advice on loan arrears

higgo1888

what are the consicuences if you fail to pay your loan, as i have just recieved a solicitors letter telling me i have 7 days to pay it in full in which i hav'nt got , its happened before but not an actual solicitors letter, whats the worst scenario's ? plus i dont have any possesion's like a car or anything

GerardKeating

higgo1888 wrote: »

what are the consicuences if you fail to pay your loan, as i have just recieved a solicitors letter telling me i have 7 days to pay it in full in which i hav'nt got , its happened before but not an actual solicitors letter, whats the worst scenario's ? plus i dont have any possesion's like a car or anything

The courts struck out the law sending debtors to prison, but every one has something they can seize, they could get an order to pay of your wages or sw benifits.

jimoc

Is this the first communication you have gotten about the loan or have you been missing payments?

If you've been missing payments and not communicating with the loan company then they are perfectly within their rights to send a solicitors letter.

Your best bet at this stage is to ring them and try and sort out some sort of payment plan. As long as you show willing to try and pay it back somehow then it goes to your favour.

higgo1888

i have been paying them but ive been missing payments here and there, not by ignorance just to a basic lack of funds,im on social welfare and its fairly hard going, the girl i deal with in the bank is threatening and a total lack of disrespect for situations, which i understand as she probably has to deal with alsorts from day to day , do u think they would or could cancel that letter or is that final? thanks 4 resonding cheers

chris85

higgo1888 wrote: »

i have been paying them but ive been missing payments here and there, not by ignorance just to a basic lack of funds,im on social welfare and its fairly hard going, the girl i deal with in the bank is threatening and a total lack of disrespect for situations, which i understand as she probably has to deal with alsorts from day to day , do u think they would or could cancel that letter or is that final? thanks 4 resonding cheers

the solicitors letter is defintely not final, especially these days. Technically yes they can ask for payment in full and take you to court also. But if you keep in contact with the lender and make an arrangement you can keep then there is no reason for them to go to court. Its all they really want.

Ensure when making an arrangment that its mutally acceptable. This means you can afford to make the arranged repayments and also the bank will accept it.

If you make an arrrangment and miss a payment contact them immediately.

uberwolf

if the bank is going legal it means they have taken the view that they either can't communicate with you, or that when they are communicating with you that you are not being completely honest in your commitments to them.

It is not final. But it is certainly a strong indication that they have are close to giving up on a resolution by agreement.

Ask for a meeting.
Prepare for the meeting by showing your income and committed outgoings. Also have a budget with what your other outgoings are. Show them how much you can afford to give them.

They should accept a level of payments from you.

Stick to it!

Jet Black

Your best bet is to arrange a meeting with whomever is in charge of the loans in your local branch. If this is the girl who you have been dealing with ring head office and ask to speak to someone in the loans department. No doubt they will have dealt with this situation. If they tell you to go back to your bank tell them you already have with no joy.

If all this fails contact mabs. They can help you arrange a deal with the bank that will have you paying what you are able to each week/month.