cant pay loans

[sri16]

i have loans equalling around 20000 pounds and i cant pay the instalments.what wud u suggest me to do.

[Oneeyedvic]

Go down to your local Citizens Advice Bureaus straight away. Take all your bills with and loan agreements with you. Speak to a debt councillor. There are various options including, consolidating into one loan, IVA/VA (voluntary arrangement), bankruptcy (laws have changed so this usually lasts one year as opposed to 3 years) etc. Really need to know a lot more information such as your employment status, are you a home owner, are any of the loans secured, what are the loans for, etc. Make an appointment to see a Debt Councillor at the CAB

[kopite201274]

Difficult situation to be in but I would look to get a consilidation loan which would reduce your monthly outgoing, but if your not a homeowner it would be difficult to get a consolidation loan for that amount. If this is not possible you have to come to some arrangement with your lenders to agree to pay a certain amount per month. If you explain that failing this your only other option is bankruptcy they (more often then not) tend to agree to come to some kind of arrangement.

[stoo_pid]

You could also try the Consumer Credit Counselling Service. They're a registered charity & don't charge for their service. http://www.cccs.co.uk/home.htm

[camille79]

don't get a consolidation loan! If you can't afford payments at the moment this will just make things worse. I was in a similar situation and found the best thing was entering into a voluntary repayment arrangement via an organisation such as Payplan (they have a website). There are other companies that do this too but Payplan don't take a fee (they are funded by the financial organisations). Basically, you fill out an income/expenditure sheet and agree to a regular payment. I was paying back �200/month for a similar amount of debt as yourself and the important thing is to find an amount you can stick too. I'd suggest you get in touch with a company like this as I found them sympathetic, non-judgemental and very efficient.

[Oneeyedvic]

A consolidation loan CAN be useful - it really depends on all your circumstances - if the current installments are on credit cards for example, then a consolidation loan is a good idea, as you will be paying less monthly and a lower interest rate. This will also not effect your credit standing as an "arrangement", iva or bankruptcy will - without knowing all your details it is always difficult to answer questions, but DO NOT bury your head in the sand.

[piggie]

definitley take the advice of stoo_pid I work as a collections agent for a major home shopping company. this is the best advice i can give anyone struggling to make repayments on anythingg. They are goverment registered charity and they will not charge to help you providing that you proove you need the help. The staff are really friendly and even if they can't do the ground work for you they have alsorts of information to help you reduce you repayments and come to agreements with your creditors. if we were talking a relatively small amount of debt i would suggest the C.A.B but I think your case you should call CCCS. Good Luck and don't panic every thing will work out fine in the long run.