budgeting loan

sam222

hi there
we just recently apply for budgeting loan of £1500 .the good news is that they approve it for £ 800 .but the bad news is that they asking for £37 a week to pay them back until gets clear .this is a lot ,i seen some people paying £10 a week. we realy need this money but £37 a week is alot for us .would you think it helps if i give them a call,but again just don't know what to tell them?(i am GETTING ESA)

many thanks for any advise

sam222

thanks for any advised

becki_2012

sam222 wrote: »

hi there
we just recently apply for budgeting loan of £1500 .the good news is that they approve it for £ 800 .but the bad news is that they asking for £37 a week to pay them back until gets clear .this is a lot ,i seen some people paying £10 a week. we realy need this money but £37 a week is alot for us .would you think it helps if i give them a call,but again just don't know what to tell them?(i am GETTING ESA)

many thanks for any advise

They look at what benefits your getting and work out a rate they think is not going to make a major impact on your income weekly

It depends on your circumstances too, single/partner/kids etc.

You can ask for a reduced weekly amount but do this before you accept the loan. They may reduce it.

Also you mention you asked for £1500 but offered £800, do you have an outstanding loan repayment with them? The £37 may include repayments on a loan you already are paying back??

colin13

did u tell them u had outgoing catalogue etc,,they base the repayment on wot they think u can afford,if u never told them u had outgoing,they just assume u can afford iut,,although £37 is a big repayment

Simon7685

I have just got my budgeting loan of £812 and my repayments are set at £11.73 a week. My previous loan of £750 was repaid at a similar amount as was the one prior to that. I think £37 a week is very high and would ring them to seek clarification.

Ellejmorgan

sam222 wrote: »

hi there
we just recently apply for budgeting loan of £1500 .the good news is that they approve it for £ 800 .but the bad news is that they asking for £37 a week to pay them back until gets clear .this is a lot ,i seen some people paying £10 a week. we realy need this money but £37 a week is alot for us .would you think it helps if i give them a call,but again just don't know what to tell them?(i am GETTING ESA)

many thanks for any advise

You can ask them to take less but you need to put it in writing...

dave030445

think of it another way the sooner you pay it back the better.