Can't make repayment of Natwest loan

Trajan

Hi to all,

I am in a very difficult situation at the moment. I don't think I will be able to repay this month's (30th) Natwest unsecured loan. I was wondering If natwest could defer my payment or something like that if I call and them them this.

opinions4u

You need to call them and explain your reasons.

Ideally you need to offer to pay something rather than nothing too. Clarify how they will record missed / under payments made by agreement. You don't want to damage your credit record.

What are your reasons? Is this a one-off or is the same problem going to exist for longer?

chambta

They won't be able to help I'm afraid and certainly not at branch level.

ZootHornRollo

chambta wrote: »

They won't be able to help I'm afraid and certainly not at branch level.

i am with RBS and had problems a number of years ago. they deferred a payment for me, i paid double the following month.

As RBS own Natwest i'm sure they would deal with things in a similar fashion.

might just have been a good branch manager but its worth a try.

mrcow

Whatever your reasons for not being able to make the payment, itis far, far better to tellthem up front rather than let the loan default on payment.

If this a particular problem this month or a more general cash flow problem?

Trajan

I already have financial problems anyway but this month I am short. I used my overdraft to the max. I also need money to finance something. My credit score is poor. I went to Black horse finance to borrow 6K, but they could only offer 2K which is not enough. The Apr was 44.9% for 2K. I was wondering If I could get a higher loan than 2K. My experian score was 741 out of 1000 I think. On the http://www.moneysupermarket.com/loans/ Blackhorse platinum was offering 17% Apr to people with poor credit score but they gave me 44.9%. I don't undestand it. I know its typical (2/3) but the difference is too much.

[FONT=&quot]I wonder Blackhorse loans and Blackhorse platinum loans are two separate loans based on different criteria. I need 6K by friday or I am gonna lose all my investments (music) worth 60K.

Does anybody have any suggestions? [/FONT]

mrcow

Yes I have a great suggestion.

You need to stop spinning around trying to borrow more money and start a thread over on the debt free wannabe board just below this one and make a post of all your loans & debts and income. There is a whole raft of people there who will be able to offer advice on where to go next.

There is a solution out there for you to get back on your feet. You need some sound support and also need to stop looking to borrow more money.......it is not the answer to your problems.

If you want to fix this, you can.

Edit Have just seen your other thread - will have a read now.

tictax

Your credit score from experian means absolutely nothing.

The APR you were offered from Blackhorse was based on their appraisal of your credit situation. You may get something better elsewhere but as others have said why are you getting into more debt when you are struggling with your payments at the moment.

mrcow

I've just bumped your DFW thread.

You need to go back to it and follow through on the advice you were given two weeks ago. This situation is not going to go away but at least you are lookingto do something about it.

Trajan

If I don't find 6K I will be in a deeper trouble in the long term. For a short term I am willing to take a risk. I may sound too desperate but this 6K will help get my 60K back or I will be in debt for few years.

Anybody have any suggestions where I can find this money with a bad credit score?

mrcow

No.

No one on these boards is going to offer you advice on how to get even deeper in debt when you can't pay back what you already owe. You can't borrow more money to throw good money after bad. It's not the answer.

Unless you want to borrow money off someone who will actually remove your kneecaps if you default you'll not get a loan - and even then you'll never get £6k - not in a million years.

You need to take a step back and look at what you are saying. Wake up and get back on your DFW thread!