halifax loan repayments help

candystripes

Hi
Due to a reduction in my income I am struggling to make the repayments of my unsecured loan which is 163.73 a month over 2 years The loan is for 3000

I am considering calling halifax and asking to reduce my payments but am worried that they will not accept

I know i will not be able to meet the next payment which is due on the 26th
Does any one have any experience with Halifax and could tell me if they are likely to be helpful

Or alternatively I am considering opening a new bank account elsewhere missing this months payment and then contacting them to explain the situation

Hoping someone out there can give me some advice as this is really me making me feel ill and sick
Thanks

captainhaggis

Whether Halifax accept or not is neither here nor there. Their acceptance would be a relief for you but regardless, you cannot pay what you do not have.

I'd write to them using one of the template letters from http://www.nationaldebtline.co.uk providing them with a Statement of Accounts showing your income and expenditure. Show how much you can afford to pay them and, with immediate effect, reduce your payments.

If you bank with Halifax as well as have the loan with them another bank account is a must. There'd be little if anything stopping them dipping in to your account to take extra money until they'd agreed a reduced settlement with you and this could get you in to trouble with other creditors - including your mortgage company, and we don't want that.

wherediditallgothen

From what you've posted it's not really their choice to make is it? If you've haven't got it, they can't have it can they? It's not whether they'll accept or not, more a case of whether they will like it or not.

Either way, if you can't make what you're scheduled to pay to them, then you've got to do something about it. Go on, contact them, after all, if you don't ask you don't get.

TravelGuru_2

I have just had to contact halifax loans, as i am going on to a DMP as have a lot more debt than yourself. When i spoke to them they were very helpfull, just explain your situation and tell them what you can afford to pay a month and when your circumstances may change.
They did that for me and i currently pay £50 a month(10kloan) for the next few months untill my DMP has started.
Its better to agree a plan with them before your date , as they will charge you for missed direct debits late payments etc.

candystripes

Thanks for your help
I have an appointment on monday with Yorkshire bank to open a basic account
Once thats done I will contact Halifax to ask for reduced Payments

Would be such a relief if I could just pay 50 a month
just getting helpful replys has made me feel a little better about contacting them
Thanks again much appreciated

gfplux

hello candystripes,
Welcome,
Please make out your SOA and post it here. (link - http://www.makesenseofcards.com/soacalc.html ) This will automatically total the numbers. It can be saved (click on the help) and you can change it every day if you want.
Also read this great post by southernscouser http://forums.moneysavingexpert.com/showthread.html?t=107280
When making out your SOA (Statement Of Affairs) try not to guess at the figures, dig out the paperwork! However remember a partial completed one as a first step is better than none.
It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery.
If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date.
In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with.


If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as :-
If there is “other” Income explain what it is
Mortgage – interest only or not.
What is the age of any children.
Council tax is it over 10 or 12 months.
Electricity and gas any arrears.
Water rates meter yes or no.
Grocery's does this include gambling, booze and cigarettes.
Mobiles, how many and when are the contracts up for renewal.
If no contents insurance is it include with buildings insurance.
If pets cost money, what are they.
House or flat value, has it been valued by an Estate Agent and when.
The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.
When you have posted it and it does not look right or you want to change it, do so and repost it.


Do not put off till tomorrow what can be done today.


Good Luck

candystripes

Hi
I am unable to do a SOA at the moment as i am waiting for the details of my Working /Child tax credit as i am unsure of how much i will be receiving, but i do know it will be reduced as my son has decided to leave Further Education. That is one of the reasons my income is being reduced plus a reduction in hours at work.
I have now set up a new bank account but unsure what to do next i have direct debits due next week for virgin media and council tax going from my old account at Halifax.
The money i have going in my Halifax account this week will just cover those but as i said earlier i also have my bank loan repayment due which i can not meet
I was thinking maybe the best thing to do was cancel the virgin and council tax direct debit and withdraw the money to pay in cash??? till i can set up these in my new account
Sorry if i'm not making sense feel like im rambling a bit
now i'm just panicking over the loan repayment and wondering what to do for the best and when to contact Halifax
I also have a debt with littlewoods direct and Very who have contacted me and told me i can combine the 2 debts which total 1400( about a third of this is due to late payments fees) and pay 60 pounds a month for 3 years which would add on nearly 900 interest!!
They have sent me a credit agreement to sign but I have never had a signed credit agreement with them and am not sure if this is important.
Do i have to accept this

Thanks for any help any advice

candystripes

Cancelled Direct Debits to Virgin and Council Tax and have arranged to pay in cash till i set up new DD on my new account

Next Step is to Contact Halifax but cant do this till Thursday

Hope i'm doing this right

Every morning when i wake up this is the first thing on my mind and makes me feel sick and stressed for the rest of the day