Question

I took out a loan in my name to help my partner a few years back. I had been paying the loan as they had lost their job and had no income except for benefits. They got Universal Credit. We split up and now I have also lost my job as the company I worked for went bust. I will find another job soon, but will not be earning the same wages. I am unsure what to do. I am not in arrears with the loan and it is my only debt. Any advice as I know I cannot keep making the payments. I owe £3,200 and my payments are around £100 a month.

Bee

Answer

Bee,

Have you spoke to the bank or company you have the loan with? As always, that is going to be your starting point.

The loan company may be able to offer reduced payments for a period of time, or some other payment arrangement to work with what you can afford.

Unfortunately, any payment arrangement outside of the agreed contractual payments, may affect your credit and credit score. But that is secondary to being able to repay the account.

Regards,

Jon

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