Loans Charges, I need some help!!

KATIE239

I currently have a loan with Natwest, fell behind a couple of moves ago due to having to move and some financial difficulty, called them they were fine and gave me the grace. I am just starting to get back on my feet and keep getting hit with massive charges, for example this month, i have had 1 x £38, 1 x £40 and 1 x £105!!
Am i right in thinking to stop payments, get them to send my debt to a debt recovery company so they stop piling the charges on? I know it would be bad credit etc but i simply cant afford to pay this and every month, due to the charges i am falling further and further behind
Advice please???? :-)

Rafter

Katie,

You need to speak to them and get at least some of the charges waived. You may then be able to claim the rest back depending on the outcome of a test case in January which will confirm whether the charges are lawful or not.

You don't want to mess your credit record up.

Go and speak to them. Make sure you understand the payments they will take and when so you have enough funds in your current account. If they won't co-operate then by all means go to citizens advice or CCCS.co.uk to understand whether you can afford the credit you currently have and whether it is worth negotiating a repayment plan. This will make it difficult/impossible to get reasonably priced credit in the future though.

R.

Tirian

That should be cccs.co.uk (the .org.uk address is for Christ Church Cathedral School, who probably won't be able to offer much assistance ...)