struggling to repay

[greenmich17]

Hi hope someone can help. I went bankrupt last year and still have a secured loan with welcome ( joint). My monthly repayment is £230 but we are having to pay £250 to clear arrears of approx £2500 from previous missed payments. Due to having to pay off council tax arrears which were not entered i cannot make the payment to welcome today by direct debit. Can't get through on phone but the company will no doubt call tomorrow or start just calling round as they have done before. I am a full time carer and have threeyoung children, two of which have special needs and my husband keeps us afloat just about. Just feels like i cant find a way out, sick of being harassed with phonecalls asking us to remortgage or up monthly payments. what can they do if i cant pay this month? i know they wont accept weekly payments

 

any help appreciated

[greenmich17]

sorry to bother again but any advice? not sure what to do as we will be able to make next months payment fine its just this one payment but because of past arrears welcome just dont help - have paid since jan by direct debit with no missed payments this year until now. Just want them to understand and not come knocking on my door like they have done many times before as they were " just passing".

[greenmich17]

can anyone help ? i am so scared by tomorrows approach which will happen, and i hate that they turnup in front of my children, sometimes quite abrupt basically saying pay up

[postggj]

did the official receiver set the payments to welcome

 

i cant understand why you are paying them if it was included in a bankrupcy petition

 

please elaborate

 

has the receiver full tital to the house following bankrupcy,

Edited August 31, 2011 by postggj

[greenmich17]

Hi the house is in joint names but only i went bankrupt. As it was a secured, joint loan it was not entered into my bankruptcy petition. The amount has been what i have been pretty much forced into by welcome, always trying to get me to increase it to clear the arrears.

[greenmich17]

ok but i cant get to CAB until next week when children go back to school and taking three young kids, esp with difficulties my younger two have would not be practical. what do i say when welcome call?

[MrZ]

Hi the house is in joint names but only i went bankrupt. As it was a secured, joint loan it was not entered into my bankruptcy petition. The amount has been what i have been pretty much forced into by welcome, always trying to get me to increase it to clear the arrears.

 

This gives yiou more options. To be clear though was there a formal agreement made to pay a certain amount toward arrears? In other words did Welcome confirm your agreement in writing?

 

Welcome can not force you to pay more than you can afford. They may try by being agressive and issuing threats, etc., but thats all they can do. If you are happy with the state of your account and there is no reason to dispute the account you should make your regular monthly payments. Only you know how much you can afford to pay additionally toward arrears.

 

Have you asked them to freeze the interest temporarily until your financial situation improves? Have they considered capitilising the arrears? There are many options that both parties can consider other than Welcome insisting on payment of an amount you can not afford.

 

Lastly, and maybe most importantly, do not call them or speak to them on the phone. This only serves their interest, and does not offer you any protection or evidence of what is said or agreed. Insist that all further communication be made in writing, and keep records of everything.

 

Have you worked out a monthly budget, and are you comfortable with how much you can pay toward this and your priority debts? If so then there are letters in the templates library that you can send to get things sorted. If not, there is also a handly budget spreadsheet that will help you organise your income and expenditure. Either way, you should have a solid understanding of how you want deal with this moving forward before you make contact or any offers of settling the arrears.