Hfc Personal Loan

artlaw

Hi, I wonder if anyone can help me. I've been a bit silly. I have quite a few debts and am self employed. Recently (well over the past 12-18 months I would say) my work started to drop and I have been using credit to pay credit.

It has come to a head recently and I found that I was unable to make even the minimum payments on most of my debts.

I realised that I needed to contact the companies and with most of them I have sorted things out and brought them up to date, however, I have a personal loan with HFC Bank, which I started missing the monthly payments on about 4 months ago, and with this one I buried my head and just let the situation get worse.

Although I did contact them in writing a couple of times I made no payments and they have now handed the debt to a company called Weightmans LLP (whom I assume are solicitors). I contacted Weightmans as requested and offered to repay the debt at £50 per month (the original payments were £80), but they said that this is insufficient and they require at least double that amount or a charge against my property (which I am trying to sell to move into rented accommodation to help to ease the situation)., or they would take me to court.

I do not want them to take either of the latter options, but fail to understand how they can try to make me pay £100 per month when I couldn't make the £80 payments, it just seems unrealistic.

I have had this loan for 5 years now. The original amount borrowed was £5,542 and all payments were up to date until recently and now I owe them £6122.

Can anyone offer any advice on this situation please? anything would be useful.

Thanks

rayday2

Have you taken a look at the national debt helpline website they have template letters on there to send to companies who will not accept lower payments there is the choice of if you do or don't want to go to court.

Also the above have a phoneline and they are excellent at supporting you and can come up with some good ideas give them a look if you get time.

artlaw

Thanks for that it's an option worth considering.