I borrowed money last year and just checked how much I owe,ect .my settlement figure is £11,300 but the total im paying back is £19,000 over 10 years,I cant afford to increase my payments but is there any way of decreasing the amount i have to pay back for example getting a better deal with another company? I dont know where to turn or how to keep my head above water.All my own fault and regretting it.
2007-09-07 01:55:53 · 8 answers · asked by julie 1 in Business & Finance ➔ Personal Finance
the person who told you declare yourself bankrupt is missing one vital part you cannot go bankrupt unless you have a debt over 15,000 you only have £11.000 so that option is not open to you. also YOU cannot take out a IVA because it as to be over 15,000 so apart from renewing you loan to be paid over a longer term you are stuck
2007-09-07 02:57:24 · answer #1 · answered by Anonymous · 0⤊ 1⤋
You can look around, HOWEVER the chances are :-
a) If you can't afford this loan, you can't afford another opne
b) you may have to pay fees to get a new loan
c) you may have to pay a 'Penalty' for paying off this existing loan early
Talk to your parents. Explain you are in a mess .. maybe they can help you out, especially if you agree to cut up your credit cards (which you should do anyway)
2007-09-09 21:08:40 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
Hello, we have all made some foolish financial errors at some point, but has you now no getting out of them is a very tough and lonely position to be in. But help is at hand from the link below, he provides you with first class advice on how to clear those painful debts .
2007-09-07 02:07:58 · answer #3 · answered by Leo 7 · 1⤊ 0⤋
If you are unable to keep up the repayments as they are then tell them.
You will have to provide a financial statement as in what you have as a regular income...less what you have to pay out.
They may suggest alternatives such as take another loan out to pay it or they will sell it to another lender which may decrease your instalments (but possibly increase the period to pay)
There are lots of options available but the best one for you is to visit your local citizens advice bureau who will help you sort all out to your advantage
2007-09-08 04:44:39 · answer #4 · answered by stormydays 5 · 0⤊ 0⤋
Get financial advice sooner rather than later you may be able to get a settlement or IVA financial advice is free
don't borrow more money to pay debt
2007-09-07 02:07:24 · answer #5 · answered by golden 6 · 1⤊ 0⤋
You'd be better off getting a new loan at a better rate for the settlement amount, paying off your existing loan and taking longer terms on the new loan. Look at:
http://www.moneysupermarket.com/
2007-09-07 02:00:48 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Pull out all the stops and pay off as much as possible as quickly as possible. Or declare yourself bankrupt.
http://www.toomuchdebt.co.uk/bankruptcy.html
2007-09-07 02:09:19 · answer #7 · answered by Spiny Norman 7 · 0⤊ 0⤋
Hi,
You can either go for a debt consolidation or change the lender for balance transfer for a better deal. You can visit http://www.webmoneymanager.info for some useful tips and info on dealing with the situation Good luck!
2007-09-07 02:57:22 · answer #8 · answered by Anonymous · 0⤊ 2⤋