A member of the public struggling to pay the bank back...

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When you borrow a loan from the bank and you told them when you will pay it back and you have not payed back, you could go to court and they could add more money or have a different punishment if it wasn't a lot of money.

If you have taken a loan and payed it back to the bank you will end up safe and not having a punishment.

What do you think you could do to make sure you pay the loan back in time?

Comments (3)

  • St-Josephs-Northfleet-logo-250x250.jpg energetic_conversation
    St Joseph's Catholic Primary School, Northfleet1 week ago

    As many people would do, you'd pay back the loan in little bits. A bit back every month.

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  • Ormiston-Bushfield-logo-250x250.jpg credible_insect
    Ormiston Bushfield Academy1 week ago

    By taking a loan it could go towards helping you make more money from your job or where you work. To help you, the money could support you for a little while. Then by having this spare money you could afford to pay people to do things like your washing, you could buy more food and even -if you have kids- hire someone to watch them for a while. By doing this you could afford to work longer in a week maybe even do two extra days a week. When you increase the hours you work, it may lead to you getting a higher pay for a while. Then with the extra money you could pay the loan back quicker.

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  • Graveney-logo-250x250.jpg beloved_chocolate
    Graveney School5 days ago

    If you want to be able to pay a loan back and not go to court, you should make sure that, before you take the loan up and if you are unemployed, there is a chance of you being employed very soon, therefore, you will be able to take the loan out for a short amount of time to sustain yourself and buy your daily needs, until you can have a job, earn money and support yourself. Then, you can work towards paying the loan back. If you already have a job and need to earn more money, you could get another job as well, such as helping out somewhere, or doing something which does not take up the time of you job. If you do not want to do this, you could ask to increase the number of hours you work, which ultimately increases your pay. Then, with the money you have borrowed, you could sustain yourself and slowly pay back the loan, bit by bit.

    If you are in immediate need and cannot wait till an employment opportunity comes up, you could try doing extra jobs for extra pay, and slowly pay back the loan (eg. once a month). If you are borrowing money to start up a business, be sure that the business will make money and not that it will fail. Also, make sure that you have insurance for your company so that if something happens to it, you do not have to worry about not having any money left to pay the loan back.

    If you cannot do any of these things, try to pay back the money slowly, bit by bit, and try to earn slightly more. If there is nothing you can do, don't worry, there are many government run companies which can help you to overcome and pay your debts.

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