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Feeling trapped and unsure

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Hi all :-)


Im so glad i came across this site, with honest oppinions from people who know what they are talking about.


ok ill try and cut a long story short. I have 2 loans with Halifax. (both unsecured)


Loan 1 i took out in 2006, however i topped up the loan in Oct 2008, creating a new loan. Since then im currently paying £340 PM (15.1% interest - 50 months)

Was 12k now down to just over 9. So ive paid over 5k and not really got very far :-(


Loan 2 (dont remember ever getting any paperwork) from halifax again too consolidate, this loan is 2.5k and i pay £60 PM. No idea how much interest im paying, it will be alot as i know its over 7 years. I took this loan out in sep 09.


All under the 'fixed-sum Loan agreement regulated by the consumer credit act 1974' - Also with the loan document i was advised to read the 'personal Loan conditions 2007' booklet.


My problem is, is that now im 26 and in a rather dead end job and would love to re-educate/find a new job. Im currently off work (1 week) due to stress (anxiety problems) which i have a sneaky suspicion is due to my financial situation. I cant afford to move out, as after all my outgoings and dd's are taken out of my wage paket im left with little money.


is there any advice out there? Ive had alot of advice from friends, such as 'ring the bank and freeze the loans' get and IVA. However i feel as they dont have experience in this field its better to as people who may know a little more.


I guess im feeling trapped, i know my loan amount isnt partucularily huge. I just feel ive been working a job i hate for so long just to pay off debt, and too scared to change as i dont want to default, as i currently have a fantastic credit score.


many many many thank for any replies :-) sorry for going on.

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such as 'ring the bank and freeze the loans' get and IVA.

DON'T do an IVA without doing alot of research. This is not the easy way out that it is portrayed. You will be stuck with this for 5 years. It WILL affect your credit file, you won't get credit & you won't get a mortgage. They put a "Windfall" clause in, so if your circumstances change, or you get a lump sum of money, they take it. The Insolvency Practitioner not only gets money from you to set it up, but they keep most of the money you pay. The Creditor gets very little.



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Oh my, thank you very much :-) IVA do seem ok online, as you said though they can be portrayed in fake light online. I think will go with a debt management plan :-) After reading info about debt management im now feeling more positive about it all :-)


I just hope it wont affect my credit rating.


Many thanks x

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You could go to your local CAB, they will be able to advise the best possible route, and can help you to negotiate with your creditors. Ensure that the accounts are frozen, so your payments are reducing the debts.


Good Luck



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I'm currently on a DMP with CCCS....they have been very helpful but remember, if you default or have reduced payments, this will effect your credit rating.

Custard Creams x



If this site has helped you in any way, please make a donation...no matter how small.




My comments are based purely on my own experience. I have had no legal training.

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The way I think to look at credit marks is that its a choice between 6 years down the road having a clean history and no debts with the knowledge along the way that you are making real progress(which i'm sure will help your anxiety) or still struggling to make payments you cant afford, by which time you'll of probably ran up charges and more stress.

At the end of the day from what I gather, unless you want more credit then a perfect credit rating doesnt mean a great deal anyway especially if you already have late payments.

I see it as a blessing having a messed up credit rating as there have already been a few occasions where i'd of gone for credit but the choice has gone and I have to find another way.


Ofcourse im not saying that a messy history is better than a clean but sometimes taking a few hits will mean the greater good in the long run.

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Thanks :-) that does make sense, at this moment ive never missed a payment on any loan or anything else. Maybe having a DMP will slightly ruin my score however its better than struggling, just want to be able to breath you know?, have some freedom and find a career i want to do... not a well paid job i hate (travel far too) just to pay for debt!!



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