Question about my loan

travissimo

Hi guys,

I have a loan of £12000 and currenty i'm paying it off at £300 a month, now my money is very tight at the moment, so I was wondering if it would be possible to arrange with the bank for me to pay reduced payments of around £100 for say 3 months until I get back on top of things.
Does anyone have advice on this, just so I know where I stand.

Cheers,
Trav

_Andy_

I think the only people who can answer this is the bank you have the loan with.

ferry

travissimo wrote:

Hi guys,

I have a loan of £12000 and currenty i'm paying it off at £300 a month, now my money is very tight at the moment, so I was wondering if it would be possible to arrange with the bank for me to pay reduced payments of around £100 for say 3 months until I get back on top of things.
Does anyone have advice on this, just so I know where I stand.

Cheers,
Trav

As Andy says,your bank is probably best to advise.
Check the Terms and Conditions of the loan to see how flexible it is.No expert,but your bank may see your request as a sign of trouble and may mark on your credit file that you had entered an 'arrangement' which will have a negative effect on your credit rating.

There will be others around soon who will confirm this if I am correct and offer better advice,though.

Terry

nomoneytoday

As above, depends on the bank.

Are there any other budget cuts you can make to get back on target? The DFW board (below) may be able to help

Laurenbelle

I think most banks will give you two options, either to apply for a new loan consolidating the first one but maybe over a longet period of time (to bring down your monthly repayments and take advantage of any defferred period offered or if you miss a payment and go into arrears call through to the collections department and setup a payment plan with them. I hope everything irons itself out for you soon!