Debt Help.

[Wilberforce2]

I'm 40 but when I was late teens/early 20's I thought nothing of getting loans and credit cards which got me into some trouble. I eventually sorted most of it but when I met and moved in with my now husband I still had some hanging over me, about £1000 worth on a couple of credit cards and a Next account which he paid off. He asked me if that was it and I said yes when it wasn't, I was just embarrassed. The truth was I still had a loan that I had taken out when I was 22. The loan was from a company called Gus Finance but I stopped paying it before I met dh and it was taken over by Moorcroft Debt Recovery. I'm 40 now and I'm still paying this goddamn loan 😫 My husband knows nothing about it but it was picked up on last year when we were trying to get a new mortgage and the direct debit was on my bank statement, I lied and said I paid it for my Sister and she gives me the cash. It's in my old name and the address on the account is my best friends address so isn't connected to our house at all. I need to sort this loan out, it was for £6000 but after nearly 20 years they tell me I still owe £8000 and will accept £4000 as a settlement which I don't have. Is there anything I can do? My husband is lovely but he will be so pissed off that I have lied about this, we have been together for 14 years.

Does anyone know where I can get help/advice about this? I currently pay £70 per month which is so difficult to keep secret and I need it gone from my bank statements because we want to move in two years and will need a new mortgage.

Any help or advice would be great, I'm just really stressed over the whole thing now.

So you've paid £16800 over 20years for a £6000 initial loan and you still owe £8000???

That can't be right surely??? What is/was the interest rate? Have you had anyone look at it like CAB?

Thanks for replying.

There was a gap of around 2 years when I didn't pay anything and then I started paying back £10 per month but it's gradually increased up to £70 per month because Moorcroft threaten court action unless I up the payments. The loan was from some company that my Mum had a leaflet for in the back of a magazine and back then I was a clueless 20 something and didn't even think of the interest rate. It turned out that for a £6K loan I would be paying back around £19K but I didn't work that out until years later when I was in trouble.

I'm scared to phone them in case it causes trouble because at the moment it's just ticking along or but this can't go on for much longer. I've managed to save £1600 over the last year or so but I don't think they will accept that as a settlement when they say I owe £8K. Feel a bit such and really crap for lying to my husband but it's just gone on too long to come clean.

I haven't had any advice from CAB or anywhere, I was hoping someone on here might have an idea.

are you considering a debt solution, but a way to be discrete? i had a similar problem hiding debt, i was told about an app could Freeze debt which is an app and gets it all done on there, it was easy and i was so happy that it got sorted without anyone finding out.
www.freezedebt.co.uk/home

Wilberforce
Talk to stepchange - they will be able to look into the circumstances and see what can be unravelled

Definitely don't want a debt solution, my credit rating is finally decent and that would just ruin it.

Will try Stepchange and see what they suggest, thanks for that x