Tesco Loan can't afford what should I do

[Undercover Elsa]

Re: Tesco Loan can't afford what should I do

Hi Morris,
Sorry, I've only just seen this thread.
Have you actually finished work now and had your last wage/payout?
If so, have you claimed all the benefits you're due to? You can do a benefit check here: http://benefits-calculator.turn2us.o...eEQaAlNd8P8HAQ

If you've not started on benefits yet, it's probably the wrong time to complete a Financial Statement. As you haven't found a job to yet you obviously need to be careful with the money you do have.
However, if you are now on benefits then you are receiving the minimum that the Government calculates you are able to live on. This doesn't include money for non priority debts. Under these circumstances (as opposed to debt collectors intimidating you for increased payments) it can be in your own interests to submit a Financial Statement if it's the only way to get the bank to agree to token payments.

That said, rather than the banks Income and Expenses sheet, I always feel that it's better to complete the Nedcab online FS, which has helpful limits built in triggers for the maximum allowances for essentials such as housekeeping, travel etc.
Creditors Income and Expenses forms are often unnecessarily complex and intrusive.

The Nedcab FS can be found here: https://nedcab.cabmoney.org.uk/quickfs.asp

When you wrote asking for token payments did you ask the bank to suspend charges and freeze interest?
Obviously if they don't do this then the debt will spiral out of control. If they refuse to do this then the only recourse is to allow them to default and terminate the debt, at which point interest and will cease. It will also drop off your credit file sooner than an arrangement to pay marker.

Finally, is this loan with a different bank to your current account?

Elsa x

[cymruambyth]

Re: Tesco Loan can't afford what should I do

I would be tempted to refer to your earlier letter and enclose a payment of £1. Do not fill in I&E form, the only people who can demand one of those are the courts. But as nightwatch said see if anyone else has a better suggestion! In any situation. Don't reply promptly, always wait until the deadline as this buys more time.

[morris83]

Re: Tesco Loan can't afford what should I do

Hi nightwatch I sent them a letter saying that I can only pay a pound out of work etc. They have just ignored that and sent the generic letter !! I shall see what the others think too thank you x

[nightwatch]

Re: Tesco Loan can't afford what should I do

I would be tempted to send a letter now saying you are out of work and £1.00 a month is all you can afford at the moment and will be in touch should circumstances change.

but see what others say xx

[morris83]

Re: Tesco Loan can't afford what should I do

Okay so today I received a letter from tesco. Was a generic letter stating they want to understand my financial position. They are asking if I have lost my job off sick etc . They also included a expenditure form as asked me to fill it in and provide my reasons why I can't pay. They want it back within 28 days
Shall I complete their forms and send them back. What you guys think thanks

[SA Gold]

Re: Tesco Loan can't afford what should I do

Morris - just caught up on this thread and wanted to say it is daunting at first, but the support of AAD is truly outstanding. You are not alone and you will find they will be like a bottle of pop: go nuts and first and then go and annoy someone else. Once defaulted, you may as well let them sell it on.
All the best and let us know how it all goes.
Best
SA

[morris83]

Re: Tesco Loan can't afford what should I do

Hi all Okay well still haven't heard from tesco and loan payment due tomorrow. I have cancelled the direct debit. I presume they will wait until I don't pay to see if I was bluffing !!! Will post up when I hear from them. I have been away for a few days so I may have a letter you never know

[nightwatch]

Re: Tesco Loan can't afford what should I do

enjoy your weekend too xx

[morris83]

Re: Tesco Loan can't afford what should I do

Okay letter sent today been a bit busy! Let's see what they say! thanks for all your help have a nice weekend

[cymruambyth]

Re: Tesco Loan can't afford what should I do

Once your account has been sold to a DCA payments will always go to them; they pay pennies for anything that they buy and will often accept big discounts. Hypothetically, you get another job, save your money and pay off at a heavily reduced sum.

The only people who demand pay slips are the courts and that is a long way away as you will have support to avoid that. Posters are issued with court papers but AAD has a very strong legal section and recently most cases have either been settled before court, dismissed at court or a payment arrangement made to keep out of court.

Try not to think too far ahead and worry too much.

[morris83]

Re: Tesco Loan can't afford what should I do

Right letter ready to go !!. If for instance they don't accept my offer and they default me may be sell to a dca and i regain employment which I could afford to repay should I pay a dca or pay tesco again. ? Just thinking If I have been defaulted should i just continue with the small payment as my file would be shot anyway. Is there anything they could do i.e demand payslips take me to court and order me to pay etc. Hope that makes sense

[nightwatch]

Re: Tesco Loan can't afford what should I do

Ahem...it was moi

Glad you agree with me

What I put Pixie !!

[morris83]

Re: Tesco Loan can't afford what should I do

Oh okay thanks all. Will send the letter asking for 6 months of one pound payment and see what they say !!

[Pixie]

Re: Tesco Loan can't afford what should I do

what IF says is quite true Morris, I had a CC with Tesco told them I could not afford to pay it anymore due to no work (i quit because of the stress of trying to pay everyone) sent them an income and Expenditure breakdown which clearly shown I only had £30 over to pay 22 creditors, We had joint debts of over £100k, they told me they would only accept £80 a month only £10.00 less then we were paying, so they think you are lying from the start.

just send the letter offering £1.00 xx

Ahem...it was moi

Glad you agree with me

[nightwatch]

Re: Tesco Loan can't afford what should I do

what pixie says is quite true Morris, I had a CC with Tesco told them I could not afford to pay it anymore due to no work (i quit because of the stress of trying to pay everyone) sent them an income and Expenditure breakdown which clearly shown I only had £30 over to pay 22 creditors, We had joint debts of over £100k, they told me they would only accept £80 a month only £10.00 less then we were paying, so they think you are lying from the start.

just send the letter offering £1.00 xx