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First National Loan

KariAnne_3
KariAnne_3 Posts: 4 Newbie
in Debt-free wannabe
Hi, I am new to this site but just looking for some advice plz... I took out a personal loan with First National back in December 2004. I got into financial difficulty soon after and was unable to continue making payments of £103 per month. I cancelled the direct debit from my account and seeked help from the Citizens Advice Bureau. Before I got this sorted out, First National took out a decree on both myself and my husband. The CAB Adviser contacted the solicitor and got a payment sorted out before it went to court. The amount we agreed was £100 per month. I have been paying this to the Solicitors since May 2005 which amounts to approximately £3,000. I recently contacted the Solicitors and advised that I was having difficulty in continuing to pay this £100 per month and supplied them with a financial statement, which shows that we only have around £100 spare each month after paying all our other bills. They have now informed me that we still owe them around £5,000 as there is been interest cumulating on this account. Is there any way round this. They say that they can't stop the interest charges and have refused to cut the payments and threaten to arrest our wages if we don't continue with the £100 payment per month. Any advice would be most appreciated. Regards. Kari

Comments

  • bank_of_slate
    bank_of_slate Posts: 12,922 Forumite
    10,000 Posts Combo Breaker
    Hi Kari, I can't help you on this one but I'm sure some of the other regulars will be along soon to offer some valuable advice and support.
    Welcome to the forum!
    Have you tried calling CCCS for some advice?
    ...Linda xx
    It's easy to give in to that negative voice that chants "cant do it" BUT we lift each other up.
    We dont count all the runners ahead of us & feel intimidated.
    Instead we look back proudly at our journey, our personal struggle & determination & remember that there are those that never even attempt to reach the starting line.
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Hi KariAnne,

    I’m not trained on Scottish debt myself and don’t want to wrongly advise you. I will get in touch with one of my Scottish Counterparts tomorrow and will get back to you if that ok? If not you could give our helpline a call on 0800 138 1111
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • KariAnne_3
    KariAnne_3 Posts: 4 Newbie
    Hi, thanks Sarah - any advice would be most appreciated.
    Kari
  • CCCS_Sarah
    CCCS_Sarah Posts: 1,555 Organisation Representative
    Hi Kari,

    I’ve spoken to one of my colleges in Scotland and there need a lot more information for them to give you best advice. I think the best thing here would be to call for an appointment with one of our Scottish counsellors they will help you complete an up to date financial statement to show to the creditors and help you to get the decree varied. If you call our helpline they will be able to book you in for an appointment, they can be contacted on 0800 138 1111
    I am a Debt Counsellor that works for the CCCS and have specific permission from Martin, to post on these boards to try and help those in debt. Read more information on the CCCS and what it does in the Debt Problems: What to do and where to get help article.

    CCCS is a registered charity, and there is no charge whatsoever for any of the services we provide to our clients. We take great pride in offering first class help and advice, but we only offer this where we have been able to fully explore and understand your circumstances with you. We want to help you understand these choices and their possible implications but not make them for you.
  • KariAnne_3
    KariAnne_3 Posts: 4 Newbie
    Thanks Sarah. I will get in touch with the number you gave me for some further advice. Kari..
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