Unsecured Loan

[rinefitz]

I have an unsecured loan and am finding it difficult to meet repayments. I have spoken to my bank but they are not being very helpful, does anybody know what I can do about it? It is for around �20,000 and I bank with the HSBC.

[stevie21]

What exactly do you want to do about it?
What have you asked of the bank?

Have you already cut out any luxuries like Sky etc. and are still finding it difficult?

[Kat213]

If you own your home, you could change it over to a secured loan which would almost always be at a lower rate of interest and therefore lower repayments. If not, you could always re-finance elsewhere. It might be that you need a longer repayment term to reduce your repayments significantly. Good luck.

[Piper-AK]

Go and see someone at the Citizens' Advice Bureau. If all your money is being swallowed up in loan repayments it needs sorting. HSBC were totally unhelpful with me when I first went on maternity and couldn't afford my repayments - only a temporary situation until I went back to work, but there was no way they were letting me reduce payments for six months. They said there was nothing they could do until I went into default. So I opened a bank account with another bank so my income wasn't all swallowed up by HSBC. Then I waited for my payment default notice to come through. It duly came, I rang them up, they were really nice and we have now come up with a plan I can afford. This was all based on the advice the CAB gave me, by the way, or I'd never have had the guts to go into default!

[hattster]

Contact www.payplan.com they are excellent and will advise you free of charge. They can set up arrangements for you and work out the best possible course of action. In fact if anyone is having financial troubles i would definitely recommend these people, they have helped me enormously and got my life back on track.

Good luck and most of all.....don't worry :-)