P
pixiebean22
Guest
Hi, new to the forum, going through a worrying time at the moment and need some advice.
4 years ago I was with a very controlling ex who forced me into taking numerous loans out in my name under the impression that he would be paying them back (I am not looking for a lecture on this part of the story, I am just explaining how I came to be in debt).
The balance on these loans (I have since consolidated them into one loan) is €18,000 odd. Repayments per month are €448 or thereabouts.
Last May I was made redundant and was not entitled to redundancy pay due to length of service. When I found a new job I had to take a 5 grand pay cut. I contacted my bank and asked to lower repayments as I could no longer afford them, they refused so I continued to pay as much as I could into the loan every month. In October they contacted me saying they were bringing me to court, solicitors, the sheriff etc etc etc. I sent them back letters explaining in detail my situation, even offering to provide proof of income and proof of previous income so that they would understand better my situation. They said no no no you must pay. I again explained my situation but they seemed to not care and just kept demanding payment. Eventually I got them to agree (it was an extremely longwinded saga which I think is quite cruel and stressful on customers) to €200 a month payments. I made the October payment fine as I had extra cash but began to struggle in December (Christmas etc) so just now I have received another letter threatening solicitors saying that I haven't kept up the agreed repayments. I plan to contact my bank next week and offer them a reduced payment per month again and I'm sure it'll go back and forth for a number of weeks like it did the last time.
I have asked the bank to freeze interest, they refused, I have asked them to freeze the charges being added on for late payment (although the payments are not being made late because they are not the full amount my bank have told me that this counts as late payment), they refused. I was under the impression that as long as you are offering them something they have to accept it? I know that it'll take me longer to pay back the loan the less I pay back but with another pay cut looming I have no other option. I have cut my gym, vhi, membership to clubs i was in, gotten rid of my bus ticket, reduced my pension payments, everything i think of to increase the amount of money i can give them but nothing seems good enough. I rent my house and have no big possessions (ie. all i own is the clothes on my back, the food in my cupboards and my dog). I suffer from chronic asthma and spend over €100 on medication (I am not entitled to a medical card) and have previously been advised by my bank to "cut this down".
I am basically just looking for any advice anyone can offer about how I can make this situation better.
I know the sheriff isn't going to come in and take my clothes and bread, i know he is just after big cars and the like and it is basically just an empty threat but this saga of going back and forth is very time consuming and stressful and I just want to come to an agreement with them so that they will leave me alone and i can pay them back and they can stop looking for more money. I have even been considering declaring myself bankrupt, I am only 22!
Again, any advice would be appreciated.
4 years ago I was with a very controlling ex who forced me into taking numerous loans out in my name under the impression that he would be paying them back (I am not looking for a lecture on this part of the story, I am just explaining how I came to be in debt).
The balance on these loans (I have since consolidated them into one loan) is €18,000 odd. Repayments per month are €448 or thereabouts.
Last May I was made redundant and was not entitled to redundancy pay due to length of service. When I found a new job I had to take a 5 grand pay cut. I contacted my bank and asked to lower repayments as I could no longer afford them, they refused so I continued to pay as much as I could into the loan every month. In October they contacted me saying they were bringing me to court, solicitors, the sheriff etc etc etc. I sent them back letters explaining in detail my situation, even offering to provide proof of income and proof of previous income so that they would understand better my situation. They said no no no you must pay. I again explained my situation but they seemed to not care and just kept demanding payment. Eventually I got them to agree (it was an extremely longwinded saga which I think is quite cruel and stressful on customers) to €200 a month payments. I made the October payment fine as I had extra cash but began to struggle in December (Christmas etc) so just now I have received another letter threatening solicitors saying that I haven't kept up the agreed repayments. I plan to contact my bank next week and offer them a reduced payment per month again and I'm sure it'll go back and forth for a number of weeks like it did the last time.
I have asked the bank to freeze interest, they refused, I have asked them to freeze the charges being added on for late payment (although the payments are not being made late because they are not the full amount my bank have told me that this counts as late payment), they refused. I was under the impression that as long as you are offering them something they have to accept it? I know that it'll take me longer to pay back the loan the less I pay back but with another pay cut looming I have no other option. I have cut my gym, vhi, membership to clubs i was in, gotten rid of my bus ticket, reduced my pension payments, everything i think of to increase the amount of money i can give them but nothing seems good enough. I rent my house and have no big possessions (ie. all i own is the clothes on my back, the food in my cupboards and my dog). I suffer from chronic asthma and spend over €100 on medication (I am not entitled to a medical card) and have previously been advised by my bank to "cut this down".
I am basically just looking for any advice anyone can offer about how I can make this situation better.
I know the sheriff isn't going to come in and take my clothes and bread, i know he is just after big cars and the like and it is basically just an empty threat but this saga of going back and forth is very time consuming and stressful and I just want to come to an agreement with them so that they will leave me alone and i can pay them back and they can stop looking for more money. I have even been considering declaring myself bankrupt, I am only 22!
Again, any advice would be appreciated.