Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Loan default

Options
  • 03-02-2014 10:42pm
    #1
    Donnam77
    Registered Users Posts: 15 ✭


    Hi everyone
    Im new here so still tryin to figure this out...i defaulted on a loan cause the interest outweighed wat i was paying n didnt decrease the principle in the loan now im in collections and they want 25.00 per week im in social and cant afford that much so they said they are sending me a statement of means form .... If we cant agree in a weekly amount i offered 10.00 but there not having that!!!! can i get into trouble?? I have no assetts


Comments

  • Options
    #2
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    How much is the loan for?

    What type of loan was it, CC, have all interest and charges been frozen?

    €25 per week seems a lot, the most you can realistically pay is 15% of your income for all unsecured loans.

    Are you getting €188 per week? Do you pay rent?

    If you cannot agree on a payment, get a letter from the creditor stating that they will not accept your offer and keep paying what you can, this will put you in a good position if you end up in court.

    Worst thing that can happen is you end up in court and the judge decides how much you pay per month.

    If you need help dealing with your creditors contact MABS they will help you fill out the FS and give you letters to send that will make your position clear.


  • Options
    #3
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • Options
    #4
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    Even in the case of the credit union? I'm pretty sure they have done in the past.


  • Options
    #5
    Donnam77
    Registered Users Posts: 15 ✭Donnam77


    Hey thank you for your responses I've been worrying so much... Yes my income us 188.00 per week i do give my dad money for board but i give him cash so therefore i have no proof of it or any other bills i pay because its all cash the loan was initially was 8 grand but with all the interest it is now 12.100 the interest is crazy and i was getting nowhere paying them 20 .00 per week n i struggled at giving them that much i asked them if they would freeze the interest but they wouldn't


  • Options
    #6
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    Are you not in arrears?

    If you are in arrears you need to send them a financial statement with all you income and outgoings on it and then make an offer that you can afford.

    Whatever happens keep paying them something, it will look better if you end up in court.


  • Advertisement
  • Options
    #7
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


Advertisement