initial repayment holiday

iansnellin

Could anyone help me with some info? I am currently trying to sort out my debts into a more manageable monthly amount. Therefore I am looking at getting a loan over 5 years (unsecured). I know the lowest rate is about 5.6% at present but does anyone know if there is one available that gives you 2 or 3 months before you pay your 1st repayment?
I know Britannia BS give 3 months break but are charging 6.6% for loans over £7000. Can anyone beat this? I need about £6000

mrmajika

Lloyds TSB offer Buy Now Pay Later loans where the first payment is deferred for 3 months.

Rates are based on personal circumstances though.

iansnellin

Well I have just found GE loans from MSE best buys at 5.7% with 3 months holiday. I just have to hope they accept me for that rate!!

Laurenbelle

Halifax Bank of Scotland have a 3 months deferred period too, well the third month would be a one off £50 courier fee if you chose to use this (you can also use regular mail). So if you took out your loan this month (aug) you would pay nothing in Aug, nothing in Sept, one off £50 courier fee in Oct and first payment in November. Hope that helps!

_Andy_

HSBC also offer this

regularsaver1

Laurenbelle wrote:

Halifax Bank of Scotland have a 3 months deferred period too, well the third month would be a one off £50 courier fee if you chose to use this (you can also use regular mail). So if you took out your loan this month (aug) you would pay nothing in Aug, nothing in Sept, one off £50 courier fee in Oct and first payment in November. Hope that helps!

Courier fee not applicable if you apply in branch

madnlooney

Barclays gave me a month holiday period and the interest rate dropped too when i took it. i think overal taking it i save about £80

Hannah_G_2

I am reading this with interest. We have just applied for a personal loan via the Halifax over 5yrs to purhcase another car. I was advised that there is a 3 month repayment holiday. On receipt of the papers and after an initial quick glance, I noticed that the loan was for 62 months (not what we had wanted). As it turned out, a day after I received a courtesy call from the halifax - i queried this 62 month as a) we didn't want this loan period and b) sureley that would mean we're paying more interest in the long run- therefore surely we were not benefiting, therefore could they advise me what the totla amount of interest would be more over this period. It was then that I was advised whilst there is a repayment holiday, interest is charged during this 'holiday period'. After visiting the bank and doing further checks we have been advised the total mount of interest that we would pay during this period is £392.00+ - can i therefore suggest that people look carefully into this. I am not sure where to go on this one . Halifax have said that they are unable to remove this..I have said that i am unhappy that this inportant information was omitted etc etc. I am thinking of writing a complaint to Halifax and also to seek advise from the FSA ?? Any advice from anyone is most welcome - I don't like to think I've been lead down the garden path..

regularsaver1

It is not optional with Halifax, that is how their loans work - the first payment is deffered for 2 months. Interest will acrue during this time

in the agreement the total amount payable will take this time into consideration
you do not have to go with their loan - its optional to you

enjoyincubus

Halifax Bank of Scotland also do Intellignet Finance, AA loans, Sainsburys loans, Britannia Building Society, British Gas loans and Home Shopping Personal Finance (Littlewoods/GUS), so all of these loans will share the same deferred payment holiday.