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Small loan is crippling me.
Comments
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Hi guys,
Basically, I lost my job in July, and have been looking since then, but nothing is coming up for me.
I have been paying 135 for 2 years now, and when I called them and explained the situation, they said they can lower the amount to £85, but "can't go any lower than that."
I don't have any overdraft or anything on my bank so as soon as I hit negative figures, they start charging me straight away (it's happened once before).
If I just had a job I wouldn't be that bothered, but having nothing getting back to me and watching my account just go down and down has me panicking like a ... thing that panics.0 -
If they offered to lower the amount, why didn't you go for that?0
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Please talk to a proper debt counsellor, such as Step-Change...
Worst case: you get taken to court (and this is a civil matter, so it is the County Court, which is different from where criminals are tried). The judge will ask details of your income and outgoings (including any other debts); calculate what you can afford to pay, and order you to pay that amount. So long as you turn up and give details of your situation, that amount is likely to be very little : and interest would be frozen as well.
The downside to this is that you would not be able to borrow money again for the next few years...0 -
Maybe bankruptcy? With credit consequences
Or tax credits? Might be eligibleThis is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
MatthewAinsworth wrote: »Maybe bankruptcy? With credit consequences
Or tax credits? Might be eligible
Bankruptcy is not available for such a small amount. A Debt Relief Order (DRO) might be appropriate.0
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