seek professional impartial advice about your debts.

Notfunthis

deleted deleted deleted

flutterby_lil

How have you lost your job, have you been sacked or made redundant?

Dowsett

Now... This may be of some help to u but doesn't completely get u out of jail for free. U can try an write to the bank and ask them to reduce ur monthly payments to interest only - of course u won't be repaying anything back but meeting 'the minimum payment' - bit like a credit card. You could also try applying for a payment
Holiday. U may get a couple of months of not paying anything, however payments will go
Up after taking the break. Also I'd imagine ud have to give them a reason for doing it.

However it may not be a bad thing. The worst thing u can do to whom u owe monies to I'd to not speak to them. They will want to help u aswell as themselves.

I'd be applying for ANY job in ur situation. If it looks like it's not gonna happen fast then I would give them a ring an ask them if there hs anything they can do. U will have to look at ur contract for the terms first.

Hope this helps. Good luck. I've had this happen to me before. Thankfully I only had 1 payment left when I got made redundant.

Apples2

Sorry, can't do text speak so you'll have to trawl through complete words...

There aren't many lenders who will even listen to your plight until you drop into default. Bad news indeed as this will trash your credit file before you even manage to speak sensibly to anyone.

PPI definitely worth looking into as are payment holidays (although the repurcussions of this are not good but desperate times and all that).

Notfunthis

deleted deleted deleted

Notfunthis

deleted deleted deleted

koloko

deleted deleted deleted

Apples2

Notfunthis wrote: »

Who's used text speak? Do you know how condescending that sounds?

Thanks everyone else. I'll find a way.

Good luck to you with your impending defaults.:j