Lloyds loan - Been passed to 1st credit

punked

Well, here's the story,

I owe £7618.00 to Lloyds TSB for which I couldn't afford the repayments after being made redundant some time ago.

I'm now employed and trying to get back on track with the help of this site but my Lloyds loan has been passed to 1st Credit.

The first I heard from them they demanded the full amount of £7618.00 to which I replied that if I had it I would pay it, they then offered a settlement for £5000.00. Again, if I had it I would pay it.

They then phoned me a week later asking if I could pay and again I had to say I couldn't afford it, to which they offered me a repayment plan of £618.00 up front and repayments of £150.00, now I can afford the £150.00 a month, but can't afford the lump sum and I told them this.

Next they came up with a lump sum of £500.00 (again I can't afford this) and repayments of £197.00 (give or take) over 3 years or no lump sum and £312 a month over 2 years, again, I can't afford this.

I told them I would ring them tomorrow to see if I could wing something but there is nothing I can do to reach this amount they want.

What would be my next steps?

Thank you everyone!!

Rico6.9

It sounds like you're doing your very best. Eventually, they'll listen to you! You can afford £150 per month! They'll be able to work out how many months this will be.

I guess the lump sum they're asking for represents the missing payments you've missed. This changes nothing. You can only afford £150!

Check the APR's you're being charged. It may be that you can take out a cheaper loan to cover the whole thing and get them off your back.

Alternatively, you could try "playing the game" with "0%" credit cards?

All of this is likely to be difficult because of the "arrears". Worth a couple of tries though.

Maybe your bank could also help?

Congratulations on your new job.....

punked

Rico6.9 wrote: »

It sounds like you're doing your very best. Eventually, they'll listen to you! You can afford £150 per month! They'll be able to work out how many months this will be.

I guess the lump sum they're asking for represents the missing payments you've missed. This changes nothing. You can only afford £150!

Check the APR's you're being charged. It may be that you can take out a cheaper loan to cover the whole thing and get them off your back.

Alternatively, you could try "playing the game" with "0%" credit cards?

All of this is likely to be difficult because of the "arrears". Worth a couple of tries though.

Maybe your bank could also help?

Congratulations on your new job.....

Thank you for the reply,

I stand no chance in getting a loan or credit card as i'm "too much of a risk" and to be honest wouldn't want another debt hanging over my head, well same debt, different company. All the offers so far are interest free so that's something to be thankfull for.

I do have a car on finance and did struggle for a couple of months to pay that too but put all my effort into that, no car no job etc etc.

I have read a post on here that 1st credit try to bully money out of you and bend the truth on what they can actually do to you??

As long as i'm paying or offering some sort of repayment plan can they take me to court?

Edit: the lump sum, as the say is a "Commitment to pay" like a gesture so i'm guessing it's a load of bull??

Rico6.9

I'm only a newbie. It sounds to me though that if you are willing to pay £150 a month that they'll eventually accept that. Your first payment would be the "commitment" they're seeking.

I would hope that if they did take you to court (unlikely I'd guess), the judge would also be on your side.

I'm pretty sure they can't "do" anything to you without a court hearing. I reckon you'll be fine. Time will heal your worries.

Interest free is fantastic. You've done well.

All the best.

mccor

I have an account with 1st Credit, trust me, start paying them £150 a month and they'll be fine. As long as you're paying them something they can't complain, if you have their bank details, just set up a standing order.