problem with loan repayment - Help!!

Debson

Can anyone offer some advice I have been sick from work since Jan and have been receiving full pay but my HR department has informed me that my wages will be going down tjo 75% which is not a lot of money, the problem is I have a loan with Natwest and pay £391.54 a month rent is also just over £300.00 with the wages I will be getting I won't be able to pay for anything else not even food.

I should also mention that me getting 75% of my wages will only be for a short period it should be only for a few months but I still have other outgoings, can anyone suggest how I can stop paymnets for about 2 months or is this not possible.

Thanks in advance

jonesMUFCforever

Did you take out payment protection?
Talk to your bank to see whether they can reschedule the loan for you over a longer time period to reduce your monthly repayment.(This will mean more interest paid by you in the long term)
You don't mention a return to work date - is this imminent?
If not what happens once you have been off work for say 12 months or more?

Debson

I did take out insurance and put in a claim and received a letter back saying that they will not pay out becasue the loan was refinanced in Feb and I was sick before that and did not return to work for a least 1 month it means that I am not covered for the period I am off work for.

I hoping I will return to work this month just need to get the thumbs up from my GP and Occ health specialist, but I think they will only let me return on a part time basis first of all and work my way back to full time, but I think I will still be receiving 75% wages.

Not sure what do but I will call the bank Monday.


Thans for your reply;)

jonesMUFCforever

If you refinanced and the loan company knew about your illness (or the person dealing with you on behalf of the loan company) then I would be asking about getting a complete refund of the PPI as it was missold to you!