bank loan - banks not helping reduce loan?

fatbelly

sourcrates wrote: »

- less than 7% of defaulted credit accounts ever see the inside of a court room (MOJ Figures), that`s a whopping 93% that either agree repayment terms, get ignored, or are deemed to be unenforceable for some reason.

I didn't know this figure but it feels right. I sometimes give people a ball-park probability of 1 in 10.

So if you have one debt you're very unlucky if you see a court claim. On the other hand if you have 10 debts you are quite likely to see court action on one of them.

As we both know it's far from an exact science. One creditor can have a 20k debt and do nothing about it. Another may be owed £150 and throw the kitchen sink at it.

theoretica

billy3 wrote: »

OR he would have to take out ANOTHER loan to reduce his monthly payment.

Did they offer him a more appropriate loan over a longer term that he could afford?

DawnW

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I will say no more.

tealady

OP. I would suggest your brother take a look at his budget to see what can be cut. Also do a benefits check to see what he may be entitled to.
Then I would suggest he make an appointment to speak to someone at the branch, show them his budget so that they can see he is genuine.