loan freezing help

bigmacman

ive lost my job im on jsa and cant afford to pay my 2 loans i have
both of them have about 3 grand to pay on each
natwest £100
britannia £60
both of them are insecure loans and not against my house.Do you rekon if i ring them explain my suituation would them freeze my loans until im employed or able to pay them back again monthly.
thanks

CHR15

Possibly, but it would affect your credit rating for the worse.

You need to speak to them.

jonesMUFCforever

Were you offered PPI when you took the loans out?

I agree - you need to speak to them - they probably won't do much until you are in arrears by 3 months or more but if you don't ask you won't get.

CLAPTON

you should write to them, explaining you have become unemployed, and ask them for a payment free period of (say) six month while you seek a new job.
ask them to freeze interest and any charges during this period.
assure them you will re-start payments as soon as you find a new job.

bigmacman

thanks for the comments everyone i will contact them asking for payment free period i have ppi on the natwest loan but ive been advised to claim it was missold as they will only pay 12 months of it if i claim it back i get atleast £1700

CLAPTON

bigmacman wrote: »

thanks for the comments everyone i will contact them asking for payment free period i have ppi on the natwest loan but ive been advised to claim it was missold as they will only pay 12 months of it if i claim it back i get atleast £1700

sounds unlikely but
maybe post the full facts about this

jonesMUFCforever

You were offered PPI which covered unemployment - you are now unemployed so how do you claim a missale?

kazd

They probably won't freeze your loan, don't write to them it only delays the process, try and get hold of an std number for them and call them. Under no circumstances use any debt management company unless its CAB, CCCS, National Debt Services as the others all charge.

You need to agree a payment plan, you will need to complete an income and expenditure form, you should be able to do this over the phone with them. Then you agree a monthly payment, what they want to see is approx how long it will take you to repay the loan. It will affect your credit file.