Default letter..

tigerstyle07

My gran has just recieved a letter at her address saying that my bank are taking me to court for defaulting on my loan. I dont know how they got her address.

The reason i defaulted on my loan is because i went to south america to visit relatives for a couple of months and lost my job while i was there. I thought i had enough money left in my account to cover the payments while i was away for a few months. Obviously not..

I dont know what to do. Because i dont have a job now so have absolutely no money to give them. I was paying insurance/payment protection, does that help? Please help. I feel like just declaring my bankrupt if thats even possible because i cant even afford the repayements even if i had a job(i borrowed 5k and im repaying 10k) I also owe 1000 to another bank for a student overdraft but that is interest free for now.Please help!!!!What should i do??Im only 21 and have no experience of this.

Butlers1982

How long did you miss the payments for?

Dont worry there are enough people in here to help you and give the best advice.

Who is the loan with?

CLAPTON

what is your current income and spending.. are you living at home?
presumably you are claiming JSA
can you get a parttime or temporary job will looking for a "proper" job.
have you been in touch with the bank... surely they have written to you several times before defaulting your account?

tigerstyle07

well, i just returned from Peru last week so i dont have any income at all and i am not claiming jsa. I have missed 2 or maybe three payments i think. the loan is with clydesdale. i am about to phone the advice works team. i have read about a something called the "debt arrangement scheme which i think would really help me. thank u so much for helping me guys xxxx