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Struggling with Loan Repayments
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Hi everyone,
I am in a bit of a desperate situation here. I'll try to be thorough with the information I provide and I hope someone can help me. I've searched through this forum for similar threads but I can't seem to find any.
Basically, Last year around this time, me and my girlfriend decided that we would like to get married so I proposed etc. She said rather than having a wedding the same year (2014) we should have an engagement ceremony. I agreed.
I was quite badly into my overdraft so there was no way I could afford so i decided to get a loan. The loan was for £6,900 from Sainsburys bank around this time last year. It was to be paid over a 5 year period. This money allowed me to get out of my overdraft (so I wouldn't have to pay any charges) and have a decent enough engagement.
Fast forward 2 months into the planning, the girlfriend and I broke up (for reasons I don't really want to get into). Other aspects of my life were going really bad too. The job I worked out became really stressful and I literally struggled to get into work. So after almost 4 years at the job, in November 2014, I couldn't handle it anymore so I decided to resign. I went doctors inbetween and they told me I was depressed stressed etc. I just felt so weak to the extent work (an office job) became so drainign for me. So I started claiming ESA.
Now I was earning round £1300 a month before, but now I am earning around £75 a week from ESA, and it's becoming very very difficult, almost impossible for me to pay the £159 a month payments I have to for the loan. I actually don't know what to do because I don't want to become bankrupt!
Earlier today, I received a spam recorded call to my phone and they mentioned something like writing off 70% of the debt if I have a loan over £5000. I'm not too sure how true that is but I was wondering is there any other options I can take?
Perhaps call my lenders and see what they say? I am really desperate here and it's really stressing me out.
Thanks in advance
I am in a bit of a desperate situation here. I'll try to be thorough with the information I provide and I hope someone can help me. I've searched through this forum for similar threads but I can't seem to find any.
Basically, Last year around this time, me and my girlfriend decided that we would like to get married so I proposed etc. She said rather than having a wedding the same year (2014) we should have an engagement ceremony. I agreed.
I was quite badly into my overdraft so there was no way I could afford so i decided to get a loan. The loan was for £6,900 from Sainsburys bank around this time last year. It was to be paid over a 5 year period. This money allowed me to get out of my overdraft (so I wouldn't have to pay any charges) and have a decent enough engagement.
Fast forward 2 months into the planning, the girlfriend and I broke up (for reasons I don't really want to get into). Other aspects of my life were going really bad too. The job I worked out became really stressful and I literally struggled to get into work. So after almost 4 years at the job, in November 2014, I couldn't handle it anymore so I decided to resign. I went doctors inbetween and they told me I was depressed stressed etc. I just felt so weak to the extent work (an office job) became so drainign for me. So I started claiming ESA.
Now I was earning round £1300 a month before, but now I am earning around £75 a week from ESA, and it's becoming very very difficult, almost impossible for me to pay the £159 a month payments I have to for the loan. I actually don't know what to do because I don't want to become bankrupt!
Earlier today, I received a spam recorded call to my phone and they mentioned something like writing off 70% of the debt if I have a loan over £5000. I'm not too sure how true that is but I was wondering is there any other options I can take?
Perhaps call my lenders and see what they say? I am really desperate here and it's really stressing me out.
Thanks in advance
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Comments
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Hi everyone,
I am in a bit of a desperate situation here. I'll try to be thorough with the information I provide and I hope someone can help me. I've searched through this forum for similar threads but I can't seem to find any.
Basically, Last year around this time, me and my girlfriend decided that we would like to get married so I proposed etc. She said rather than having a wedding the same year (2014) we should have an engagement ceremony. I agreed.
I was quite badly into my overdraft so there was no way I could afford so i decided to get a loan. The loan was for £6,900 from Sainsburys bank around this time last year. It was to be paid over a 5 year period. This money allowed me to get out of my overdraft (so I wouldn't have to pay any charges) and have a decent enough engagement.
Fast forward 2 months into the planning, the girlfriend and I broke up (for reasons I don't really want to get into). Other aspects of my life were going really bad too. The job I worked out became really stressful and I literally struggled to get into work. So after almost 4 years at the job, in November 2014, I couldn't handle it anymore so I decided to resign. I went doctors inbetween and they told me I was depressed stressed etc. I just felt so weak to the extent work (an office job) became so drainign for me. So I started claiming ESA.
Now I was earning round £1300 a month before, but now I am earning around £75 a week from ESA, and it's becoming very very difficult, almost impossible for me to pay the £159 a month payments I have to for the loan. I actually don't know what to do because I don't want to become bankrupt!
Earlier today, I received a spam recorded call to my phone and they mentioned something like writing off 70% of the debt if I have a loan over £5000. I'm not too sure how true that is but I was wondering is there any other options I can take?
Perhaps call my lenders and see what they say? I am really desperate here and it's really stressing me out.
Thanks in advance
Contact Stepchange now, they're a company who will, for free, help you sort out your debts.
Depending on your situation they may advise bankruptcy. If there really is no way you can afford these repayments then your credit file is going to be shot to pieces soon anyway, so it's perhaps not as bad an option as you think."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Speak to your lender. Or speak to a debt charity such as Stepchange. You may need to enter a repayment plan, but they will help you to understand the consequences.
But on no account speak to any spam callers.
Good luck.0 -
If you are likely to be on ESA for at least 5 years then BR or IVA will be an option, but if your planning on returning to work anytime soon then both of these options are not a good idea, maybe a DMP might be better."Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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Hi everyone,
I am in a bit of a desperate situation here. I'll try to be thorough with the information I provide and I hope someone can help me. I've searched through this forum for similar threads but I can't seem to find any.
Basically, Last year around this time, me and my girlfriend decided that we would like to get married so I proposed etc. She said rather than having a wedding the same year (2014) we should have an engagement ceremony. I agreed.
I was quite badly into my overdraft so there was no way I could afford so i decided to get a loan. The loan was for £6,900 from Sainsburys bank around this time last year. It was to be paid over a 5 year period. This money allowed me to get out of my overdraft (so I wouldn't have to pay any charges) and have a decent enough engagement.
Fast forward 2 months into the planning, the girlfriend and I broke up (for reasons I don't really want to get into). Other aspects of my life were going really bad too. The job I worked out became really stressful and I literally struggled to get into work. So after almost 4 years at the job, in November 2014, I couldn't handle it anymore so I decided to resign. I went doctors inbetween and they told me I was depressed stressed etc. I just felt so weak to the extent work (an office job) became so drainign for me. So I started claiming ESA.
Now I was earning round £1300 a month before, but now I am earning around £75 a week from ESA, and it's becoming very very difficult, almost impossible for me to pay the £159 a month payments I have to for the loan. I actually don't know what to do because I don't want to become bankrupt!
Earlier today, I received a spam recorded call to my phone and they mentioned something like writing off 70% of the debt if I have a loan over £5000. I'm not too sure how true that is but I was wondering is there any other options I can take?
Perhaps call my lenders and see what they say? I am really desperate here and it's really stressing me out.
Thanks in advance
Hello Jimmy,
First and foremost welcome to MSE. I'm sorry to hear about your recent troubles.
I would suggest you contact Sainsbury's Bank and explain your situation.
Their contact details are here:
https://www.sainsburysbank.co.uk/borrowing/support/support_loans_dbt_mgt.shtml
I'd also suggest you speak to Stepchange, the free debt charity:
http://www.stepchange.org
And there's also the excellent Debt Free Wannabe boards on here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
Hope that helps.It's not your credit score that counts, it's your credit history. Any replies are my own personal opinion and not a representation of my employer.0 -
Firstly, thanks to all for the responses. Appreciate it.Ignore the spam call.
Contact Stepchange now, they're a company who will, for free, help you sort out your debts.
Depending on your situation they may advise bankruptcy. If there really is no way you can afford these repayments then your credit file is going to be shot to pieces soon anyway, so it's perhaps not as bad an option as you think.Deleted_User wrote: »Speak to your lender. Or speak to a debt charity such as Stepchange. You may need to enter a repayment plan, but they will help you to understand the consequences.
But on no account speak to any spam callers.
Good luck.
Thanks guys, I'll have a look.Foxy-Stoat wrote: »If you are likely to be on ESA for at least 5 years then BR or IVA will be an option, but if your planning on returning to work anytime soon then both of these options are not a good idea, maybe a DMP might be better.
I really do not hope to be on ESA for long, ideally I want to get back to work. I'm still quite young, but the amount of fatigue I experience is ridiculous so I really don't know how long i will be like this.
Pardon my ignorance, but what is a BR? I looked into IVA and that seems like a decent option.
At this stage, I'm not too concerned if it badly messes my credit score up as long as I don't get bankrupted. If I can get a mortgage in around 7-8 years time that will be fine by me (god willing my health improves).
I don't hardly have any assets of value, I only own a TV, mobile phone and a printer. That's all I can really think of.
I'm just going so deep into my overdraft the charges are becoming unbearable.
If I speak to my lender, what are they most likely to suggest?0 -
Hello Jimmy,
First and foremost welcome to MSE. I'm sorry to hear about your recent troubles.
I would suggest you contact Sainsbury's Bank and explain your situation.
Their contact details are here:
I'd also suggest you speak to Stepchange, the free debt charity:
And there's also the excellent Debt Free Wannabe boards on here:
Hope that helps.
Thank you so much for your help, I will certainly check these links out.0 -
At this stage, I'm not too concerned if it badly messes my credit score up as long as I don't get bankrupted. If I can get a mortgage in around 7-8 years time that will be fine by me (god willing my health improves).
If we put aside the moral quandry for a second, you essentially have two possible outcomes:
1) Your credit history is screwed, but you don't go bankrupt, and have to repay the money
2) Your credit history is screwed, but you do go bankrupt, and don't have to repay the money."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
BR means Bankrupt.
If we put aside the moral quandry for a second, you essentially have two possible outcomes:
1) Your credit history is screwed, but you don't go bankrupt, and have to repay the money
2) Your credit history is screwed, but you do go bankrupt, and don't have to repay the money.
Doesn't being a bankrupt close certain doors for you like joining the police etc?you never know what you might want to do in a few years.
fair enough your credit might be screwed now but I would think BR is the last resort. infact in 1999 my finances were so bad I couldn't even get a bank account I now own 2 houses outright a nice car outright and I remember at the time seeing no light at the end of the tunnel it may seem bleak but don't worry just talk to your lender explain the situation and organise a payment plan.
remember its never as bad as it seems.0 -
And ignore any contact from anyone offering to wipe out your debts.
all they do is take your money for themselves and let you fall further into ruin.0 -
Sad story mate, ONLY deal with charities Stepchange, CAP etc.£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
!0
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