Missing loan repayments

ALJ1985

Hi,

I have 2 loans, one with Alliance and Leicester and a career development loan with the Co-op. The repayments add up to a few hundred pounds and I'm having some cash flow issues at the moment!

The direct debits are supposed to be paid in the next few days, however I was wondering what would happen if I canceled the payments and sent the money in a few weeks time (so the payment would be about three weeks late).

I'd rather not ring and ask them so thought I would check here first to see if anyone here had any idea about what would happen.

Are penalty charges likely even if the payment is made within a month?

Will it effect my credit rating?

Thanks for any help you can offer.

CHR15

The very worse thing you can do is not ring them first.

Yes it will affect your credit rating.

Swallow your pride and get on the phone asap.

milliemonster

If you don't make the payment by the due date, yes it will affect your credit rating as they will record a missed payment and will add late payment charges and hound you by phone to find out when you intend to pay.

Phone them first and explain you will need to make a late payment or can you offer a reduced payment instead of nothing at all for the next three weeks?, they may still add late payment charges and report on your credit file but at least you are being responsible.

But how are you going to make the repayment in time next month? as you are essentially saying you will have to make 2 months payments next month? have you thought about this?