Budgeting Loan help

NASA_2 · 2 October 2011 at 10:32PM

dave030445 wrote: »

We applied for a budgeting loan of £350 and we told we have to pay £37 per week that means we have to pay it back in 9 weeks thats far to much. We have also read that you can get upto 104 weeks to pay it back. So where they get 9 weeks from I dont know.

If it's far too much I take it you turned the interest free loan down?

Wee_Willy_Harris · 2 October 2011 at 10:33PM

dave030445 wrote: »

We applied for a budgeting loan of £350 and we told we have to pay £37 per week that means we have to pay it back in 9 weeks thats far to much. We have also read that you can get upto 104 weeks to pay it back. So where they get 9 weeks from I dont know.

9 weeks fall under the umbrella of "UP TO 104 weeks".

dave030445 · 2 October 2011 at 10:37PM

Wee_Willy_Harris wrote: »

9 weeks fall under the umbrella of "UP TO 104 weeks".

Please keep you silly answers to yourself.

Wee_Willy_Harris · 2 October 2011 at 10:43PM

dave030445 wrote: »

Please keep you silly answers to yourself.

Just pointing out the obvious (which you seem to have missed). The quicker it's paid, the better for all of us. But to answer the statement "So where they get 9 weeks from I dont know." They will look at your level of benefits and set an appropriate amount that is still affordable. Obviously, a single claimant getting £65 a week couldn't possibly afford £37 a week repayments, so there schedule would be set lower and over a longer time. Clearly, you are in receipt of more than the single persons rate and they have set the repayments accordingly. As others have pointed out, if you aren't happy with the terms, you can always take your business elsewhere.

dave030445 · 2 October 2011 at 10:44PM

Is it just me or does anyone else think this is a silly time frame to have to pay it back.

NASA_2 · 2 October 2011 at 10:48PM

dave030445 wrote: »

Is it just me or does anyone else think this is a silly time frame to have to pay it back.

It seems fair enough to me considering your on benefits and it is an interest free loan.

Wee_Willy_Harris · 2 October 2011 at 10:49PM

dave030445 wrote: »

Is it just me or does anyone else think this is a silly time frame to have to pay it back.

Nope. It's just you.

The quicker it's returned to the pot for someone else who needs it, the better. I'm sure you wouldn't want to deny anyone the same opportunities that you've enjoyed.

pcombo · 2 October 2011 at 10:54PM

Wee_Willy_Harris wrote: »

Nope. It's just you.

The quicker it's returned to the pot for someone else who needs it, the better. I'm sure you wouldn't want to deny anyone the same opportunities that you've enjoyed.

Funny enough DWP doesn't take into account what other pay back, its done on an individual case not how much and how fast other people payback.

So that is just rubbish.

Wee_Willy_Harris · 2 October 2011 at 11:22PM

pcombo wrote: »

Funny enough DWP doesn't take into account what other pay back, its done on an individual case not how much and how fast other people payback.

So that is just rubbish.

You mean that in the entire country, in both public and private sectors, across industries, the DWP is the only organisation without a budget?

Get real.

minimad1970 · 3 October 2011 at 10:08AM

It does seem to vary a lot. Over 18 months ago I had a budgeting loan of £350 and I had to pay back £11 a week, I have just applied for another £350 and the repayments are £30 a week, yet my incomings and outgoings are roughly the same as last time. As you say it is an interest free loan for which I am very grateful it's just a big difference in repayment amounts.