I borrowed £7000 over 5 years from Black horse and have to pay back £175 a month due to a bad credit rating (see below).

I missed 3 payments on a £20 shirt (i didnt think it was a big problem) from Littlewoods last year (paid on 4th time the full amount but was not prepared for all the trouble it has caused me !

Is there anyway of reducing the payments ? I phoned Black Horse earlier but they said as i got the loan 3 months ago i should keep paying for a further 6 months before they will consider increasing the amount of time i can pay over thus reducing the monthly payments.

Im 34 and im studying so i'm not paid very well.

I had to get a loan but now my mortgage payments are going to increase by £200 a month im getting in real trouble.

All help appreciated.

Taking out a £7000 loan at 18% that you knew you would not be able to afford to repay was not a great idea. Taking out a loan secured on your home you could not afford was crazy. If you don't still have the money about your only solution is to get an extra job - £175 is only ten hours a week.

as your monthly repayments have gone up on your mortgage does this mean you have come to the end of your fixed rate? if so have you thought of remortgaging and consolidating in your black horse loan with that as this should bring your monthly outgoings down. i can recommend a broker that i dealt with for my remortgage ..... Foundations

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I am in a similar boat and would like to know if you are allowed to reduce a montly payment on a secured loan ?

I currently have a secured loan and a mortgage.. all was manageable before we had our little girl, and now my wife maternity pay is coming to an end, its not really feasable for her to go back to her old job because of petrol costs and childcare costs make it unprofitable for her to go back.. she is looking for another job but local work isnt really paying great, but anyway..

On top of this, our mortgage has gone up a couple of hundred quid, an ongoing argument with British Gas with regards to their hike of my gas and electric bills to a mental £120 a month now (£80 increase because of their billing error) isnt being concluded soon so we are paying £80 a month more for that and we are struggling to meet ends meet.

An all too familiar sob story I am sure, but the reduction of the monthly repyament amount of this loan would be a huge help. I dont want to not pay the loan, just come to a more manageable monthly amount. Is this possible or have the lenders every right to dig their heels and say no ?

Currently they are saying that the only thing I can do is to pay the whole lot off, which I cannot do at the moment. I can remortage and pay some off but they won't accept that, can they do that ?