Out of work; can I suspend my loan?

willsonline

Basically resigned from my job due to stress etc, unfortuantely I havn't been able to secure employment as quickly as i thought i would, have been given a verbal job offer but yet to recieve written proof!!

Will my bank let me suspend my loan repayments (currently £103.00 p/m) until i finder work? Are there charges or anything that would be levied?

Thanks

Will

jonesMUFCforever

No. is the exact answer you are not looking for.
You signed an agreement binding you to pay £103 per month until repaid.

You go 3 or more payments in arrears and your credit score will be smashed to bits.

CLAPTON

sometimes banks will allow payment breaks in your circumstances ...they all claim to deal sympathetically with financial difficulties .. especially temporary ones

willsonline

jonesMUFCforever wrote: »

You go 3 or more payments in arrears and your credit score will be smashed to bits.

Really?? mine is very good and have never had a history of defaulting on anything...

Maybe i should speak to my local branch, they're nice chaps!!

:rolleyes:

tictax

Yes really your credit will be smashed to bits!

How else do you think people end up with bad credit files?

willsonline

If i were to default 3 times that would only be £300 odd quid, although there is no sign of me falling behind on repayments anyway at the moment but was just wondering whether i could hold off until i get a job.

I dont have credit cards or living in my overdrafts.

jonesMUFCforever

Consider then extending the term of the loan to reduce your monthly repayments. It may only be £300 in arrears but it will take a long time to shake off your credit files especially in today's markets.

stebiz

tictax wrote: »

Yes really your credit will be smashed to bits!

How else do you think people end up with bad credit files?

Agree entirely!!! I've never known a sympathetic bank

Stebiz

TheKeyMaker

Pop into your bank and ask for a payment holiday. You might want to look first at your loan agreement as some of them this provision is already included in the contract.
Banks are being very flexible lately as per current situation (credit crunch) – they don’t want just keeping on defaulting peoples as not much sense for them as well. A good explanation to your bank manager would pull that off.