Marbles, what should i do?

[Flagg913]

I have a Loan with Beneficial Finance which after a while i could'nt pay the minimum amount of £136.00, made a new payment plan with them to pay £34.00 per month which i have been doing for the last two months...

 

Now they sent me a letter stating in a month's time i would recieve a default on the account, i know that they are quite a few £15 late payment fee charges on the account...

 

Is there anything i can do to stop the default (they say the only way the default can be stopped is by paying half of the £136.00 per month)

 

if it does default...what happens?

[Bigmac versus]

Defaults are on your credit rating for 6 years and will affect you ability to obtain future credit, its in your best interest to avoid this, you say new payment plan? is this just reduced payments for a short period of time or is this what you said you could only afford?

[Bigmac versus]

You could ask them for your statements then calculate how many penalties you have paid, if they get stubborn send them a sar and advise them the balance is in dispute due to the charges.

[Flagg913]

It says on letter they sent, that at moment if i'm paying reduced payments, but i actually sent a financial statement and said that £34 is all i can afford to pay and they accepted it, well as far as i know it was accepted.

[Bigmac versus]

Has your circumstances changed since taking the loan on?

[Bigmac versus]

if your reduced payments have been paid for past two months then you are behind by £204.00 which is less than 1.5 months behind seems a bit harsh to default. Dont ignore it best to speak to them and try to resolve this.

[Flagg913]

Tried Speaking to them they basically just say only way to afford the default is to pay £68 per month and not £34.

 

Unfortunatly i cannot pay £68, so basically they don't want to know..

 

to be honest my Credit report already has two CCJ's on it and about 12 defaults.

[LondonPam]

I'm not being harsh when I say this but quite honestly another default will make little difference to your credit report if you already have 12 on it.

 

The important thing here is to pay them what you can afford and try to do the same with any other creditors you have. If you have others then make sure that your payments are on a pro-rata basis, that way you are treating them all fairly.

[Flagg913]

I'm not being harsh when I say this but quite honestly another default will make little difference to your credit report if you already have 12 on it.

 

The important thing here is to pay them what you can afford and try to do the same with any other creditors you have. If you have others then make sure that your payments are on a pro-rata basis, that way you are treating them all fairly.

 

Exactly what i thought, i did'nt think another default would make a difference, i have made all my payments pro rata and nearly everyone has been okay with it only HFC or being funny.

 

Thanks for all Advice.