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Settling with Varooma

edited 30 November -1 at 1:00AM in Loans
15 replies 1.6K views
yorkshiredeeyorkshiredee Forumite
36 posts
edited 30 November -1 at 1:00AM in Loans
I took out a 2k loan with Varooma in February due to a poor credit score and needing urgent house repairs. I have paid two payments third coming out tomorrow of the 36 months I have signed for.
My life has just been turned on it’s head and I can no longer able to pay the loan. A dear friend has offered to help me out and I have got together a total of £1700 plus tomorrow’s payment of £173.

My question being does anyone know if I Varooma will except a lot lower settlement than I am due to pay. I know the interest is charged daily but with an APR of 190% it’s still a lot of money.

Any advice appreciated
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Replies

  • zx81zx81 Forumite
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    Once you've defaulted, they may entertain a settlement a few months down the line.
  • Ben8282Ben8282
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    Not quite sure what you mean by accepting a lot lower settlement.
    You will not have to pay interest for the whole three years so there will be a rebate on the interest if that is the question but I can't see them giving any discount on the capital repayment. You will need to ask for a settlement figure.
  • edited 12 May 2019 at 4:32PM
    Willing2LearnWilling2Learn Forumite
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    edited 12 May 2019 at 4:32PM
    I suggest you post up your exact situation on the DFW board. Please include your SOA. Defaulting on the account may turn out to be your only realistic option.

    Have you advised Varooma of your change of circumstances? You could ask them for a settlement figure at the same time...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • edited 12 May 2019 at 5:09PM
    yorkshiredeeyorkshiredee Forumite
    36 posts
    edited 12 May 2019 at 5:09PM
    Defaulting is not an option as they have my car secured on the loan. They have in their possession my spare key and V5. Plus I am working incredibly hard to get my credit file back on track.

    Sorry if I have not been clear.
    I took the £2k loan 13th Feb by tomorrow I will have paid £519 and I have managed to gather £1700. Which would total £2219. I just hoped that would be enough to settle.

    They don’t know about my change in circumstances as they are closed on a Sunday. I am hoping that they may have a humane side that will understand a little when I do get hold of them tomorrow.
  • Willing2LearnWilling2Learn Forumite
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    What has happened that has caused the significant change of circumstances? (Although you are better off explaining on the main DFW thread as maybe it is something that we can give guidance, advice and support)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • I am ill although don’t feel it I am not going to be able to work while I fight it. This is my only debt so feel a little lucky that that is the case. I just want to get my ducks in a row so to speak.
  • Caz3121Caz3121 Forumite
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    your first 3 months payments will have paid less than £30 off the balance.
    Ask them for a settlement figure if you were to pay it off now and take it from there
  • I shall call them tomorrow. Explain the situation and how much I have and see if we can work something out.
  • Willing2LearnWilling2Learn Forumite
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    Let us know how it goes... :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • Ben8282Ben8282
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    I am ill although don’t feel it I am not going to be able to work while I fight it. .
    How long do you anticipate that it will take to successfully fight it and be sufficiently recovered to return to work? The £1700 would be enough to keep up normal repayments until the payment due in March 2020.
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