Psychiatric condition and loans

PhillipM1972

I took out loans with Morses and Provident some time ago and stupidly renewed them and increased what I owed. A few months ago I had an anxiety-based breakdown and have only been working part time since then. I am currently paying Morses £120 a month and Provident £40 a month and am finding this a real struggle on my current income. The £40 to Provident is just about manageable but the £120 to Morses is not. Is there anyway of reducing this amount? Are they likely to be reasonable or not?

Thanks for your time.

Phil

Helvetica_Van_Buren

The quickest (and best) way to find out is to ask them.

Do you still have the money from the loan? If so, you could pay it back from that.

sourcrates

Hi Phil.


Welcome to MSE.


You should never pay more than you can comfortably afford to any creditor, affordability of the repayments is paramount these days.
Simply write to this company, explain your situation, and tell them your payments will be reducing from now on.


I don't know what kind of outstanding balance you have with these loans, but if halving the payment is affordable, then do that.


Are these your only debts ?
If you want more detailed advice you can call National Debtline, the number is in my signature below.

PhillipM1972

Hi there. I owe a couple of hundred pounds to a credit card company also.

PhillipM1972

I think I could have kept on top of it if I hadn't become ill.

sourcrates

PhillipM1972 wrote: »

I think I could have kept on top of it if I hadn't become ill.

Phil, without knowing the full picture, its difficult to advise, but as a rule of thumb, work out your budget so you have enough money for all your essential bills, rent/mortgage/council tax/utilities/food/spending money/etc.


What ever you have left, split between your creditors, write and advise them of your situation, and tell them what you will pay them.


As I said above, if you need help with this, give National debtline a ring, they are very good at what they do.

PhillipM1972

So a letter to an office is acceptable rather than talking to the agents which I do not feel up to doing?

nkkingston

Letters are better than the phone, because then you've got everything in writing.

PhillipM1972

I just had a webchat with the National Debtline. So helpful! A massive weight off my mind!

sourcrates

PhillipM1972 wrote: »

So a letter to an office is acceptable rather than talking to the agents which I do not feel up to doing?

So you pay via a local agent who calls round to collect the payment, is this on a weekly or monthly basis ?


It can be a bit intimidating, especially if you are having payment problems, I would specify in your letter that you wish to pay by another method, for example over the phone, or by online banking, if you have it.


Ask them to suspend the agent from calling on you, explain in your letter about your health problems, and that your income has gone down.


If in the meantime the agent calls again, explain your having problems, and have contacted the company by letter to arrange a more affordable payment plan, again, if you need help with this, or just more advice, ring National Debtline.


Edit, just seen your above post, Good, excellent news !!!