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  • FIRST POST
    • mukesh.patel
    • By mukesh.patel 4th Oct 16, 1:15 PM
    • 5Posts
    • 0Thanks
    mukesh.patel
    What will happen after Arrears?
    • #1
    • 4th Oct 16, 1:15 PM
    What will happen after Arrears? 4th Oct 16 at 1:15 PM
    If I missed 2 months standard monthly repayments then what are the options will I have for the pending arrears amount.

    Do lender auto deduct arrear amount whilst my Bank account have enough money?
Page 1
    • zx81
    • By zx81 4th Oct 16, 1:43 PM
    • 9,387 Posts
    • 9,220 Thanks
    zx81
    • #2
    • 4th Oct 16, 1:43 PM
    • #2
    • 4th Oct 16, 1:43 PM
    It will be as laid out in the terms of your agreement and any subsequent collections activity.
  • National Debtline
    • #3
    • 10th Oct 16, 6:06 PM
    • #3
    • 10th Oct 16, 6:06 PM
    Hi Mukesh.Patel,


    Be careful about missing monthly payments on credit whilst you still bank with that bank. The bank has something called the right of set off. That means they can go into your current account and take money towards the debt, without your permission.

    If you are worried about affordability in the coming months, I would suggest a new bank account, with a bank that you owe no money to, in order to keep your income safe. And then getting some free advice from a debt charity to help you look at whether your situation needs a short term restructure or long term payment options. Good luck,


    Laura
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
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