In December 2015 I had four weeks off work to complete a university work experience placement. I had 2 credit cards and a Personal Loan. The cards were up to date (no defaults or late payments), had credit available, and the loan was ahead of schedule.
I decided I wanted to cancel the cards and consolidate them into the loan. I called an independent loan company who said I didn’t qualify for a debt consolidation loan, but they knew a company who could help me. They passed me through to Company.
Company marketed their product as a voluntary agreement to pay what I could afford. They stressed that they would speak to my creditors and that I should not. At no time did either company mention that it was an act of bankruptcy. I signed a Part IX debt agreement that I attempted to cancel in February 2016, when I learned the legal implications of the agreement. They said I couldn’t cancel without either declaring bankruptcy or paying the full amount of $13k including their fee, so I continued to pay it off.
I paid out the agreement on 28th Feb 2020, five months ahead of schedule. I really believe I was tricked and not given adequate information but there is no way to prove it.
Unfortunately in December 2019 I had to take out an alternative loan of $3500 for emergency repairs. My partner does not know I did this and I owe $2100.
I have recently signed a mortgage with my partner and the loan will soon be advertised. I have struggled for years for financial freedom and if he finds out I am scared he will leave me – his ex caused massive money issues. Although I can easily cover the loan repayments + mortgage, I don’t want it discovered. Pic Is to prove I am financially more responsible now and ahead on the loan.
I would love the chance to pay this loan off quickly and would pay it forward once the loan is finalised – I want to help others be free of predatory lending!