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terry d
Starting Member
United Kingdom
18 Posts |
 Posted - 09 March 2013 : 20:38:22
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a friend whose bankrupt took out a payday loan of £350 which he now cant pay back the final total with interest is £454 after numouous phone calls to the payday company a deal was struck with them that if they paid £25 into the payday loan account today they could then pay it off monthly at £76 a month untill it was paid off great sorted,they company said they would email all the info to them which account number to pay it into etc and text them that info to,neither an email came or a text,i think the company just want to add another £100 interest,they say they will phone and dont etc etc,all the phone calls to the company have been recored
should they just ring their OR and tell them they have been a silly boy and take the flack from the OR oh dear any suggestions would be welcome thanks terry |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 09 March 2013 : 21:44:06
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Hi Terry, was it taken out after or before his bankruptcy? If after, then he will need to repay it and the OR won't help. If it was before, then the OR can add the debt to the bankruptcy.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 March 2013 : 09:49:54
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| Agree with Viki that if it was taken out post BR then the bankrupt person is liable for the payments. |
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terry d
Starting Member
United Kingdom
18 Posts |
Posted - 10 March 2013 : 14:08:10
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i can see they are liable to pay thats fine but they just cannot pay up front the whole £454 or that might be £545 depending if the loancompany has added another load of interest they are trying to come to an agreement with the loan company to pay this over say 6 months which they will be able to dothey have no assets to sale,so whats the worse the loan company can do? isuppose when they are not bankrupt in 5 months they could go for a dmp or something bacause the debt will be about £1000 then any ideas
BANKRUPT 1ST AUGUST 2012 |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 March 2013 : 16:10:17
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If it is post BR then they have to accept the consequences and try to come to some agreement that is suitable for both. They won't be considered for a DRO as they are bankrupt.
I suggest they have a word with the OR.
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 10 March 2013 : 16:54:01
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unfortunately the OR won't get involved or help. Your friend will have to try to come to an arrangement with the loan company and hopefully they will accept a payment plan. Sorry i can't offer any better advice.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 10 March 2013 : 17:10:43
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| I don't think there is anything else that can be done as Viki says. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 March 2013 : 16:58:29
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Hi Terry
please can you encourage your friend to visit a bugetting coach, some local churches or council run establishments have some great people, who offer fantastic guidance.
they also have contact with the local authorities who can review, benefits, income support.
I know how hard it can be to budget but the idea of bankruptcy is to allow all a fresh start but if your friend has gone BR and is now taking on debts again it will not be too long before the debts escalate out of control again. (sorry this sounds harsh I know)
I have delayed a lovely couple going BR for just over 9 months now, this is because we had to make certain that the fresh start would work, we have sourced alternate accomodation, had all benefits and entitlements reviewed. Budget training and maintained a fixed incoem and expenditure
They are now in a position to go BR, had we not waited the 9 months they would be in a similar position to your friend
Good Luck Richard,
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A friend who is bankrupt took out a payday loan
