Barclays loan please help????

Lisaloo4

Hi, I am looking for some serious help please......
My mum took out a loan for me for 25,000 4 years ago and it was over 10 years, I have always paid but I have now fell pregnant and carnt afford 337.69 a month for this loan, don't get me wrong I would work 15 hours a day to get it paid but I went to the bank to see if we could extend it to lower the monthly cost but they said no because of mums age she is 64. Mum owns her own property outright and the loan isn't secured against mums house. Mum couldn't pay this on her wage and I wouldn't let mum either but we were thinking of saying to them we couldn't afford it they would only take mums income in hand, so would they have to accept £50 a month or would they write it off???? Please help me I am stressed and scared as don't want to stress my mum out.
Many thanks
Lisa

chanz4

it wouldnt be written off, they would instead trash your mums credit file and if she has a bank account offset it and send it o/d

DCFC79

What was the 25k for ?

CLAPTON

they will not write it off, but they may agree a payment plan

she should arrange for her income to go into a new a/c that isn't associated with Barclays

as your mother owns a property they may apply for a CCJ and then a charging order on the house

Lisaloo4

The 25,000 was for debt consolidation years ago can u please tell me the steps barclays would take??

CLAPTON

is the loan in your mother's sole name
what is you mothers income?

Lisaloo4

Yes it is solely in mums name I have tried to put it under my name but my credit rating is too bad, she only gets 180 wage for working and 485 widow pension but mum has council tax as bills to pay so doesnt leave mum alot??

CLAPTON

180 and 485 week or month?
does she get the state pension

immoral_angeluk

Your mum is fully liable for the loan and if you don't pay they will be going after her straight away, not you. They won't take your income or circumstances into account because legally the loan is nothing to do with you.
If you and your mum can't pay, this will damage her credit rating and as others have said, they may eventually apply to court for a CCJ and charging order to secure the debt on your mum's house. Alternatively they could enforce a CCJ by attachment to her earnings, or with bailiffs, but they will most likely go for a Charging order as she has a property.
They only thing your mum could do would be to look at arranging a payment plan but this would be based on what she could afford after her income/outgoings have been taken into account, not yours.
She needs to get advice ASAP about what she can do about it as this could have serious implications on her if you are unable to pay.

Also, there is no way they'd write it off regardless of her age, if she's sitting on a massive asset that could be used to repay the debt out of her estate (presuming of course she keeps the property for the remainder of her life), or if the property was sold.

AMILLIONDOLLARS

You say you're pregnant, could your partner not help you to pay this loan? When the child comes along it will be even more difficult for you to pay your mum back. Have you stopped work already? Why not try to make overpayments before you go off on maternity leave, also are you planning on returning to work once the baby has arrived?

AMD

simon2010

Hi there

I have a loan with Barclays and had exactly the same problem. I could not afford the £336 per month. They advised (yes them!) to stop paying it completely for two months, this then shows you are in financial trouble (yes it will mess up credit file, but its heading that way anyway by the sounds of things). Anyway after two months of not paying you do an I and E form and then they settle old loan and start a new one. I now pay £132 per month. Problem solved for me.

Option B
Don't pay it at all, if your mum doesn't mind her credit file going to the wall, let Barclays transfer it out to debt company then pay back what you (well your mum) can afford, may £100.

Either way it is a long road. Good luck with it all.