 I have a credit card question. My credit card is up to its limit and im making monthly payments to pay it off. |
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Additional Details
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 ING Direct, is it worthy?? |
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uk_pagan54 | Debt help needed? |
I have a daughter. At the moment she is un-employed. Her last employer made it plain that she was going to be sacked. She left because it was becomming impossible to work for them. That has meant that she cannot register as un-employed. That is a situation that is being looked into. Un-fair dismissal etc. The immediate problem she has is a bank loan. She has had a very large amount taken from her account by this same bank. This falls under the unfair charges situation. That is also being looked at. What I need to know is... She has spoken to the bank about het financial situation. They said only that it is not their problem. That is very true. But not wanting to make things worse she wanted to know if she could pay an outstanding loan at a lesser amount, so at least she is paying some off. All they will say is. You will have to take out another loan. I need to know if she can make an offer to pay off the loan and can the bank just dismiss her offer... |
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susie x ♥♥♥
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Tell her to get help from the c.a.b. They offer unbiased advice from legal experts. I hope it all works out for her. |
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John A
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Does she have any property ? Was the loan secured by a guarantor ? If not, the bank can exert no pressure and cannot enforce repayment, because she has nothing they can distrain against.
You are concerned, so I must assume there is security. You must bear in mind that the bank cannot say it is not their problem, because it most certainly is, as they are owed money by a person who cannot repay. There are government provisions for people who have a change in circumstances and cannot repay debts, even under certain conditions allowing for certain elements of the debt to be written off. Your local Citizens Advice Bureau will have full details. I would get the full details of this and maybe think once more of approaching her bank and giving them the alternative...who knows, once you have the info you may not even want to discuss it with them !! |
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jduck1979
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If you go to this following link, you'll find the best online guide to getting out of debt available in the UK:
http://www.fool.co.uk/school/2006/sch060104.htm
From what I recall from the article, one of the things she needs to do is send her creditors a letter making a reasonable offer accompanied by her "statement of affairs" (see the article on Fool UK for what that's all about)....... if they don't accept the offer, and they threaten to send her to court for not paying, let them 'cos as far as I'm aware they don't have a leg to stand on in court provided she's made them a reasonable offer to pay it off in this manner. |
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Daniel L
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Her #1 issue is finding another job... or even two jobs. She should treat finding a job as a job. That is, she needs to be spending 8 hours a day looking for work. A stready income is her way out of this mess.
As a consumer, she took on a loan and the terms were clear: she needs to pay it back. There are no provisions that if the payments became uncomfortable that the bank will make it easier for her. Still, you can try to work with the bank. They may opt to help, but they don't have to.
It sounds like the bank is suggesting she take a new loan to pay off the remainder of the prior loan. The new loan could be set to have monthly payment minimums which she can afford.
Regarding the downside, if the loan is secured then she can either sell or return the item (land, car, etc.) If the loan in unsecured then she can default and watch her credit score drop like a rock. The best option is to take out another loan with payment terms she can handle and get a new job. |
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nataliep99uk
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no they cant im in the same position... what she needs to do is write a letter to the bank explaining her situation also write out a list of her income and outgoings and say exactly how much she can afford to pay back each month or week etc! they will have to accept the offer as she has noway of paying it back otherwise..
good luck |
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shaun.crowther@btinternet.com
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Borrowing money to pay back money is never good advice and I would strongly advise against this. Your daughter needs to contact the Collections Department of her bank (they all have them and they are primarily concerned with collecting monies from loans, credit card debts etc). She needs to send a letter to them outlining - in full - her details concerning her current financial position and her much-reduced income at present. It will also help if she says she is putting all her efforts into finding a new job. Basically, honesty is the best policy and the more open and honest you are with the bank the more they will do to help.
If your daughter does these things she will probably find that her bank may defer payments on the loan (or even suspend them altogether). The usual period for these situations is six months.
The one thing she should NOT do is hope the problem will go away. A friend of mine did this and ended up bankrupt.
In this day and age - with credit spending out of control (and the banks do recognise that their keenness to offer credit in recent years has contributed to the ever-increasing debt burden) - the banks will gladly accept some payment, even if it is a reduced amount for a period of time.
Your daughter is not alone with this problem but she should not ignore it. Get in touch straightaway and you will probably find her bank has a human touch after all !!! |
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THE ORIGINAL GANGSTER ๑۩۞۩๑
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Ask a trade creditor |
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Mariposa
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It wouldn't hurt to ask the bank. Most places will work with you so that they'll have a better chance of getting their money. |
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Adam L
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I don't know the in's and out's of the situation, but I'm fairly sure if you owe the bank money, and offer to pay it (or part of it) off, they can't refuse.
Otherwise all lenders would just never accept the loan repayments and just get the interest payments for the rest of their lives.
A bank can't force you to owe them more money. If you want to pay some of it off, I'm sure you are allowed and it is worth consulting with as many financial lawyers or relevant bodies as soon as possible.
On another note, I think banks can charge a little bit if you pay back early. When they give you the loan and decide how long it needs to be paid off, they work out how much money they will get in the long-run from you, with expected inflation and the interest of the loan taken into account.
If you paid it off early, they wouldn't get the full amount of interest they were expecting over the course of the loan, and lose out a little bit. So they may take £100 payment, and consider it as just an £80 payment because the extra £20 offsets the interest they lose. If you see what i mean..
either way, consult with legal professionals who know for sure. |
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Brandon
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Banks do not have to accept a lesser amount. Some do, this is called settlement.
They will not willingly or easily state this. If this is a secured loan, they will not care what the situation is, you could attempt to make arrangements, but if not payments are made they will more than likely just take the item back.
In order to settle an account, most of the time, some sort of unforeseen hardship would have to happen...quitting a job no matter what the situation will probably not be seen as a hardship. This was a decision and best thing to do is find another job quickly. Try to get an extension on the loan, stay in constant contact with the bank and keep them updated. If you make a promise to the bank for a payment, keep the promise. |
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steve adams
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im not too sure
the best thing to do is to contact citizens advice |
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dawn18415
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How about geting another job? She borrowed the money now take responability and pay it back and stop waiting for the world to feel sorry for you.No one cares about your financial hardship. |
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