my debt got worse...

legoman

i am curently with payplan. my payment holiday has run out on my loan from barclays so i told barclays i cant pay the monthly amount so i need to do something.

they sent me a termination of loan complete with final demand. my original loan was for £16000 and they now want me to pay £22.350.53p!!!!!!! this is interest during and for cancelling the loan. what the hell is all that about. i owe £4000 on a credit card too which mercers debt collection are now calling and writing to me about!!! harrassing me actually! threatening balifs and the like but i am just ignoring them and making my token payment.

i need some advice on what's best for me. i want a way out of this debt but bankruptcy is far to embarrassing as my father would find out and just hate me. is there a way out for me??? i just dont earn enough to pay it all. i will be aquiring part of my fathers business in 9 years time which will set me up for life but it's so far away!

i desperatly need help on this. i thought i had my debt under control??

Beth86

I can't offer any real advice but have you contacted Citizens Advice?

Uniscots97

You've come to the right place. Can't offer anything except support myself but I'm sure someone will be along soon that can help.

legoman

Beth86 wrote: »

I can't offer any real advice but have you contacted Citizens Advice?

i had been to them when i had similar trouble with hsbc. they did help kinda but in the end i sorted it all out myself. taking out another loan and getting further into debt.

i wouldn't mind just saying goddbye to all the debt and having a black mark against my name fot rhe next six years. i dont wish to obtain more credit and just want to be rid of this burden that makes me feel so blimmin' ill.....

i'd be happy just to work with one acount and no overdraft forever!

Sea78

hi

Firstly, what have Payplan said about these recent developments? Have they got back in touch with Barclays about your plan?

I don't know about bankruptcy - perhaps ask up on the bankruptcy board. WOuld your father definitely find out?

My DMP currently ends far too much in the future for me to really want to think about it - I know that I will make my circumstances change to pay it off sooner as the thought of it hanging over my head for year and years is just quite depressing!

Sea x

legoman

Sea78 wrote: »

hi

Firstly, what have Payplan said about these recent developments? Have they got back in touch with Barclays about your plan?

I don't know about bankruptcy - perhaps ask up on the bankruptcy board. WOuld your father definitely find out?

My DMP currently ends far too much in the future for me to really want to think about it - I know that I will make my circumstances change to pay it off sooner as the thought of it hanging over my head for year and years is just quite depressing!

Sea x

when you are made bankrupt i believe it is printed in your local paper and a paper in london... he would find out. i am yet to conatact payplan but they are unable to help yet until i paid 3 months of the recently terminated loan. i have a client number with them but no real solid payplan in place.

CLAPTON

you need to post an SOA so we can see the details

legoman

CLAPTON wrote: »

you need to post an SOA so we can see the details

i will need a bit of time to do this as i am at work. i cant see it will help the situation much but if you think it will help. i have already done one but is now out of date i guess. things have taken a turn for the worse.

beanielou

AFAIK it is not printed in the local paper.The London Gazette is a bankrupcy type thingy & no one would know unless they subscribed.

legoman

beanielou wrote: »

AFAIK it is not printed in the local paper.The London Gazette is a bankrupcy type thingy & no one would know unless they subscribed.

i'm not quite sure what AFAIK is?? um, i think i saw it printed once in our local paper?? a local chap had been made bankrupt so business know not to set up acounts with him as he is bankrupt.

maybe bankruptcy is tha answer but i've just been reading on here about it and it sounds a bit horrible.

learntmydebtlesson

they sent me a termination of loan complete with final demand. my original loan was for £16000 and they now want me to pay £22.350.53p!!!!!!! this is interest during and for cancelling the loan. what the hell is all that about.

Can't offer much advice here but what I would advise you to do is check the paperwork that you signed for this loan. As you say, there may be a penalty for ending the loan early and because this has gone to a final demand this would mean that the credit agreement has been broken and therefore may come with a fee as well as the interest.

Has the final demand come from the bank or an agency?

Good luck with this.