I need serious help over log book loan!

majorwally

I am a major wally, hence the name.
I know it, but I can't get out of this one!

I borrowed £2,000 against my car with mobile money and now I have to pay them £350 per month for 3 years.
Only £130 comes off the loan each month.
I have already paid off £3,000 but I have to keep topping up the loan to be able to pay another months worth.

I really feel suicidal about the whole thing and it's making my life a misery.

I need my car for work so can't let them take it but what do I do?

I simply can't afford to pay this vast amount anymore.

Seriously, what can a stupid wally like me do?
Not trying to get away with my debt but I will have paid them treble what i borrowed by time I have finished.

Just a warning really to anyone thinking of getting easy cash, cause it is real easy, in and out of their office in about 15 mins with all the cash.

Oh and if you have any ideas other than NOT being an idiot, please let me know.

eschaton

majorwally wrote: »

I am a major wally, hence the name.
I know it, but I can't get out of this one!

I borrowed £2,000 against my car with mobile money and now I have to pay them £350 per month for 3 years.
Only £130 comes off the loan each month.
I have already paid off £3,000 but I have to keep topping up the loan to be able to pay another months worth.

I really feel suicidal about the whole thing and it's making my life a misery.

I need my car for work so can't let them take it but what do I do?

I simply can't afford to pay this vast amount anymore.

Seriously, what can a stupid wally like me do?
Not trying to get away with my debt but I will have paid them treble what i borrowed by time I have finished.

Just a warning really to anyone thinking of getting easy cash, cause it is real easy, in and out of their office in about 15 mins with all the cash.

Oh and if you have any ideas other than NOT being an idiot, please let me know.

All you can do is repay following the T&C's of the loan.

It does not matter how much you have paid back so far.

CLAPTON

best to go over to the debt freewannabe board and post up the full details of your income and spending and debts and look for ways of increasing income and cutting spending so you can repay the debt sooner

Enfieldian

majorwally wrote: »

I am a major wally, hence the name.
I know it, but I can't get out of this one!

I borrowed £2,000 against my car with mobile money and now I have to pay them £350 per month for 3 years.
Only £130 comes off the loan each month.
I have already paid off £3,000 but I have to keep topping up the loan to be able to pay another months worth.

I really feel suicidal about the whole thing and it's making my life a misery.

I need my car for work so can't let them take it but what do I do?

I simply can't afford to pay this vast amount anymore.

Seriously, what can a stupid wally like me do?
Not trying to get away with my debt but I will have paid them treble what i borrowed by time I have finished.

Just a warning really to anyone thinking of getting easy cash, cause it is real easy, in and out of their office in about 15 mins with all the cash.

Oh and if you have any ideas other than NOT being an idiot, please let me know.

Treble?

According to what you have posted you borrowed £2,000 and will have to pay back £12,600.

That is more than 6 times your original loan.

Utter f*****g madness.

mazy_m

Enfieldian wrote: »

Treble?

According to what you have posted you borrowed £2,000 and will have to pay back £12,600.

That is more than 6 times your original loan.

Utter f*****g madness.

Very true.....I worked it out at that too!! that's 6.3 times your loan...if you can't pay do you have to give them your car? Can I ask how much is your car worth? Could you not just let them take your car so that's the end of your dealings with them??

RichGold

Is that an APR of about 600%??? Have I worked that out right?

Enfieldian wrote:

Utter f*****g madness.

You're not wrong.

immoral_angeluk

Any way of being able to take out some other type of unsecured credit to get rid of this? Not something I'd normally recommend but....

RichGold

immoral_angeluk wrote: »

Any way of being able to take out some other type of unsecured credit to get rid of this? Not something I'd normally recommend but....

"More credit rescues man from credit nightmare"

You're kidding surely?

chanz4

doubt get a loan if going for logbook loans anyway, but not good coming from a money advice worker

sp1987

You need a car for work, correct?

You don't need that particular car for work though.

Buy a cheap old car with a new/recent mot for £100-200 and let them repossess this one.

immoral_angeluk

RichGold wrote: »

"More credit rescues man from credit nightmare"

You're kidding surely?

As I said, it's not something that's normally advisable, but sometimes you need to deal with the lesser of 2 evils, and in my PERSONAL opinion, it would be an OPTION to look at whether it would be feasible to get unsecured loan to get away from what sounds like a horrendous interest and high risk situation...

Again, an opinion about a potential option and I know full well that 99% of this board would be happy to get in an argument with me about it, but at the end of the day the OP should be given all options for him to make his own decision

Of course the other option would be to just let them repossess the car and get a cheap run around with the money saved from having to pay the log book loan, but it depends on the OP's priorities..