Someone please help me - suicidal due to debt

lanabanana96

I've messed up bad. Very bad.

I'm 21 and I took a loan out with a company called Loans2Go. I'm an idiot so I defaulted on all the payments. I'm £230 in arrears with them. The original loan was for £500 and was taken out in August. I don't fully understand the company, it's just they were the only ones to offer me a loan. Some people claim they've had 'log book loans' with these people - I don't have a car and I'm not a home owner. I didn't secure anything with this loan.

I lied on the application and claimed I had a job, really I claim disability benefits due to my severe mental illness. I've been hospitalised 4 times in the past year due to attempting to commit suicide. I needed the loan to pay an urgent vet bill for my dog. He is all I have. I didn't think they would accept me if I told them I was claiming benefits.

They sent me an email last Monday saying they had now transferred my loan to collections and it could mean they would send out 'door step collectors' I'm aware these people are not bailiffs and cannot take any money or my stuff but the loan was opened using my parents address as I live with them. They would literally throw me on the streets if someone went knocking on their door asking about me and money.

It took me a week to build my confidence to ring up. I'm very crippled with anxiety and can't go out or even call people most of the time. I called them this morning.

I told the woman on the phone I was now claiming disability benefits and could I please reduce my payments for a few months because I'm struggling to make ends meet. (The current repayment is £112 a month) I've dealt with lenders before and they're usually very helpful, they talk you through affordability and such. This woman did not. She asked me for proof of my disability benefits with their 'start date' and 3 months worth of bank statements. She told me she would request this information by post.
She then informed me that my account was still in collections due to my arrears even though I have made contact. She said they still may send door step collectors due to my arrears. I told her I was a vulnerable individual and it was harassment. Her response was 'It's not harassment. It was written in your contract.' She then said goodbye to me.

I'm shaking. I've vomited twice since having this phone call. They're going to send someone to my mum and dads house and my mum and dad will kill me. They'll disown me. They've got enough worries in life without having this on top of it.
I've tried. I tried to make contact with these people. I tried to offer a repayment plan. They still tell me that they're going to put collections on my account. Lord help me. I feel the only way out is to kill myself. I've already tried numerous times this year and I just cannot go on anymore. If I had the money I'd pay my arrears off right now. I don't. I have £130 in my bank to last me until next week. They want over £200 to clear the arrears. My credit score is shot to pieces, I can't take out another loan. Please what do I do?

DCFC79

Hindsight is wonderful, there might have been other options than resorting to Loans2go. Maybe you need to speak to a debt charity.

Herzlos

You need to go and talk to your parents, and see if they can help you fix it.

DCFC79

Also if you having suicidal thoughts you should get some help.

lanabanana96

Yes I am in therapy. I have 3 sessions a week due to being sectioned this year numerous times.
I can't talk to my parents about this. 40% of the time I live with my partner due to my poor relationship with my parents and am currently on the waiting list for a flat so that I can move out.
I'm terrified, to put it as simply as possible. I have £160 in my bank and I'm going to use it all to pay off my arrears - I will also have to ask my partner for money which makes me sick to my stomach. I'm pretty sure £160 wouldn't get loans2go off of my back. I was thinking about calling them back up and offering £160 and then the rest of my arrears next Tuesday when my disability goes in but I still think they will send someone over to my parents address. I 100% regret this. I haven't stopped shaking/vomiting. I've used other lenders before and never had issues paying back money - the one time I did have an issue they resolved it with me and we set up a repayment plan. The account has since been closed. Loans2go seem like an evil company from the reviews I have read. I have messed up badly.

MrILikeMoney

Debt is a horrible thing. But I promise you that ending your life is not the solution. There is always another way, a better way.

Yes, taking out a loan and not being honest about your income when applying for the loan wasn't the best idea, but you've been honest about it and realise it was a mistake so you learnt from this unfortunate situation.

You've tried talking to them which is sometimes the hardest thing to do so well done. They aren't playing ball but that might be because of the time you took to get in contact and they might be rejecting your repayment plan because if you haven't paid them at all yet, how do they know you will repay them on a payment plan.

The best thing you can do, as hard as it might be for you to do, is just talk to your parents. With you saying you have such high anxiety, you could just be really overthinking how bad they might react when at the end of the day they will more than likely want to help you in anyway they can.

From what you've said it looks like your first mission is to find £200 to clear the initial arrears. That's your first task, try and break it down into more manageable chunks. Maybe there is something you have that you could potential sell, something that you don't use or don't need. Maybe ask your parents if you could borrow that initial £200 from them. It won't be gathering any interest and they won't be constantly breathing down your neck for it.

There is always a better way my friend

Debtnomoreplease

Morning, I know right now everything thing seems there is no light at the end of the tunnel and it's hard to think clearly. However, we are here to offer advice and help and we can see the picture much more clearly-this is not the end of the world! You can not give them what you do not have, simple. Call Stepchange for advice and be honest with them about your thoughts etc and they will offer advice. This can be sorted and taking Your own life will cause a heck of a lot more pain than £500!

Please please seek advice, this CAN be sorted!

lanabanana96

Hi thanks for your responses.

My partner has lent me some money so I can now pay off the arrears of £230. I'm disgusted with how this company have treated me, well, mainly the woman on the phone this morning.
I have also contacted StepChange and filled out some forms. They are sending me a pack out so I can set up a debt management programme. This is because I have a few other debts and need help moving forward after I have paid my arrears to Loans2Go off. I still owe them upwards of 1k even after arrears are paid. I won't be able to afford this.
Will a debt management plan stop Loans2Go harassing me and sending doorstep collectors out? I'm new to all of this

fermi

Nothing to do with money is ever worth that, even though it may feel like it sometimes. You get past that, believe me.

Please see: Debt Problems: What to do & where to get help

As Martin oftens says, there are no debt problems that are unsolvable.

lanabanana96

Also another quick question if anyone could help me, on my welcome pack from stepchange it has a series of steps that I should follow whilst waiting to set up my DMP, one of the steps says 'Contact those who you owe money to and let them know you have sought advice for your debt problems through us' (Or something along those lines)
What should I do about this? Is there a template I should follow when emailing these companies? Honestly, I know this will make me sound stupid but I'm terrified about contacting Loans2Go now in any way incase they threaten me with doorstep collectors again. The threat of people visiting my parents home has really kicked me up the butt and made me seek advice

pmlindyloo

Here's a letter you can use

https://www.nationaldebtline.org/EW/sampleletters/Pages/Hold-action-on-your-account-%28sole-name%29.aspx