About to default likely loans

[finaldj]

I've been asked to put a post on this side of the forum regarding Likleyloans

 

I'm about a month or 2 away from defaulting on payments on a £1600 loan @£72 a month over 54 months

 

£1,600.00 over 54 months
£72.64 per month over 54 months
APR is 59.94%
Total repayable is £3,922.56
Total cost to borrow is £2,322.56

 

 

This was a loan I took out in November 2018

However a job that was supposed to go permenant is now going to end in August due to funding cuts.

 

This will go with other debts putting my total debts to around £29k

 

It has been suggested that I pay £5 PCM till a time that my wife can get work again so looking for advice with this one, thanks.

[dx100uk]

was your credit file shot with defaults late payments etc etc

when they loaned to you

[Peterbard]

How many creditors are we talking about and what kind of credit are they

Have any of the others been defaulted yet?

[finaldj]

Yes I had been on a DMP plan for since about 2017.

I was registered with clear score and this came up as something I could get based on people in my current situation.

 

Been on a DMP for a few years now about 6 creditors which have all gone over to DCA's over a year ago.

 

However I had Littlewoods/very/argos I never declared on my DMP as they all had 0 balance at the time I defaulted on the others....the idea was if something broke down like washer/tv etc they were something I could fall back on with the idea I wouldn't use them for anything else.

 

However as time progressed I ended up dipping into them for stuff and family buying things some not paying in the end after a fall out just landed me deeper into debt on my DMP

 

the crippling point was Child Support Agency made a big mistake it had been coming out of my wage but they hadn't been taking in enough in around 10/12 years

 

when CMS took over they looked into my account and informed me there was arrears of 11k so the £286 a month towards debts the CMS started taking which pushed my Min payment towards debts to £61 a month.

 

This is when it started the ball rolling landing me further into debts.

 

I haven't got defaulted in Argos/Very/Littlwoods or Likley loans this is going to happen soon.

 

I have however got another thread going about the other debts on another post in the subforums as was asked by the site team to post about Likley loans in here.

[dx100uk]

so if debts had already gone to DCA's by the time you took this loan out 

there must have been defaults on all of those

and or

late payment markers etc clearly showing a history of you cant afford things...

 

[finaldj]

Yes that was the case all the debts were with DCA's when I applied for the loans.

 

Would this make a difference to me defaulting now on this loan?

[dx100uk]

stuff worrying about defaulting on it

 

they should not have loaned you the money in the 1st place

 

fire off an irresponsible lending claim 

 

 

 

 

[Peterbard]

Are you on good terms with the dmp providers,do you pay them too much.

 

Are the accounts which are not being paid to the dmp being persued?

 

I have to say this is a common scenario, so don't worry it will get sorted. I take it tou have no secured loans or council arrears?

Edited June 12, 2019 by Dodgeball

[finaldj]

I'm with Stepchange but leaving them to do a DMP on my own with the creditors.

I've found SC not very good and kept pushing to go bankrupt and they are very pushy.

 

I've also added more debt onto myself since being with them which will only fuel the fire with them so figured it might be easier to go alone with it. These other accounts Very/Littlewoods/Argos and Likley I haven't defaulted just yet I've got enough to make 1-2 more payments to them all and thats it.

 

This way I've told the wife once I default on the other companies I have credit with I wont be able to get anymore credit for a long time which is kind of a relief because I've learnt a huge lesson from all of this and I don't ever plan on getting like this again.

 

Once we have sorted out our financies, I'm setting up a savings account to fall back on if we need anything.

[finaldj]

Just a small update on this, I sent my letter off to likely loans last week and haven't heard anything back yet.

[dx100uk]