Where do I stand with repayments on a work loan

[wales01man]

Re: Where do I stand with repayments on a work loan

Hope someone comes on here to tellwhat they could do if you only paid what you could afford not reallymuch if they have no contract and you are paying

[josh142]

Re: Where do I stand with repayments on a work loan

OK I guess I didn't make myself clear. In theory, if a court were to find in his favour, disregarding your spend on non essentials (fags being one of those) what can you reasonably afford to repay each week. A court would look at your disposable income after deduction of essentials.

NOT what you want to pay him because of the principles or circumstances around you leaving or any previous verbal agreement you may have had.

No you didn't sorry but now I understand the question better.

I have £165 spare per month, my work is a 20 mile round trip, my car averages 38mpg, I put £30 worth of fuel in each week, this gets me to work and back, to the shops for food (not that I have any money for some) luckily my girlfriend is paying the food bill at this moment on the £50 per week she's making and then I have £60 spare per month for hair cuts, fags, take aways etc. etc. so realistically I can afford £25 per week because that extra £75 will get me food, clothes, cleaning stuff etc.

[josh142]

Re: Where do I stand with repayments on a work loan

Hope someone comes on here to tellwhat they could do if you only paid what you could afford not reallymuch if they have no contract and you are paying

That's the answer I was looking for but being a forum I wasn't expecting it to be said so easily and with legal proof, saying this the person who pays them every now and then has been doing this for 3 years, there's no consistent payment and it wasn't a large amount like my loan, to be honest the guy I worked with who I grassed on for theft was chased a lot by debt companies etc. and told me he was took to court once, explained what he had to pay for each month and could only offer a payment of £2.50 per month and they were legally obliged to accept, whether the story is true or not I don't know but this forum seems to be full of people trying to make sure you pay it back rather than looking after the individuals with the real struggles in life, not bosses that go back on words and know loopholes and more than you to scare you into paying the new amount.

Lets be honest here, companies big or small usually have intelligent, greedy, nasty people who have a good front but know more about making money from the poor than you know about how to protect your own money in these desperate times, don't get me wrong I'm not poor I'm just going through a financially difficult time but I'd rather learn to play these games so I have the upper hand because to be quiet rank, we're ruled by money and power and we're weak, the only winners are the richer and I mean the filthy rich that don't worry about money and paying bills the way we do, don't get me wrong business owners have a lot of stress but living to work, to pay, to have nothing but necessities that may be better than a £300 car, council house and free cat because you have finance, a mortgage for £80,000 and a £300 Persian cat but lets be honest we're as poor as the people owning a £300 car the only difference is we're worrying inside a shiner car or house but we're both worrying about the same bullshit.

My old boss isn't worry like I am, he hasn't the best car he can afford but thats because hes scared of a scumbag robbing it, he has two houses, one worth £500,000 with the mortgage nearly paid and he only bought it 6 years ago, goes on holiday 3-4 times a year, just please give me the answer to this question.. If I change my payments to £5 per week and inform them or don't and say this is all I can afford whats the worst scenario thats going to happen?

[Tools]

Re: Where do I stand with repayments on a work loan

I'm afraid your maths dont add up there

£165/ month spare
£30/week fuel = £120/month(ish)

Leaving you with £45/month spare

Fags, haircuts & takeaways do not count as essentials and if in theory this did go to court they would class the £60??/month as spare income.

As there was no signed agreement, that you do not have a durable copy of the terms & conditions, and that there was a verbal agreement on your resignation I think they would struggle in court.......however, stranger things have been known and it would depend on how determined they are to enforce the agreement.

What I am trying to get across, to avoid any possibility of court action, work out genuinely what you can afford and put that in writing to them, highlighting the efforts you made in your final month in return for an agreement to repay at the lower rate and that any amount in excess of £25 would be a compromise on your part.

Also ask them for a copy of the signed agreement (obviously they don't have one) should they wish to "avoid any future unpleasant proceedings having to be taken".

[Tools]

Re: Where do I stand with repayments on a work loan

I wasn't judging you, believe me I am in no position to judge others, I am trying to be practical.

[josh142]

Re: Where do I stand with repayments on a work loan

I'm afraid your maths dont add up there

£165/ month spare
£30/week fuel = £120/month(ish)

Leaving you with £45/month spare

Fags, haircuts & takeaways do not count as essentials and if in theory this did go to court they would class the £60??/month as spare income.

As there was no signed agreement, that you do not have a durable copy of the terms & conditions, and that there was a verbal agreement on your resignation I think they would struggle in court.......however, stranger things have been known and it would depend on how determined they are to enforce the agreement.

What I am trying to get across, to avoid any possibility of court action, work out genuinely what you can afford and put that in writing to them, highlighting the efforts you made in your final month in return for an agreement to repay at the lower rate and that any amount in excess of £25 would be a compromise on your part.

Also ask them for a copy of the signed agreement (obviously they don't have one) should they wish to "avoid any future unpleasant proceedings having to be taken".

Yeah sorry my maths didn't add up because trying to think about my answer to your questions, working out in my head what I have coming in and out every month, fuel costs etc. etc. meant I wasn't able to do my maths proper, I'm not the brightest with the stuff I learn't in school but my profession and knowledge make up for me being quite think.

Lets be honest, if it went to court they'd want to see a real workout of what I have coming in and out and what my spare money gets spent on, that being said being left with an extra £300 per month would give me enough to enjoy my earnings a little more which may persuade the judge or whatever to say actually you can afford it so just pay it off and whatever else comes with going to court, whether I'm fined or so on.

So I need to work out a bullshit plan to warrant the need to pay them less, without a great deal of thought I can't lie about extra bills or necessities (I know fags, takeaways and all that aren't but without life's comforts that are cheap on a daily basis compared to other hobbies I've had in the past what the hell are we living for, just to destroy the planet and become a slave... great)

I know what you mean but if they present my email asking for my signed agreement and they showed an agreement without my signature (the generic one used in the interview slightly altered) wouldn't the court ask me why I've asked them for my agreement but two minutes ago I told the court I never signed one? Sounds like a good idea until they twist the email making me look like a liar who doesn't want to pay the money I owe because I was shafted so I want to return the favour.

[josh142]

Re: Where do I stand with repayments on a work loan

I wasn't judging you, believe me I am in no position to judge others, I am trying to be practical.

No I understand, I'm just angry at myself for getting into debt and its just barrelled into a mess so I'm looking for an easy way out so I can return to my hobbies because at the moment I'm working to pay debt off and thats it, really I'm working to pay money I've spent in the past that I haven't actually earnt yet and holy shit the penny just dropped when I typed that.

That's what debt really is, spending money you haven't earn't yet, don't get me wrong a mortgage or rent is debt we can't live without because we're not animals living in the wild we're paying to live indoors but my car on finance, little extra bits on finance, credit car for my couch and cooker and so on are stuff I couldn't afford at the time... I really need to pay my debt off and drive a car I can buy outright, stop buying stuff on finance and never use my credit card unless its an emergency like a broken cooker.

[Tools]

Re: Where do I stand with repayments on a work loan

No I understand, I'm just angry at myself for getting into debt and its just barrelled into a mess so I'm looking for an easy way out so I can return to my hobbies because at the moment I'm working to pay debt off and that's it, really I'm working to pay money I've spent in the past that I haven't actually earnt yet and holy shit the penny just dropped when I typed that.

That's what debt really is, spending money you haven't earn't yet, don't get me wrong a mortgage or rent is debt we can't live without because we're not animals living in the wild we're paying to live indoors but my car on finance, little extra bits on finance, credit car for my couch and cooker and so on are stuff I couldn't afford at the time... I really need to pay my debt off and drive a car I can buy outright, stop buying stuff on finance and never use my credit card unless its an emergency like a broken cooker.

I hear that, I have a wardrobe full of those T-shirts, thankfully I haven't had to wear them for quite some time now. I was once in the same position, but with the help of others, here and elsewhere I am now debt free (ish) and living within my means. The realisation does hit hard I know and speaking to what you may class as a random stranger does actually help.

Trust me when I say, sometimes it is best to put your priciples/grudges to one side and deal with it head on, the sooner it's over the better. Look at it this way, if he hadn't loaned you the money in the 1st place, the debt you were clearing with that money would have been racking up interest daily, you'd have debt collection letters dropping through your letterbox and your credit rating would be shot to shit.

It is always sensible to avoid court, on the day you may either get a Judge who has got out of bed the wrong side, or one that had the best sex ever the night before, it's always a gamble.

Work out what you can reasonably afford, as I said genuinely, leaving you a little spare for "life". Be straight with them, tell them you are struggling but still intend to repay in full but at a rate you can afford, spell out your position and what was informally agreed at the lower rate etc. There are two options, he can say yes or no.

If he says no, then ask for the signed agreement and indicate that if it went to court he is likely to receive a lesser amount per week as the court would take into account essential expenditure and not your girlfriends contributions which are enabling you to pay at this rate now

[Tools]

Re: Where do I stand with repayments on a work loan

Forgot to add, the other debts you mention, are they under control or are you struggling with those too? How is you credit rating now, already shot or not too bad?

[josh142]

Re: Where do I stand with repayments on a work loan

Forgot to add, the other debts you mention, are they under control or are you struggling with those too? How is you credit rating now, already shot or not too bad?

The reason I don't want to pay £25 per week is because I want to get it over and done with but I could live with £5 a week, sounds silly but thats because it is.

Everything else is under control, I've never missed a payment on anything its just this thats caused me to think long and hard about my next steps but like you say the grudge needs to be put to one side because its starting to take over my opinions/options and really turn me into a naive little p***k.

Luckily my girlfriend starts an apprenticeship tomorrow which gives her more money weekly but I didn't want to be in the position where we live off her wages and my remainder pays for fuel and fags but I guess I have no choice unless I propose something more realistic like £70 per week.

Thank you for the advice and bearing with me whilst I rant away like a child who's had his toy taken away from him (come to think of it, I have), but you're right I'm probably in better position because the interest isn't building up so I'm paying what I owe off, thank you again tool, really appreciate it stranger friend.

[Tools]

Re: Where do I stand with repayments on a work loan

No problem Josh, drop in any time for a rant if it helps. On that note I'm away to my crib for the evening, g'night.