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help with a loan please
My son has an account with the TSB, excellent credit history, has been with his bank for many years . He has a loan with them but did not take out insurance!!
He is going to have to go off work sick for quite a while as he needs an op on his feet. Will be on SSP only.
Will the bank be understanding re cutting payments right down ? If so how long for ?
Is there any danger that they will refuse and grab his sick pay to cover the loan ?
He is going to have to go off work sick for quite a while as he needs an op on his feet. Will be on SSP only.
Will the bank be understanding re cutting payments right down ? If so how long for ?
Is there any danger that they will refuse and grab his sick pay to cover the loan ?
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Comments
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I doubt very much that they'll be that understanding to lower his payments down....but again I might be wrong, you'll only know for sure once you've spoken to them0
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Well will they take him to court ? How can he pay with no wages - would that be in their interests to do that?0
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It's very unlikely they will entertain a conversation about it until he falls into arrears.
Get ready for the debt chasers phone calls and letters.
His Credit Rating will go through the floor of course so he will be pretty goosed for the next 6yrs.
Can you not stand by this loan until he gets back on his feet? It's the only way to protect any chance of him getting further credit until the year 2017
Grabbing his money is a very long way off so I wouldn't worry about that.
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Well yes, this is what we said. It's not a huge amount and might be possible if the family all muck in. Is there anything to lose/gain by approaching his bank before he falls behind ?TY for this0
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Is there anything to lose/gain by approaching his bank before he falls behind ?TY for this
I've seen a few posts where people have tried to be pro-active in this situation but it normally falls on deaf ears.
e.g https://forums.moneysavingexpert.com/discussion/28223040 -
Ok many thanks.0
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Well yes, this is what we said. It's not a huge amount and might be possible if the family all muck in. Is there anything to lose/gain by approaching his bank before he falls behind ?TY for this
Do not let him fall behind his payments if possible, you have nothing to lose but everything to gain to speak the bank first & explain situation. They may or not want to help, if they do great but if they are not willing, then maybe you can step in. When you ask them fir help, they'll probably ask you first if you can help, just say no and see what they come up with....0 -
I think that needs to be a wake up call for your son & that for the future it is always good to have something aside ready for a rainy day....and not to rely on his family all the time...0
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Sorry, I didnt explain properly... as usual
The son is in his late 30s, has a house and a partner and lives 25 miles away. But he doesn't have the internet , so I thought I'd ask in here. However if there was not a huge amount of shortfall then we would have a whipround within the family and see if we could help him out.0
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