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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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I out a personal loan for £23,353.70. The loan has increased

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I toke out a personal loan for £23,353.70. The loan has increased over the years to48.782.13. The loan was originally £200 a month this has now increased to £350 a month due to areas. Enforced by the court.However now although I'm paying each month I'm getting further in debt. I'm getting charged interest debit, simple interest on ds and compound int on arr. is this legal and can you give me some advise to reduce the debt
Submitted: 1 year ago.
Category: Law
Expert:  Jo C. replied 1 year ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
Is there a CCJ against you?
Customer: replied 1 year ago.
Yes
Expert:  Jo C. replied 1 year ago.
And it has increased because of court costs?
Customer: replied 1 year ago.
Hi yes but I was understanding that the increase of monthly payments was to reduce the arrears when I was unable to meet the monthly payments. Now I'm paying an extra £150 per month along with £200 and each month I'm further in depth. Court costs were minimal
Expert:  Jo C. replied 1 year ago.
Given the sum in question court costs would not have been minimal I'm afraid. This exceeds the small claims court.
If you are unable to make the monthly payment then you can bring it back to court for an application to vary the order to allow you to pay a lesser sum. It is fairly easy to do that but you should offer an amount that you can realistically afford.
The only issue to consider though is that you will be paying interest probably at 8% pursuant to the County Court Act and the lower the sums you repay the more interest you will pay long term.
You can use the N244 forms to make an application.
Can I clarify anything for you?
Jo
Customer: replied 1 year ago.
The problem at this time is not the monthly payments but the three different interest incurred each month which is increasing not decreasing the depth is there nothing I can do about this?
Expert:  Jo C. replied 1 year ago.
There cannot be three different interests.
But there will be interest consequent upon the CCJ and I'm afraid you cannot do anything about as it is cout ordered.
Customer: replied 1 year ago.
Can you explain what I'm paying then. Interest debit is £211.33 .simple interest on ds is £22.80 and compound int on arr is £148.80
Expert:  Jo C. replied 1 year ago.
They have broken it down into how it is worked out.
In fairness, the total of that figure would be just under £400 which would be around 8% of the higher sum that you owe.
Customer: replied 1 year ago.
I don't understand what you mean. How can you be paying the agreed amount plus an extra £150 and be further in depth for example my last balance was £48390.53 I paid £360 interest added and to date I owe£48782.13
Expert:  Jo C. replied 1 year ago.
Because you are paying court ordered interest.
In fairness, the total of that figure would be just under £400 which would be around 8% of the higher sum that you owe.
Customer: replied 1 year ago.
What would you advise me to do ? Go back to court. What do people do when they are caught up in this cycle of paying all agreed sum plus extra and their depth continuous to grow.
Expert:  Jo C. replied 1 year ago.
If you are unable to make the monthly payment then you can bring it back to court for an application to vary the order to allow you to pay a lesser sum. It is fairly easy to do that but you should offer an amount that you can realistically afford.
The other alternative is to take out another loan at a lower rate to clear it.
Customer: replied 1 year ago.
How do I go about taking it back to court what forms or procedure do I take. With ccj I would not get a loan. Would the court be able to reduce the intrests
Expert:  Jo C. replied 1 year ago.
You can use the N244 forms to make an application.
No they cannot reduce the interest.
You might be able to get a loan with the CCJ depending on the age of it.
Jo C., Barrister
Category: Law
Satisfied Customers: 69994
Experience: Over 5 years in practice
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