Can't afford bank loan repayments ! HELP !

moneybackplease

I think i need urgent help . I can't afford to repay monthly loan repayment of £ 226. I've not defaulted yet but sort of been warned that cos i bank with the same bank as loan they could close my a/c immediately.is that right?
i cancelled the PPI on loan last year... was that a wise move ?
all because i had an accident at work and am now off sick .

Need advice on all these points and probably others i've not mentioned

moneybackplease

thanks .....but trying not to go near debt companies as i hope to get back to work within 8 wks. thx for your reply

moneybackplease

thx beanie....wen u reckon the bank could take their repayment from my a/c ...does that include me going into overdraft cos i'm trying to stay out of that in case they close it.
i,m also trying to speak to bank ....been waiting 24 hrs for local bank manager to call me back.

CLAPTON

if your inability to pay is a temporary situation ... you say you expect to get back to work within 8 weeks then I would suggest

-can family help
- speak to the bank and explain that you expect to be back at work within 12 weeks (give yourself some leaway here) and so could they freeze interest and repayments for that time.
-is it possible to live on CC cards for that time.
-open another bank a/c asap just in case they if they don't agree to stop payments as they will just take money from your current a/c.


if you have a longer term problem then I would suggest you seek help from the free debt management companies.. CCCS, Payplan

moneybackplease

thx 4 reply CLAPTON , i thought everyone forgot me.in reply to you then family helping out is a no-no.the bank have said they won't freeze repayments,and i've alreadt spoke to c/c companies and only paying them £5 p/mth though i think they're ALL going to charge me late cos the fiver less than min payment
would another bank vet me for a new a/c ?
cos as i say my situation is temporary and i'm only trying to be honest with everyone

skintbutsmiling01

if you havent defaulted on the loan yet it wont be on your credit file, you can apply online for a basic account and generallly get a decision straightaway. Do you mjean will they credit check you?
Probably but if its only for basic account I wouldnt worry.

nomoneytoday

moneybackplease wrote: »

thx 4 reply CLAPTON , i thought everyone forgot me.in reply to you then family helping out is a no-no.the bank have said they won't freeze repayments,and i've alreadt spoke to c/c companies and only paying them £5 p/mth though i think they're ALL going to charge me late cos the fiver less than min payment
would another bank vet me for a new a/c ?
cos as i say my situation is temporary and i'm only trying to be honest with everyone

Wouldn't it better to pay £10 off half as opposed to £5 off all, if they are going to charge anyway? That would reduce the bank charges at least.

moneybackplease

i was just wondering how i could get another current a/c if my own bank could pull the plug on my current current a/c

moneybackplease

i see your point but i feel at their mercy ,cos how can i phone one c/c up and say your getting £10 but so-and-so getting nil......next month tou get nil and so-and-so gets £10. They really do all put on the squeeze.

moneybackplease

will this post jump back to page 1 to get more advice...sorry for inconvienience

moneybackplease

Update .... scrimped and scraped and paid off loan