minicredit

[Yosh]

Can't you just borrow the money to pay back the loan from a family member or friend with a strict promise you will pay it back with interest?

I would do that or start selling stuff to pay the loan back, belongings can be replaced but that loan is just going to get bigger and bigger unless you handle it now.

[pauldarkside]

pay it on a credit card <snip> get an over draft

I doubt anyone in their right mind would opt for a legalised loan shark if those options were available in the first place.

just go bankrupt, then change your name, dont worry about it

Just as well emigrate too, right?

@TiMeZeRo: CAB should be your first port of call, they specialise in sensible advice. Good luck getting it sorted.

[TheAnimus]

Just as well emigrate too, right?

There is a rule when it comes to petercook7's advice on hexus.

If it were a programming language I'd say its as simple as using the ! operator.

[Allen]

MICROCREDIT LIMITED (REG. NO. 06677980), OF 30 BOROUGH HIGH STREET, LONDON SE1 1XU

That's a few doors down from where I work, want me to go have a word?

[peterb]

I was just about to start a post about why going bankrupt is NOT a good idea (especially over what is - in the context - a small sum) but then I saw Theanimus's post - says it all really!

[Rave]

I was just about to start a post about why going bankrupt is NOT a good idea (especially over what is - in the context - a small sum) but then I saw Theanimus's post - says it all really!

Yes going bankrupt is a bad idea, but the rest of the advice in his post is sound if you ask me- especially using the job centre phone to call them, and asking them for a hardship loan.

[petercook7]

There is a rule when it comes to petercook7's advice on hexus.

If it were a programming language I'd say its as simple as using the ! operator.

I was posting ideas what he could do, to pay it, I said "If the worse comes to the worse" then you do it, because that company will take you too court over that sum, its better to file for bankruptcy, before they completely put you in the gutter.

You really need to read up about that company, they give you 3 months and then its off to court, if that happens then you be gutted.

[Lucio]

i said "If the worse comes to the worse" then you do it, because that company will take you too court over that sum, its better to file for bankruptcy, before they completely put you in the gutter.

No, you don't.. bankruptcy takes *years* to recover from, and sometimes can be impossible to escape from. My mother was declared bankrupt 14 years ago and she *still* can't escape from it.

[Agent]

I was posting ideas what he could do, to pay it, I said "If the worse comes to the worse" then you do it, because that company will take you too court over that sum, its better to file for bankruptcy, before they completely put you in the gutter.

You really need to read up about that company, they give you 3 months and then its off to court, if that happens then you be gutted.

Being taken to court by them is a far better option than declaring yourself bankrupt, more so with the sum we are talking about.

Do you know what bankruptcy is? I can't believe you're suggesting it for a few hundred quid...

edit - beaten

[petercook7]

No, you don't.. bankruptcy takes *years* to recover from, and sometimes can be impossible to escape from. My mother was declared bankrupt 14 years ago and she *still* can't escape from it.

The laws on bankrupt have changed, you no longer need to say you have been bankrupt after 5 years

How long does bankruptcy last?

Bankruptcy usually lasts 12 months and after this time you are discharged (freed) from your bankruptcy debts. It can be earlier if the Official Receiver completes their work on your bankruptcy and your creditors don’t object.

Your discharge can be delayed if you break the bankruptcy restrictions or don’t co-operate with the Official Receiver.





assets taken to pay your debts will not be returned to you
your income can be used for three years to help pay your bankruptcy debts, if you can afford it

They will put a CCJs on him, now that lasts for 6 years however they can still go after him for the debt for the rest of his life and if he acknowledges it, the 6 years could start again even after your discharge from ccj, that's why going bankrupt will stop that.

[Behemoth]

Whats the point of going bankrupt for such a small amount of money ? Where's the sense in that ?

Seriously BAD advice.

The Op should also give the national Debt Line a shout on 0808 808 4000 and get some specialist help on the situation. Forum advice while some of it has been good, some of it is just plain wrong.

[petercook7]

Whats the point of going bankrupt for such a small amount of money ? Where's the sense in that ?

Seriously BAD advice.

The Op should also give the national Debt Line a shout on 0808 808 4000 and get some specialist help on the situation. Forum advice while some of it has been good, some of it is just plain wrong.

i wasnt telling him he should just suggesting if the worse comes then he should because of the ccjs, i told him other ways but if they fail and they take him to court he will be looking at 1000s of pounds in costs etc..

[pauldarkside]

*delete

[peterb]

From the DirectGov website

Bankruptcy fees you need to pay

The court will not consider your bankruptcy petition if you can’t pay the bankruptcy fees. These fees are:

* £525 to cover the cost of managing your bankruptcy
* £175 to cover your court costs, you may not have to pay this fee if you are on income support - court staff can advise you

How to pay your bankruptcy fees

Some charities can help you pay the fees and your local Citizens Advice Bureau can provide details of any in your area.

* Find your local Citizens Advice Bureau

The court will not accept personal cheques, but you can pay the fees:

* in cash
* in postal orders
* by building society, bank or solicitor’s cheque made payable to Her Majesty’s Courts Service

So - just looking at the finacial side, and ignoring the potential after effects...

Pay £700 to clear a £250 debt... Hmm - doesn't stack up to me

The court will dispose of assets to pay creditors - so if there are assets to pay the amount, the debtor would be better realising them himself.

Emergency loan if you can get it might be worthwhile - did you (the OP) - get to the CAB?

[TiMeZeRo]

been to CAB all they said was to get in contact with them finally got hold of them on the phones after trying to 2 days to be told

i have to pay the loan in full
i explained it is impossible at this current time as im on jsa
balance as it stands is 275 they have taken 70 from me already which wiped out most of my money from job seekers going bank on tuesday to change all my details.
i said i wont be able to pay anythign for 2 weeks as im on job seekers and asked how much it would be they said in 2 weeks i will owe them 580 .... which is a bit of a jump and means i have no chance of paying it back. they say that they dont accept payment plans and that there are no managers around for me to talk to ¬,¬ so wasted a load of my credit callin them for nothing

going CAB again and explaining that they are giving me no option and that i have no way to pay it back the way they want to

they threatened me with legal action if i dont pay in the next month but is that even possible to do it that quick or is it just a scare tactic

gotta call them monday when a manager "should" be there and talk to them to try and sort something out

worse part is ive come to an agreement with wonga to pay 25 a month to them a month and ive had to send the money to another account because i couldnt risk minicredit taking it

is there any legal stuff i can quote to get them to budge

original loan was 100 quid
total repayment today is 350 ish ( including the 70 taken already)
total reppayment in 2 weeks 650 ( including the 70 already taken)
im getting 108 quid every 2 weeks and the charges go up by 300 every 2 weeks ... there is no way i can pay this there has to be a legal way to get out of this and force a repayment scheme or something

beeen trying to sell my stuff to get some money currently got xbox360 and ps3 on ebay and all my old computer parts to but still i dont think im going to be able to raise that kind of money in 2 weeks

[peterb]

Give these people a call (as Behemoth suggested earlier)

http://www.nationaldebtline.co.uk/

0808 808 4000

And look at the sdite, there may be something of use to you there.

Did you talk to the Job centre about an emergency loan or an advance on JSA?