Tesco Loan and Redundancy

Higham_2

I've recently been made redundant and have a £25,000 unsecured personal loan with Tesco.
I have no assets (property or savings) and live in a rented house with a friend.
There is £18,000 of the Tesco loan left in my bank account.
Question is will Tesco do a deal if I give them the £18k back?
As I say, I don't currently have a job and so I have no form of income. Will Tesco write off the difference or pursue me through the courts and make me personally bankrupt?

fozmcfc

Surely the solution, is to look for another job and in the meantime keep making the payments to the loan with the 18k left, unless you are paying back £5k each month, you have plenty of breathing space.

Looks like you want to stay unemployed, give them 18k and expect them to say ok, yes no problem, we'll write off the rest, while you sit on your backside all day.

Firefox1975

Yeah

get another job.

failing that, yes, they will make you bankrupt if you cannot keep up repayments.

If you give them the 18k back they will still make you bankrupt for the outstanding 7k.

would you prefer to go bankrupt owing 7k or 25k ? (Clue - it doesn't make a difference)

fill up your mattress..........................

opinions4u

Firefox1975 wrote: »

Yeah

get another job.

failing that, yes, they will make you bankrupt if you cannot keep up repayments.

If you give them the 18k back they will still make you bankrupt for the outstanding 7k.

would you prefer to go bankrupt owing 7k or 25k ? (Clue - it doesn't make a difference)

fill up your mattress..........................

Mainstream lenders very rarely pursue bankruptcy action against those who can't pay.

27col

What is the logic of borrowing £25,000 and then leaving £18,000 of it in a bank account.