Halifax won't lower loan payments ref me to CCCS?

Okydoky25

I was made redundant last year and my husband has been paying my loan of £256 a month (original loan was £15k) over 7 years it's now at 4k ending sept 13. We are struggling on just his wage so called Halifax to lower payments but they won't even consider it unless I go through a debt manager company which is the last thing I want to do as this is only a temp situation. They won't let me start a new loan for that amount over a longer period as I have no proof of income now either and my husband has bad credit history so can't take out loan either. Any ideas?

ILW

CCCS is an advisory charity, not a company.

Okydoky25

THANKYOU but having called them I don't wish to use that route..

CLAPTON

why are you against using CCCS?
obviously that means you will default but you are going to do that anyway

if it is a temporary problem then is there really no way your OH can raise any money? use CC or an OD?

Okydoky25

It's temp as in how longs a piece of string as I need to find a job. I'm annoyed as had I been working they would have happily reissued the outstanding balance in a new loan agreement over a longer period. We are managing to pay it but it would help us a lot if it wasn't such a high amount each month.

CLAPTON

Okydoky25 wrote: »

It's temp as in how longs a piece of string as I need to find a job. I'm annoyed as had I been working they would have happily reissued the outstanding balance in a new loan agreement over a longer period. We are managing to pay it but it would help us a lot if it wasn't such a high amount each month.

frankly banks aren't there to help you, they want to be repaid.
your choices are continue to pay or default;

DCFC79

Okydoky25 wrote: »

THANKYOU but having called them I don't wish to use that route..

Whats wrong with CCCS

Apples2

People go to the CCCS when they are unable to repay, not because they would "rather not" or would "prefer to repay less".

You are right to be cautious, but all that tells us is that you CAN afford the repayments but with an accompanying reduction in quality of life.

If you can repay, do just that. Keep to your contractual agreement and subsequently keep your credit file intact.

When the day comes you simply CANNOT make the repayment, contact CCCS as you are at the lenders mercy (which they don't have). At that time, you should have no other options, you should have dumped the monthly contracts (Sky, Gyms, Mobiles etc), sold everything you have but don't need and dropped to minimal value foodstuffs.

tell_it_how_it_is

Well, if neither of you can get a loan, and you feel you don't need to look at CCCS, all you can really do until you find a job is (as mentioned above just before me) analyse your spending and see where you can make any cuts.

For example, look at reducing mobile phone contracts, cheaper satellite TV and broadband packages, smoke/drink less, cut down on going out, get cheaper food brands, ask council tax to pay over 12 months if paying over 10 etc.

Also maybe look at stuff that you don't need that you could perhaps sell on Ebay to give you a few extra quid to play with.

Okydoky25

Thank you we are doing all that, having also moved 80 miles north after losing my job to save on Rent as well. I think some of you are missing the point I don't want lower payments for a better way of life and I don't want to not repay all that I owe (including interest) I'm just asking why I can't simply pay less over a longer period without involving credit management companies? upto now I have a good credit history and don't want to jeopardise this.

jason1231972

Okydoky25 wrote: »

Thank you we are doing all that, having also moved 80 miles north after losing my job to save on Rent as well. I think some of you are missing the point I don't want lower payments for a better way of life and I don't want to not repay all that I owe (including interest) I'm just asking why I can't simply pay less over a longer period without involving credit management companies? upto now I have a good credit history and don't want to jeopardise this.

Who have you spoken to in Hfx so far, and via what method?

No idea if it'll make any difference at all, but perhaps speak to someone face-to-face in branch?