Whats the worst that can happen?

[louisd77]

Hi,

 

Just hit financial embarrassment.

 

I have a loan with Black Horse & littlewoods catologue & also have a hp car loan with Welcome, which I have paid a third off. No missed payments yet but was wondering what could happen if I was unable to pay these debts in the near future?

 

Thanks,

 

Louis D

[evancosmo]

The worst case scenario is a county court judgement & subsequent problems with getting credit for six years. However there's a lot an informed consumer can do to avert this. If you think that you are going to encounter problems I'd encourage you to do as much background reading now as possible. You wouldn't believe some of the illegal crap these people will try & pull. Knowing the law & your rights from the outset is their worst fear - an informed consumer.

 

On a personal level, hope things get better soon & if they don't CAG & the fantastic community here will help you protect yourself & your rights.

 

All the best, EC

[loobyloo85]

You would need to draw up and income and expenditure to see how much you are able to afford each month to pay to your creditors. Double check that your HP is definately a secured agreement, as a lot of the agreements will state that they are secured to get the money back but a lot of the time, they are only unsecured loans, and if you miss payments, they cannot reposess this vehicle.

If you draw up your income and expenditure, you can see where you are with your money. You can then call your creditors or write to them offering a nominal payment of an amount that you feel you can afford. Alternatively, if you have £50+ disposable income, you can pay this into a debt management each month to clear your debt this way. x