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RE: got loan cant pay back - May 11 2008 21:19:11
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samcim
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Im going bankrupt soon, I owe £35,000 and a £20,000 car  Done all this when I splitt with my wife, went thro a mid life crises, got back with the wife & now Im fecked! Luckly I have no assets!
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RE: got loan cant pay back - May 11 2008 22:06:39
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Mobster
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quote:
ORIGINAL: Dwarfenegger
A few years ago i was in your situation. I rang the loan people (mine was also with barclays, but for 12k) and they said that it was only secured if i was made redundant, not sacked or quit.. They sent me threatening letters for months and when i started managing to pay back they wanted £3500 a month for two months to catch up... I told them go eff themselves, got an iva that i had no intentions of paying.. failed that, then declared bankruptcy...
Barclays are w%%kers so you're up sh!t creek...
I'd like to see the video where they dragged you in off the street, forced you to sign loan papers, made you spend the money then you get to call them ****ers when you didn't take out loan protection (if you got sacked) or made you quit work when you had a loan to pay.
Let see a few of you take some ****ing responsibility FFS. The banks do not make anyone take loans, use the money nice cars, big screen HD TV's and so on. Yet I can easily check posts some of the whiners have made about what PC to buy, what HDTV to get and so on. I've no problem with a few of ya even hitting hard times but enough with the 'it's all the banks fault'.
< Message edited by Mobster -- May 11 2008 22:11:03 >
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RE: got loan cant pay back - May 11 2008 22:40:34
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johnnybike
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I think the OP said that he had lost his job (presumably unexpectedly) in which case he cannot have anticipated that.
To the OP, a lot depends on if you have assets (own the flatt you were furnishing), if so they will get that eventually.
Best go see the CAB and get some free professional advice
< Message edited by johnnybike -- May 12 2008 2:19:39 >
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RE: got loan cant pay back - May 11 2008 22:51:20
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Stone
Posts: 12013
Joined: Dec. 1 2004
From: LONDON Taahhn mate
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quote:
ORIGINAL: stone14
its from barclays bank, they rippd me off anyway i got £4400 and have to pay £7300 back!
they ripped you off yet you were in a position to choose whether to take the loan out of not, regardless of how much interest was added, you would have known.
as for not having ppi, well, again, another choice you made not to have.
seriously not having a go or anything but options were there and you had the a lot of sources to ask or read regarding bank loans.
anyway, whats done is done and tbh, i hope you get it sorted out bud.
good luck.
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RE: got loan cant pay back - May 11 2008 23:58:28
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Mobster
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quote:
ORIGINAL: johnnybike
I think the OP said that he had lost his job (presumably unexpectedly) in which case he cannot have anticipated that.
To the OP, a lot depends on if you have assets (own the fault you were furnishing), if so they will get that eventually.
Best go see the CAB and get some free professional advice
A lack of a job now is hinted at but later on there's a comment which makes one believe he may have resigned etc etc. It's not clear. However, while no lawful requirement is needed re payment protection he could have had it. Add to that the many posts by those in debt on MT most of which seem to be along the lines of 'its someone else's fault (err no it's not)... what can I do (fair enough comment)... I'm gonna go bankrupt (thus never paying the debt back) and what can I do if the debt collectors come?
No one is exempt from bad luck (job loss, illness and so on - we've all had them) but many such posts seem to ignore their own responsibilities. Then there's this run away and hide as a suggested course of action (ditto when talking about speeding and parking tickets) finally the simple fact that many such posts ignore that they are happy to pay for broadband when asking the question but will then state they cannot repay a loan. The little list I gave earlier are luxuries not necessities and can be done without so debts can be repaid.
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RE: got loan cant pay back - May 12 2008 0:08:01
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Crunch
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Join a few recruitment agencys, they always have work popping up which can cover a few of the bills.
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RE: got loan cant pay back - May 12 2008 19:55:33
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Mark Thompson
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From: Edinburgh
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quote:
ORIGINAL: Mobster
quote:
ORIGINAL: stone14
quote:
ORIGINAL: scruffy
is it a secured debt, a debt you brought goods with i.e hp, or just a loan, and did u take protection out ?
just got a loan for furniture n that for my new flat, no protection
How do you pay for the flat etc? I'm pretty sure you can. Even the avatar shows you using a Mobile phone to take the photo. If you can afford that you can spare £30.00 a month or so. See if you can sell it, cancel the contract and use the money. Ditto your internet access.
Often there is a few that you 'cannot do without' certain things. You can. You can 'do without' a TV, Sky, Video, DVD's and players, Broadband and the mobile. That's without getting into you taking on a ****ty job - say working in a fast food place or cleaning. I'd hate to hear that 'the pay is ****' yet see a post saying it's too, too hard to pay back the loan when you are almost certainly paying for net access to make the statement. You'll also have a bunch of stuff you can sell.
Totally agree with Mobster on this one, it can't cost much more than about £150 per month to pay back a £4500 loan. Get whatever job comes along, cancel the phone contract, sell some of the furniture and stop taking gear for a while. It would only take..
tub of protein a month £30,
a course of gear a month £30,
a reduction in expenditure on food £40
2.5 hours in MacDonalds a week to cover the debt
life without bankruptcy - priceless...
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RE: got loan cant pay back - May 12 2008 20:23:53
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Fintan
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Mobster's right, get off your arse and do something about it. If you need the money no job should be beneath you, as long as it pays and doesn't involve you climbing sheer cliffs to poach seagull eggs, trafficking drugs through customs in your rectum and/or wearing a gimp suit. If there's a medical reason why you're not fit for work, which I'm assuming you haven't got, it would be a different kettle o' fish.
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RE: got loan cant pay back - May 12 2008 20:51:57
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Osagi
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quote:
ORIGINAL: Fintan
Mobster's right, get off your arse and do something about it.
Sorry mate but there is no need for that kind of response, none at all.
All the OP was looking for is a little advice as presumably he hasn't been in a position like this before before and he therefore doesn't know what to expect.
Did he once say he intended to try to get out of paying the loan back? No.
Did he once imply he wasn't prepared to pay if he was able to find himself work? No, he didn't.
So why all the flaming?
Looks to me like the guy has simply found himself in a bad position through some bad luck (losing his job) which has been further compounded by some poor decisions he has made (not taking out repayment protection when he originally took out the loan).
The way some of you guys talk you would think you'd never made a mistake in your entire lives. All I can say is I wish I was so perfect, alas I'm as human as the Op and I've made some awful decisions in my time, financially and otherwise for which I'm still paying.
So just get down off your high horses will you and quit with these preachy responses. If you can offer advice to genuinely help the guy out then do so, but spare us the sermons.
At the very least quit the flaming and the hostility!!
Osagi
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RE: got loan cant pay back - May 12 2008 21:13:04
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Dwarfenegger
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quote:
ORIGINAL: Mobster
quote:
ORIGINAL: Dwarfenegger
A few years ago i was in your situation. I rang the loan people (mine was also with barclays, but for 12k) and they said that it was only secured if i was made redundant, not sacked or quit.. They sent me threatening letters for months and when i started managing to pay back they wanted £3500 a month for two months to catch up... I told them go eff themselves, got an iva that i had no intentions of paying.. failed that, then declared bankruptcy...
Barclays are w%%kers so you're up sh!t creek...
I'd like to see the video where they dragged you in off the street, forced you to sign loan papers, made you spend the money then you get to call them ****ers when you didn't take out loan protection (if you got sacked) or made you quit work when you had a loan to pay.
Let see a few of you take some ****ing responsibility FFS. The banks do not make anyone take loans, use the money nice cars, big screen HD TV's and so on. Yet I can easily check posts some of the whiners have made about what PC to buy, what HDTV to get and so on. I've no problem with a few of ya even hitting hard times but enough with the 'it's all the banks fault'.
Hit a nerve did I?
Firstly, i did take out loan protection, which was useless when i LOST MY JOB.. didn't quit...
Secondly, I had been paying for TWO YEARS before that and would've paid it had i not LOST MY JOB.
Thirdly, if they had been more helpful to get their money back, i'd still be paying now.. But they weren't, so i took the easy option...
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RE: got loan cant pay back - May 12 2008 21:13:12
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Osagi
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It's the general tone of the responses in this thread and other recent threads like it that I dislike Fintan, I highlighted you post as it was the last one made in the thread.
Sure it does nobody any good to wrap them in cotton wool and quite often the only way out of a bad situation like this is to dig deep and endure a little financial pain and hardship until the debt is paid off.
However do me a little favor and re-read the responses in this thread, then have a quick look back over similar topics recently posted in General. Hopefully you'll see what I mean when I say that too many responses in these threads come across as 'preachy' and do more to show how great the person given the response is in not having made any such bad life choices themselves then they do to actually help the person looking for help.
It's this general, lets jump on you and tare you to bits for making a bad choice kind of attitude that I dislike and as much as you try to defend it, it is a form of flaming and that is not the MT way.
Even if Stone had come along and simply said how do I get out of paying this debt I've run up (which he hasn't), even then flaming him wouldn't be acceptable from the forums perspective.
Hope you get where I'm coming from.
Edit just to point out as you will see from some of the further responses in this thread that such flaming and negativity in our responses only leads to further hostility which isn't good for the forum.
Osagi
< Message edited by Osagi -- May 12 2008 21:16:01 >
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RE: got loan cant pay back - May 12 2008 21:15:49
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Mobster
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While it's nice that a few have agreed with me I never once attacked Stone. I actually made a point of saying there have been several such posts many of which seem to want to blame someone else (something Stone did do when claiming they ripped him off with the rate) for their predicament. I then added I'd like to see more take some responsibility. No mention of Stone again.
However, we are once again back to the 'only being able to reply if we are kind'. I'm sorry but that's just tosh. Every single MT member MUST obey the rules. You clicka da box you agree to the guidelines. The number one main one which applies is no direct flaming, insults, etc. So no 'what are you retarded?' type replies. But in between actually giving the advice required how dare we voice an opinion that those getting themselves into debt, something which is more and more common, actually take - even as Osagi admits himself - it on the chin.
I do not want to see any more 'it's all the banks fault' for people that took out loans to buy a 50-inch plasma TV then whine like babies when they get into debt. I'm with Osagi on this - I've been in the **** myself. But you wont catch me needing a hand on my shoulder asking for sympathy. Stone didn't - just advice.
Osagi asked: Did he once say he intended to try to get out of paying the loan back? No. That's not entirely correct. He said he had no way of paying it back, could not ask anyone else and wanted to know what happens next. While not directly saying he wont - he is saying it cannot be done. I also offered that he has the means to cough up more money than he thinks he doesn't have as did another MT member when he said:
Get whatever job comes along, cancel the phone contract, sell some of the furniture and stop taking gear for a while. It would only take..
tub of protein a month £30,
a course of gear a month £30,
a reduction in expenditure on food £40
2.5 hours in MacDonalds a week to cover the debt
I'll assume, as Osagi has, that the member KNOWS that Stone is using gear (perhaps he says so in the AAS forum) so can afford gear but not a loan payment. One doesn't need to be a detective to see broadband use (cos he was posting), use of a mobile (cos of the pic in his avatar) and gear use (as above) to see that he might be able to cough up £90.00.
I've a lodger, nice bloke, gets DLA and other bits and bobs. He's been told he's gonna lose the DLA (about £7.00 a week) and so had him moaning about how it's gonna leave him short etc. But I reminded him how he's not worked for years, does **** all all day, is in the bookies most days, drinks now and again (more than me), smokes weed yet claims to be hard done by. He is not - just thinks he is. Stone says he cannot pay the money back but has at least three- HELPFULLY POINTED OUT - options he can gather some money from. And what applies to him applies to anyone in the same position.
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RE: got loan cant pay back - May 12 2008 21:17:01
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Constantine
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This is a genuine question Dwarfenegger but does payemnt proetection not cover you if you lose your job? Why not and what does it cover out of interest?
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RE: got loan cant pay back - May 12 2008 21:22:13
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Mobster
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Clarification seems to be needed on how rather than yes or no. As in if you quit you pay, if they sack you or lay you off it is in question. Probably cos often those laid off are given a lump sum they could pay loans with.
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RE: got loan cant pay back - May 12 2008 21:28:31
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Osagi
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I think the issue is not in the advice that must be given Mobster (as there is no escaping what must be done to clear such debt, as much as many people may try to wriggle out of it), but in the way we deliver that advice.
Does that mean we need to sugar coat our responses - not entirely, but for the good atmosphere of the forum I'd ask everybody to carefully consider the tone of their responses to any thread.
Like I say, it's possible to actually give advice and motivate somebody to get themselves out of a hole without making them feel like a complete a-hole for having got themselves into it in the first place, which really doesn't do anybody any good but may well lead to a good deal of hostility on the forum.
Osagi
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RE: got loan cant pay back - May 12 2008 21:29:19
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Fintan
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quote:
ORIGINAL: Mobster
So no 'what are you retarded?' type replies. But in between actually giving the advice required how dare we voice an opinion that those getting themselves into debt, something which is more and more common, actually take - even as Osagi admits himself - it on the chin.
I believe this is the absolute crux of the matter. There seems to be a very blurred line between what is an appropriate way of wording genuine advice and what isn't, in the midst of which everything even deemed remotely provocative is pounced upon. After reading my response, I admit it is a little generic and could probably have been more helpful, but even if I have written a small essay I reckon "get off your arse" would have been singled out and taken drastically out of context, something that I believe is unfair considering it was part of a genuine effort on my part to motivate the OP to take active action as opposed to resigning himself to a miserable financial fate. :(
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RE: got loan cant pay back - May 12 2008 21:34:54
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Osagi
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quote:
ORIGINAL: Mobster
Clarification seems to be needed on how rather than yes or no. As in if you quit you pay, if they sack you or lay you off it is in question. Probably cos often those laid off are given a lump sum they could pay loans with.
You also need to be very careful when taking out these repayment protection policies and read the small print.
I had a number of policies out on various loans a little while back costing me £50-60 quid a month in total on top of my of outstanding debt. It was only at renewal time whilst I was sat on the toilet one day reading through my morning post tha tI got into the fine print and discovered all of these policies had a 180 day exclusion period before they would start to pay out which if I had of actually lost my job would have left me well and truely in the muck, I also discovered that one of the policies would only pay out a maximum of £1000 toward the outstanding debt, quite a rip off considering how much the policy was costing me each month.
Needles to say I promptly switched providers, maybe worth reviewing the exact terms of your policies if you fellas don't already know.
Osagi
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RE: got loan cant pay back - May 12 2008 22:20:07
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Mobster
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On that topic many such borrowers have been making claims (and of course there is a now a company that does it for you on a no win no fee basis) to get back the money on such plans because they were told they MUST have them. Yet, while I agree with Osagi about reading the small print (on the bog - too much info ha ha  ), we can also see many with said loans might have been better off having such protection. Perhaps better still taking our their own??
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RE: got loan cant pay back - May 13 2008 5:17:01
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kasabian19
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What's your monthly expenditure?
As people have pointed out - cut expenditure, in reality you only need to pay for food and bills to live. Just cut down on everything - desperate times call for desperate measures.
Phone - end contract, go on PAYG and limit yourself to so much credit per week/month. Using house phone would of course be cheaper.
Sky/cable - cancel contract. If you feel you need the extra channels buy a 20 quid freeview box.
Just cut luxuries out - as other posters have said cut the gear, supps etc - im sure you can for a while without them. Surely your financial future is more important than your short-term physique?
Food shopping - look for bargains, cheaper brands.
And most importantly - get a job. any job. The min you'll get is 6 an hour - which means 200 quid a week after tax (approx). With the cuts in expendiure you'll soon see improvement in your situation and you should be able to start payin back the loan.
Only pay for what you need to live. Cut the luxuries, the nites out, gear, supps etc etc...you mite suffer in the short term 6-12months, but its only a year tops if you find a decent job. Then you got the next 30/40/50 years to enjoy!
Check out: moneysavingexpert.com - shed loads of advice on all aspects of saving money - loans, shopping etc etc.
Well, thats what i'd do anyway.
< Message edited by kasabian19 -- May 13 2008 5:19:15 >
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