1st Stop Installment Loan - Help please!
4 replies
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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
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
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Replies
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.
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).
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.