Help with loan from 2010

andyfromotley

Matthewlampitt wrote: »

The repayments were £370 a month but they won't have received that from my partner in years. Think she just pays £10 a month. I have never made a payment to them the whole time, it all got set up to my partners bank.

Thats completely irrelevant to them the loan is in YOUR name.

you can get a Statutory report from the companies for £2. You don't have to pay the £15.

Good luck.

dresdendave

Matthewlampitt wrote: »

I tried my best to get out of this that following day and feel like I was pushed into IT and these companies dont care... All they Want is to get me on there iva books so they can make money off me.
:-(

Companies are in business to make profits, so of course they want to make money off you. You are self employed, do you not try to make a profit?


Please follow the advice given to contact Stepchange or one of the other debt charities.


It would help if you change your mind-set, you showed poor judgement taking out the loan, you now need to deal with the consequences of that mistake. There is no point blaming the company whose product you chose to purchase.

downhillfast

Matthewlampitt wrote: »

1 question I do have though, is if this loan is defaulted then is there any point of going bankrupt or iva or anything because isn't that just swapping one bad mark for another. Can't I just wait Untill it drops off or something... I don't know, my minds frazzled now. 4 and half hours of Googling all about this and feel no closer to clarity. :-(

If it is defaulted then the default marker will drop off your report 6 years from the date of default HOWEVER this does not free you from the obligation to repay the debt. You can still be chased for payment and potentially get a CCJ at any time! And then that CCJ won't drop off your report for a further 6 years! Making the wrong decision now could impact your future VERY significantly.

With no assets to lose and a very limited combined income with your partner, bankruptcy sounds like the fresh start your finances need - esp with a baby on the way! If you post an SOA (statement of affairs - there is a link somewhere if you search) then the helpful people on here will get a better idea of your cashflow and which route may be better for you. Obviously Stepchange will also guide you once you contact them.

Nearlyold

"I lodged complaints about how the loan was dealt with and why I wasn't given a cool off period.
I sent the case the financial ombudsman and they pushed my case, but only returned to me with the signed document saying in very small print "there is no 14 day cool off period for this loan""

Loans in 2010 did not generally have a cooling off period, a cooling off period under the European Credit directive was introduced 01/02/11- HOWEVER this would not have helped you anyway, as although you can cancel the finance and pay it off (paying only interest for the time you have borrowed the money) - the purchase itself is not cancelled so you would have to have found the money from elsewhere to pay for the car

burlington6

Matthewlampitt wrote: »

Ok I will give stepchange a call once I know the status of the loan..
I'm utterly shocked that I wasn't given a cool off period and think It is shocking that 10 minutes of stupidity can literally ruin a huge part of my life :-(
Prior to this loan I had brilliant credit rating having never missed payments on any loans I had completed.
I tried my best to get out of this that following day and feel like I was pushed into IT and these companies dont care... All they Want is to get me on there iva books so they can make money off me.

I'm not sure what the loan status is because I tried logging into Experiun and they wanted £15 and noddle didn't work because I'm not on electoral register.

So Iv registered for that and will be able so see my credit fine within a week I presume.

1 question I do have though, is if this loan is defaulted then is there any point of going bankrupt or iva or anything because isn't that just swapping one bad mark for another. Can't I just wait Untill it drops off or something... I don't know, my minds frazzled now. 4 and half hours of Googling all about this and feel no closer to clarity. :-(

The problem is, even with a cooling off period it would only be for the finance/loan

You would still owe them for the car seeing as you drove off in it

The cooling off period rarely means changing your mind on the vehicle so I wouldn't look too much into that

With referece to the second highlighted point.......do you work for free?