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Advice about Barclays loan please
emmaclair78
Posts: 13 Forumite
Hi, i'm new here and hoping for a bit of advice.
In 2004 I took out a Barclays loan for £6000 over 5 years. At that time I was working part time and my partner full time.
After about 18mths we ran into difficulties and the loan was restructured and the payments reduced slightly.
In 2006 I split with my partner and rang Barclays to discuss the loan, as I was also now unable to continue working and really couldn't afford the repayments.
Eventually they said i needed a resolve loan over 11 years at £90 a month. I did originally agree to this but then carried on struggling and had to ring them again. They then agreed that I could temporarily pay £40 a month but this only lasts until December of this year when they want the payments to go back up to £90.
I was hoping to be working again by now but am not having alot of luck finding a job and any job I do find won't be worth doing once they put the loan back up to £90 a month (or more).
A friend suggested bankruptcy but i am not keen on that idea as all of my other debts are smaller and will be paid of by next june.
Is there anyway of sorting this out, or do i really have to pay £90 a month for the next 11 years ? I mean I know I borrowed the money, but I will end up paying back over £11000 and I really cannot aford it.
Am a single mum of 3 on benefits by the way if that helps with the advice.
In 2004 I took out a Barclays loan for £6000 over 5 years. At that time I was working part time and my partner full time.
After about 18mths we ran into difficulties and the loan was restructured and the payments reduced slightly.
In 2006 I split with my partner and rang Barclays to discuss the loan, as I was also now unable to continue working and really couldn't afford the repayments.
Eventually they said i needed a resolve loan over 11 years at £90 a month. I did originally agree to this but then carried on struggling and had to ring them again. They then agreed that I could temporarily pay £40 a month but this only lasts until December of this year when they want the payments to go back up to £90.
I was hoping to be working again by now but am not having alot of luck finding a job and any job I do find won't be worth doing once they put the loan back up to £90 a month (or more).
A friend suggested bankruptcy but i am not keen on that idea as all of my other debts are smaller and will be paid of by next june.
Is there anyway of sorting this out, or do i really have to pay £90 a month for the next 11 years ? I mean I know I borrowed the money, but I will end up paying back over £11000 and I really cannot aford it.
Am a single mum of 3 on benefits by the way if that helps with the advice.
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Comments
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There is a standard letter on nationaldebtline requesting your lender to freeze payments due to your change of cirumstance.
http://www.nationaldebtline.co.uk/england_wales/temp/6294_79111.pdf
It would be worth sending the letter recorded delivery and keeping copies.
Presumably, the situation will get better once you have paid off the other debts?
Thanks to MSE, I am mortgage free!0 -
Barclays were quick to accept a pro-rata offer of repayment and freeze interest when I explained my circumstances to the. Barclaycard have been a different proposition however!0
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Do you realise you'll end up paying back nearly 12,000??? Not including what you paid on the original loan? Is that really your only option???Total 'Failed Business' Debt £29,043
Que sera, sera.
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