1st Stop Installment Loan - Help please!

ChellyD86

Hi,

I'm quite new to posting so apologies if I should be directing this elsewhere or if the answer is somewhere else.

I took out a loan with 1st Stop Installment Loan - very silly I know. As you probably hear all the time, I am unable to repay. I found an older post which had a template email to send offering a repayment plan which I did. They came back to say they couldn't accept the amount I was offering and offered a higher amount over 12 month period. I replied to say I was unable to pay this, they have now emailed to say I have 24 hours to make a payment. If not a default notice will be put on my account and full payment required within 14 days. If this does not happen they will look to proceed with a CCJ which I obviously do not want.

I am terrified and do not have this money to repay. Is there anything else I can do or is CCJ my only option?

Thanks in advance.

Michelle

CherlokHomes

Are you saying you applied for a loan and had no intentions of paying it back as you couldnt fford it in the first place.... Or are you saying you've made a couple of payments and something's come up where money is tight.

The reason I see this is because you'll have more of a chance of negotiating if you've attempted to pay back what you borrowed.

ChellyD86

Its not that I borrowed and didn't have any intention on paying back. My hours have been cut and therefore money has been tight. I have made payments to them and then asked for a payment plan. Now they are saying they are not willing to accept reduced amount.

Apples2

They aren't obliged to accept your offer, nor you theirs but you can't pay what you don't have.

If you can't accept their proposal, then a default in inevitable. this will of course trash your credit file but so would reduced payments in any case.

If it gets as far as a CCJ, you go to Court and tell the beak how much you can afford. This could be a paltry £1 a month or significantly more once they review where you money is going.

How much effort are you employing to repay? Sky Tv, mobile phones, gym etc, are they all running?

Do you have nothing to sell (everyone says no but everyone has something of worth).

ChellyD86

Thanks for your replies.

I have since been speaking with Step Change who are going to assist me.

I was hoping to agree £50 a month starting from my pay in February. They are not willing to accept this.

I have started selling on ebay and currently have a list of things on at the moment so hopefully any money from that will help as well.

Again thanks for your replies.