Reducing my loan payment with Natwest

ctowers1

Hi

I barely live within my means at the moment and with christmas etc coming upon us im in desperate need of some extra money.

Do you know if i can contact Natwest to reduce my loan payment or even take a 'holiday' from it?

I know it sounds silly when i think about it but i am desperate and have looked into a third party about reducing all my debts but my main unsecured loan (£472 a month) is the only one i really need reducing.

Many thanks

Tixy

Some loan providers do allow holiday periods, usually up to 3months or 6months. You could call natwest and ask. However make sure you are certain that you need to do this as it will increase the amount of interest you will pay. Make sure you understand from them how much more interest you will pay, whether your loan repayments will be higher after the holiday to make up the shortfall or whether the loan will go on for longer (or both).

As you have mentioned that you have other debts is the natwest loan the one you are paying the lowest APR on? Unless it is then in terms of the total cost of your debts etc it would not be sensible to extend this loan.

Also if you take a holiday will you then be able to afford the repayments after the holiday? If nothing will have changed in that time you will just be delaying the inevitable that you cannot afford your debts.

Personally I would suggest you go through your finances very carefully and see if there is any other way you can live within your mean eg by increasing your income or reducing your spending on luxuries etc before you consider asking for a payment holiday.

If you still cannot make ends meet each month then you may want to talk to one of the debt advice charities for further advice.

zppp

Natwest don't do 'repayment holidays' on their loans. If you are in financial difficulty, they may reduce your repayments for up to six months, but when that period is up, you have to pay any arrears. If this applies, call them and see if it something they can agree.