Maternity Leave - Payment Holiday

Smashbutt

Dear All

My wife is due to go on maternity leave later this year. The company she works for does not offer an enhance leave package so its the basic 6 weeks then £100 per week after that.

We have various credit card and loan agreements which month to month we can cope with no problems,never missed or defaulted a payment however with the drop in wage we will struggle to meet this repayments.

My plan/idea is to write to the credit cards/ loan providers and ask for a short payment holiday of a few months, until my wife returns to work.

Is this feasible?
Has anybody been in a similar position?
Should I offer a nominal payment?
Or should I just send her back to work after 6 weeks??

Thanks in advance for any tips/advice!

Steve

YorkshireBoy

If they annotate the accounts with an "arrangement to pay" marker, her (and yours if you're financially associated) CRA credit file will be damaged for some considerable time to come.

Or should I just send her back to work after 6 weeks??

Call me old-fashioned, but a mother's place is with her kid(s). Do as I did 25 years ago and take a second (or even a third) job yourself. And yes, I am serious!

chattychappy

Could you consider getting a new MBNA card (or another one that offers cheques) with an introductory 0% deal?

Take advantage of the 0% deal to write yourself out a cheque to cover 6 months minimum payments?

Of course if there is enough limit there, you could also shift some balances over to 0% whilst you're at it.

This is only a stop-gap measure on the basis you're confident of keeping up with the payments in the future. Robbing Peter to pay Paul doesn't work for long!

CLAPTON

I'm afraid Yorkshireboy is right that they will probably mark your/her credit files which will essentially trash them for some years.

I would suggest that you should immediately start to budget and cut out as much spending as possible..clothes, going out, holidays etc etc start tkaing packed lunches etc and save as much as possible so you can maintain the minimum payments whilst the maternity level lasts

a good budget planner is below.. if you wish your could post up the results..I'm sure people will offer suggestions about how to cut down.
http://www.makesenseofcards.com/soacalc.html

a second job would be sensible too.

Smashbutt

Hi
Thanks for all your quick replies

In answer to some of the statements:
2 of the cards are already by Mbna. I've tried another card or 2 but we have been turned down. We have a credit rating of about 700 on experian. So not fantastic.

I work as a firefighter and like all good fireman I already have 2 jobs ;0)

Thanks for your advice tho guys gives us something to think about

Steve

seeya23

why not try the flybe card