supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 The other option is... Try the nice soft approach and phone up the loan company and ask if you can adjust the payments....... stretch it out a bit until you get the new job.... however you will have to be disciplined not to suddenly start spending the extra 'free' cash you get... i have done that mate my loan is with AA they are helpfull.. my main problem is bank charges i.e £110 this month for nothing thats terrible, how can abby expect me to try sort this out if they keep bloody taking my money all the time, it's a nightmare:( Link to comment Share on other sites More sharing options...
Rob Posted August 12, 2006 Share Posted August 12, 2006 Bankruptcy is the new big thing for students and those people with no possessions, but for homeowners, with cars, tellys, etc etc it's a last resort. You don't owe that much, so speak to the Consumer Credit Councilling Service http://www.cccs.co.uk/ and they will examine your finances and set you up on a repayment plan that stops all the interest you are acruing. You switch to a new account so no more charges. Your example 18.5K, lets say by cutting down your iving expense you can spare £450 a month, this gets spread out amongst your creditors and will take you 3.5 years to pay it all off. It's flexible so if your salary increases above inflation you can pay off quicker. There's no fee from the CCCS, unlike other similar sounding companies that will sell you a loan or charge a handling fee. (Oh, and i owe a huge amount more, yet I can still maintain the supra and another car and I didn't have to sell my house, all thanks to the CCCS and Bill Prawn for pointing me that way. I spent beyond my means, but I will be paying it all back in time, rather than not paying through bankruptcy) Link to comment Share on other sites More sharing options...
JustGav Posted August 12, 2006 Share Posted August 12, 2006 Look at the link CJ posted... does mention something about claiming back the charges, which a lot of people are doing these days. Link to comment Share on other sites More sharing options...
Pete Posted August 12, 2006 Share Posted August 12, 2006 i'm 23 .......got a 15k loan £3.500 on credit cards mate That's nothing?! Christ, I should've gone bankrupt years ago Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 if i could get hold of £3500 that would sort my rite out, that would pay my credit cards and i'll just be left with my loan to pay.......i did apply for a 3500 loan but because i'm classed as high risk they wanted 8k back bolloks to that i said Link to comment Share on other sites More sharing options...
grahamc Posted August 12, 2006 Share Posted August 12, 2006 The car, sell the car... I dont think that there is any reason for you to go and declare yourself bankrupt. That will only cause more problems in the long, what happens afterwards when you decide you want to buy a house?? Sell the car, cut down your monthly outgoings as much as possible, food, going out, anything thats not an absolute must have. Speak to the bank and creditors and try arrange something that will keep them all happy. Link to comment Share on other sites More sharing options...
CJ Posted August 12, 2006 Share Posted August 12, 2006 if i could get hold of £3500 that would sort my rite out, that would pay my credit cards and i'll just be left with my loan to pay.......i did apply for a 3500 loan but because i'm classed as high risk they wanted 8k back bolloks to that i said You are having a laugh aren't you? You are in the shit so want to borrow 3.5k more to clear off debts already accrued and yet you are sitting on your car and not selling it. I am sorry mate, you deserve whatever happens. Link to comment Share on other sites More sharing options...
Alex Posted August 12, 2006 Share Posted August 12, 2006 if i could get hold of £3500 that would sort my rite out, that would pay my credit cards and i'll just be left with my loan to pay.......i did apply for a 3500 loan but because i'm classed as high risk they wanted 8k back bolloks to that i said You need to do a lot of reading up...only you can make this better. Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 if i sell my supra i have a 15k loan for fuck all sod that......got to have something to show for it Link to comment Share on other sites More sharing options...
Pete Posted August 12, 2006 Share Posted August 12, 2006 It's a shame eBay won't accept body parts eh? Link to comment Share on other sites More sharing options...
CJ Posted August 12, 2006 Share Posted August 12, 2006 if i sell my supra i have a 15k loan for fuck all sod that......got to have something to show for it Well, with an attitude like that you are beyond help. And a 15k loan for an N/A Supra? What the feck did you buy? Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 It's a shame eBay won't accept body parts eh? lol i'll sort it out in the end mate,,,,once i start my new job i'll work all the hours i can and pay everything up asap BRING IT ON Link to comment Share on other sites More sharing options...
Branners Posted August 12, 2006 Share Posted August 12, 2006 if the loan is taken out on the car then you can in theory just hand the car back and that might clear the loan down. Best thing to do is look at the links and talk to each of the people you owe money to and explain the situation. They will sort it out for you. You need to change your lifestyle now though otherwise you will end up in the same situation in no time. JB Link to comment Share on other sites More sharing options...
colsoop Posted August 12, 2006 Share Posted August 12, 2006 Talk to your loan advisor at the bank, tell them you are struggling and they might be able to reduce the payments, the downside is it will take longer to pay off your loan but it will give you some extra money to pay off those credit cards. As said already get yourself transferred across on to another credit card with 0 % and start paying off more than the minimum required each month! Cut back on the going out, especially if you like a drink. Maybe think about selling the supra, getting a runabout giving you more money again to cut down those debts. Good luck. Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 so will the remainder of my loan be able to be stretched out over more time then?? Link to comment Share on other sites More sharing options...
Pete Posted August 12, 2006 Share Posted August 12, 2006 Like John says. At the end of the day it's in the loan providers interests to enable you to pay it back. Link to comment Share on other sites More sharing options...
Alex Posted August 12, 2006 Share Posted August 12, 2006 If the loan was 15k originally then it's not 15k anymore!!! Link to comment Share on other sites More sharing options...
Pete Posted August 12, 2006 Share Posted August 12, 2006 so will the remainder of my loan be able to be stretched out over more time then?? That's the only way to reduce your monthly payments. Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 If the loan was 15k originally then it's not 15k anymore!!! i think i ow about 10k now or there abouts.. i might ring them now and see if they can help?? Link to comment Share on other sites More sharing options...
Pete Posted August 12, 2006 Share Posted August 12, 2006 i think i ow about 10k now or there abouts.. i might ring them now and see if they can help?? Good idea If they lent you 15k in the fist place, chances are they'll bump it to cover your cards. The loan Vicki had with Alliance and Leicester periodically ask her if she wants to do this. Might be tricky if you missed payments though. Link to comment Share on other sites More sharing options...
Whitesupraboy2 Posted August 12, 2006 Share Posted August 12, 2006 im gonna be cruel here because your not listening. You are no where near bankruptcy. Your just trying to live a life you dont have. Sell the car and the bike and get a run around and you'll easily cope. the car and bike will pay off at least 5k so bye bye credit card and chunk of loan. you will then have cheap run around, save load in petrol each month and afford repayments. You borrowed it you pay it Sort yourself out, seriously!! Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 Good idea If they lent you 15k in the fist place, chances are they'll bump it to cover your cards. The loan Vicki had with Alliance and Leicester periodically ask her if she wants to do this. Might be tricky if you missed payments though. i did try this befor but they said no because i had 6 late payments,,they said i needed at least 6 months payments on time befor they would do that:( i'll see if they will extend the period of time i have it though worth a try i guess Link to comment Share on other sites More sharing options...
colsoop Posted August 12, 2006 Share Posted August 12, 2006 You would have to talk to your loan provider about whether its possible or not, i suspect they would make you take out a new loan to pay off the old one but over a longer term at a lower repayment amount. The downside is it would be a new loan with a long time to pay it off say 6 years or something like that which isn't ideal at all. But you could clear the debt on your cards. Please talk to your loan provider though, it is the first thing you should do on Monday mate ! Link to comment Share on other sites More sharing options...
michael Posted August 12, 2006 Share Posted August 12, 2006 STOP!!!!!!! LISTEN!!!!!!!!!! You can't afford to continue your current lifestyle, sell things and lower your standards, come back im a few years when you are sorted out. Link to comment Share on other sites More sharing options...
supra-lover Posted August 12, 2006 Author Share Posted August 12, 2006 it's all my fault , i wanted the best cars when i was 17 and 18 and i'm paying for it all now,, most of the money went on insurance for my first cars.....what a prick Link to comment Share on other sites More sharing options...
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