can anyone give advice about missed loan payments

[imalittlestar]

basically i had a loan with the clydesdale bank, taken over 48 months at 311-00 a month, it was to consolidate all our debts, anyway in a nut shell the payments were far to high i struggled on for 2 years ok then missed a couple of payments, i managed to catch up but then the account was passed to solicitors/debt collectors (im not really sure what the proper legal term for them is) i managed to struggle on for another few months and then with only 9 payments to make i have missed a payment again.

i have had a letter saying if i do not pay the 311-00 arrears and the 1st july payment of 311-00 it will go to court.

no way can i afford the 622-00 in the next week. does anyone have any experience of this kind of thing. i am losing so much sleep over it. i have struggled for so long and in 9 months time my feet will be clear and i will be so much better of so i really want to get rid of the debt.

do companys usually threaten court action but then let you pay of your arrears in smaller ammounts or is it likly it will go to court.

if it does go to court what will happen to me???

Yes they always threaten court action. Its a way to make you do what they want.

Call them, or rather write to them (then it is formal) and tell them you cannot pay this amount in such a short time and that you wish to arrange a plan to cover the missed payments.
They will have to consider it, as it has already gone to debt management.

As far as I know, they take you to court it would be a CCJ to claim this money back, and the process for this, as I understand it, is that you have to be given the opportunity to agree a payment option. It would not be in their interests to do this if you are already presenting them with a plan that you could afford. The court would not put in place anything that you would not have done by asking for a plan.

I hope that makes sense.

If they continue to hassle you, see the CAB and ask them to send a letter on your behalf confirming that payments that you can make to catch up.
Good luck, and remember that

I did not mean to make it sound scary - what I meant was yes they threaten, as a tactic, not that they will take you to court as soon as the week is up.

no thats not scary, thats the kind of advice i was hoping for, i know i need to call them but im so scared to do it because i dont know just how serious it can all get. im really hoping that i can just spin it all out for a bit longer and get rid of it.

thank you very much for the advice

you absolutely must communicate with them, by letter, by recorded delivery, then you have proof you have communicated with them

yes, it is scary, but if you don;t talk to them, they will take you to court and that is infinitely more scary

yeah think i will go and phone them just now, only problem is i am stuck with dc on my own and everytime i go to make a important phone call they end up half killing each other and i get even more flustered

You have done really well to consolidate the debt and the to have virtually paid it all off with only 9 payments to go. You should be patting yourself on the back really. Could you put some of the balance on an interest free new credit card and use that to pay back what is due on this and then try to find a second job to help make up the money, evening work in a bar or something?

xenia i only wish i could get a interest free credit card but my credit rating is so bad no one will look at me. i work part time while my husband is full time and because of his work hours there is no way i could take on a 2nd job, i would have no one to watch dc.

my husband does a couple of hours a week at a 2nd job (thats all the hours there is) so that gives us a bit extra and he has just had a promotion at his 1st job so we should really be better of in the next few montths.

the only worry i have is that this fragile "house of cards" that is my financial nightmare will come crashing down around me before we can get on our feet.

I really think that with a phone call, backed up with a letter, you can string this out a bit longer, until you are able to pay it off. If you do communicate with them, it is unlikely they will take you to court as by the time this happens, and you have sought advice etc etc, you would have paid it off already.