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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
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
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