Loan Advice Please

Quincifer

I'm currently in the middle of paying off my loan, £39 per month with about 1+half yrs left (was £43 before I got rid of PPI) and have no problems with it at all.
I just wanted to know whether you can lower your payments on an existing loan without having to refinance it or swap to another bank? There are other debts i'd like to get rid of first (credit card,overdraft) and it would help if I was paying less on my loan.
Does anyone know?
Thanks xxx

njtkc

check your agreement or ring the company, sometimes they have payment hoildays, but beware they don,t charge extra interest, they should if asked give you details of the consequences of delaying payments.

jonesMUFCforever

No you can't.
Loans are governed by Consumer Credit Act - this creates a two way thing - they can't put up your repayments but you can't reduce yours.(Unless you rejig the loan as mentioned)

njtkc

my son-in-law had a loan put on hold for two years and now has to strat paying ???? why have thy allowed that under consumer credit act ?? interested to know cause he is getting probs getting info on his agreement with them, they won't send copy of changes to loan, they only send him, copy od orig agreement and settlement figure.

jonesMUFCforever

njtkc wrote:

my son-in-law had a loan put on hold for two years and now has to strat paying ???? why have thy allowed that under consumer credit act ?? interested to know cause he is getting probs getting info on his agreement with them, they won't send copy of changes to loan, they only send him, copy od orig agreement and settlement figure.

I would imagine this is a last resort to try and get their money back. I would put money on it that your son in law would not get a new loan today.