What shall I do, and what are the legal complications.
2007-04-11 04:58:23 · 15 answers · asked by HELEND 6 in Business & Finance ➔ Credit
The loan is unsecured
2007-04-11 04:58:48 · update #1
i do have a job, but I also get working tax credit, and this has been reduced, and some of my bills have gone up.
2007-04-11 05:09:38 · update #2
Contact the company immediately and explain the situation, they may allow you to reduce your payments. You may have to write out a financial statement of incomings and outgoings as they may need you to prove that you really cant pay. Remember to ask if they can freeze the interest as it will help you to pay it off easier. Your local citizens advice centre can help you alot of you get to the stage where the company wont agree. Good luck.
2007-04-11 05:14:17 · answer #1 · answered by gecko1 2 · 0⤊ 0⤋
Unfortunately I don't have much info from you about the terms of the loan but for most of them if you can pay just the finance charges and or interest the loan is automatically renewed upon the due date. Just pay the finance charge and interest until you can pay more so your credit is not ruined until you can do better. May be till your tax return comes, just don't let the payments be late after about five payments the finance charge or interest get reduced I'm not sure which one but it's worth not ruining your credit.
2007-04-15 13:28:57 · answer #2 · answered by Lady Moore Sabb 2 · 0⤊ 0⤋
im not sure what the legal implications are other than youre credit rating being affected if you dont pay, but if you have had the loan a while and have always paid have a word with the company the usually will reduce payments for a while till you get sorted
2007-04-11 05:01:42 · answer #3 · answered by f1rockfreak 2 · 0⤊ 0⤋
How can you "not" afford it?
The best thing to do is take a look at what sacrifices you can make in your life when it comes to spending money. Surely there are some corners you can cut off of your budget.
If you truly can't afford to pay it off then declaring bankruptcy would be the next step.
2007-04-11 05:03:08 · answer #4 · answered by ouranticipation 3 · 0⤊ 0⤋
How much is the loan for???
I suggest calling the bank or the financial institution you borrowed from and explain that to them. Maybe they can work something out to where you can make your payments smaller to where you can afford it.
I am sure they will work something out with you.
Good Luck!
2007-04-11 05:04:06 · answer #5 · answered by Kalemar S 1 · 0⤊ 0⤋
If you are in the UK speak to the Citizens Advice Bureau. NOW! They will help you.
No don't look at other answers! Call them, they will tell you about every possibility you have but the longer you leave it the worse the situation will get.
Good luck!
2007-04-11 05:03:03 · answer #6 · answered by Ed 3 · 1⤊ 0⤋
Hi,
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2007-04-11 19:55:17 · answer #7 · answered by two_let 1 · 0⤊ 1⤋
Contact the loan company, they will want to help you get it sorted, if you just stop paying they will sue you for the balance and take possessions from you if necessary
2007-04-11 05:02:01 · answer #8 · answered by RRM 4 · 2⤊ 0⤋
talk to the lender
they would rather get less for a longer period than nothing at all.
talk to citizens advice, it looks better to lenders if you can show you are taking advice to deal with the problem.
bankruptcy is probably not an option, your total debt is unlikely to warrent it,
2007-04-11 23:56:44 · answer #9 · answered by alatoruk 5 · 0⤊ 0⤋
Don't secure it, if you do you may be forced into bankruptcy, There can be legal complications that could leave you homeless, I suggest that you seek financial advice, (or you could go hungry.
p.s big sister advice = )
2007-04-11 05:04:27 · answer #10 · answered by zombigrl Ψ 4 · 0⤊ 0⤋