Sick with worry!

stupid_3

Please help! In 1997 I took out a loan and happily made the monthly repayments until I went on holiday and stayed for 2 years (very bad not to pay the outstanding amount back, I know!). I came back into the country in 2001, have lived in a different area and never thought anything about the loan. Now 8 years down the line, an agency has caught up with me. I am embarrassed to say that I have lied to them and told them that I’ve only been in the country since 2001 and therefore can not possibly have taken out the loan. They now want proof of my arrival date, either by means of a stamp on my passport, or a utility bill. I feel sick to my stomach for this lie and really want to pay back the £1,091 that I owe, however I need to get a mortgage this year and don’t want it to affect my credit rating – do you think this will happen? My partner knows about all of this, but I know that if we couldn’t get a mortgage this year, I know he will probably leave me.

Scarlett1

sorry cant advise about your credit rating, but maybe get an experian credit report for £2 and see what it says on there.

best bet all round is to fess up to the people who are chasing you for the debt, you would have had to sign for the loan and they could provide evidence of your signature, come to an arrangement to pay back so much each week or month and pay it back asap.

the money owed is a lot, but not that much that cant be paid off within a year if you stick to the payment arrangements.

try not to worry yourself, and im sure your partner wont leave you cause of this *hug*

stupid_3

I am pretty much resolved to pay the loan off over the next year, as this is the right thing to do. What I am still concerned about is the affect it will have on my credit rating, because it is very good at the moment. So if anybody out there knows whether they will automatically report me, please let me know. Thanks for the hug Scarlett, needed that. Too much wallowing in self-pity!

roswell

this loan may not be enforcable if you havent had contact with the company for 6 years its not enforcable from what iv heard. somone on the DFW board may be able to advise further.