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  • FIRST POST
    • yorkshiredee
    • By yorkshiredee 12th May 19, 3:14 PM
    • 36Posts
    • 14Thanks
    yorkshiredee
    Settling with Varooma
    • #1
    • 12th May 19, 3:14 PM
    Settling with Varooma 12th May 19 at 3:14 PM
    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 itís 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 tomorrowís 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% itís still a lot of money.

    Any advice appreciated
Page 1
    • zx81
    • By zx81 12th May 19, 3:27 PM
    • 22,392 Posts
    • 24,509 Thanks
    zx81
    • #2
    • 12th May 19, 3:27 PM
    • #2
    • 12th May 19, 3:27 PM
    Once you've defaulted, they may entertain a settlement a few months down the line.
    • Ben8282
    • By Ben8282 12th May 19, 3:28 PM
    • 3,120 Posts
    • 1,690 Thanks
    Ben8282
    • #3
    • 12th May 19, 3:28 PM
    • #3
    • 12th May 19, 3:28 PM
    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.
    • Willing2Learn
    • By Willing2Learn 12th May 19, 3:30 PM
    • 3,222 Posts
    • 2,782 Thanks
    Willing2Learn
    • #4
    • 12th May 19, 3:30 PM
    • #4
    • 12th May 19, 3:30 PM
    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...
    Last edited by Willing2Learn; 12-05-2019 at 3:32 PM.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • yorkshiredee
    • By yorkshiredee 12th May 19, 4:03 PM
    • 36 Posts
    • 14 Thanks
    yorkshiredee
    • #5
    • 12th May 19, 4:03 PM
    • #5
    • 12th May 19, 4:03 PM
    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.
    Last edited by yorkshiredee; 12-05-2019 at 4:09 PM. Reason: To add info
    • Willing2Learn
    • By Willing2Learn 12th May 19, 4:24 PM
    • 3,222 Posts
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    Willing2Learn
    • #6
    • 12th May 19, 4:24 PM
    • #6
    • 12th May 19, 4:24 PM
    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

    • yorkshiredee
    • By yorkshiredee 12th May 19, 4:38 PM
    • 36 Posts
    • 14 Thanks
    yorkshiredee
    • #7
    • 12th May 19, 4:38 PM
    • #7
    • 12th May 19, 4:38 PM
    I am ill although donít 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.
    • Caz3121
    • By Caz3121 12th May 19, 4:51 PM
    • 12,060 Posts
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    Caz3121
    • #8
    • 12th May 19, 4:51 PM
    • #8
    • 12th May 19, 4:51 PM
    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
    • yorkshiredee
    • By yorkshiredee 12th May 19, 5:30 PM
    • 36 Posts
    • 14 Thanks
    yorkshiredee
    • #9
    • 12th May 19, 5:30 PM
    • #9
    • 12th May 19, 5:30 PM
    I shall call them tomorrow. Explain the situation and how much I have and see if we can work something out.
    • Willing2Learn
    • By Willing2Learn 12th May 19, 6:49 PM
    • 3,222 Posts
    • 2,782 Thanks
    Willing2Learn
    Let us know how it goes...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    • Ben8282
    • By Ben8282 12th May 19, 7:32 PM
    • 3,120 Posts
    • 1,690 Thanks
    Ben8282
    I am ill although donít feel it I am not going to be able to work while I fight it. .
    Originally posted by yorkshiredee
    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.
    • yorkshiredee
    • By yorkshiredee 12th May 19, 9:04 PM
    • 36 Posts
    • 14 Thanks
    yorkshiredee
    I would be better paying off a chunk than sitting on the money for 10 months as the interest is charged daily. I may have to try and work out the difference with them if they donít accept my money will cover it all.
    • SnowTiger
    • By SnowTiger 12th May 19, 9:46 PM
    • 3,724 Posts
    • 2,727 Thanks
    SnowTiger
    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
    Originally posted by yorkshiredee
    I can't make the figures work: http://www.whatsthecost.com/loan.aspx.

    However, if interest is charged daily and you've made payments for two months, there must be less than £2,000 outstanding on the loan.

    £1,700 + £173 is £1,873.

    You must, surely, have paid off something towards the £2,000 principle.

    Isn't the difference between what's outstanding on the loan and what you can pay tomorrow less than £100?

    Can't you scrape together a hundred quid to get rid of he loan completely? Even if not, I'd pay £1,873 towards the loan tomorrow and the rest as soon as possible. An APR of 190% is horrendous, but manageable on a balance of £100.
    • Gaz83
    • By Gaz83 13th May 19, 8:55 AM
    • 3,767 Posts
    • 7,046 Thanks
    Gaz83
    I can't make the figures work: http://www.whatsthecost.com/loan.aspx.

    However, if interest is charged daily and you've made payments for two months, there must be less than £2,000 outstanding on the loan.

    £1,700 + £173 is £1,873.

    You must, surely, have paid off something towards the £2,000 principle.

    Isn't the difference between what's outstanding on the loan and what you can pay tomorrow less than £100?

    Can't you scrape together a hundred quid to get rid of he loan completely? Even if not, I'd pay £1,873 towards the loan tomorrow and the rest as soon as possible. An APR of 190% is horrendous, but manageable on a balance of £100.
    Originally posted by SnowTiger
    Perhaps with the 58 days' interest being added it's taking the settlement figure back above the £2,000 originally borrowed.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • Candyapple
    • By Candyapple 13th May 19, 10:53 AM
    • 3,165 Posts
    • 2,636 Thanks
    Candyapple
    £2,000 borrowed for 3 years on an APR of 190% is £172.22 monthly, for a total amount repayable £6,199.92. Holy mother of god!

    Surely it would have been better for you to sell your car/buy a cheaper model and use that money instead? Sold your phone or anything else of value? Asked a friend?? That is sheer madness.

    I highly doubt they would be willing to accept £1,873 as repayment in full, especially when they can quite easily just sell your vehicle to recoup their losses. I'd be interested to see what they come back with. Please keep the thread updated OP.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • foxy-stoat
    • By foxy-stoat 13th May 19, 11:13 AM
    • 4,364 Posts
    • 2,556 Thanks
    foxy-stoat
    You will of probably paid less than £100 off the balance - so if your dear friend can lend you the full £2000, plus £173 for the next payment, plus £600 for the 2 months interest they will charge you to settle early you maybe able to walk away from the loan.
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