Can't pay my Egg loan untill insurance starts?

J-Pop

Hi,

I was made redundant 7 weeks ago and i have PP and insurance on all my debts, my loan claim has been accepted by Egg but they are not going to start covering my loan until March/April because i got my lieu of notice payment.

I can manage my payment next month but after that i will be living off jobseekers allowance, most of my redundancy money is gone putting it towards the kids christmas.

I have e-mailed a couple of times saying that i will be struggling to pay up until my claim starts but they avoid the question and reply with.....if you make the minimum payment you will not be charged.

I am worried that they are going to take their payment out of my bank direct debit then i will get a charge off the bank because there will not be enough to cover it.

I have never missed a payment for anything in my life and have always took insurance and PP for any loans or CCs i have got in the past, but as soon as you are unemployed its just a load of hassle filling in forms every month and no help when you phone their help lines.

Can anyone give some advice please.

Thanks.

gordikin

Popcorn ready! Children and Christmas...should be interesting.

Caroline_a

It probably wasnt very sensible using your redundancy money on the kids christmas, particularly when you have a loan out. I'm sure your children would have survived without expensive presents, but if you start missing payments your credit record wont.

Not sure there is an answer really apart from maybe asking for a payment holiday from Egg but that will bump up your future payments.

J-Pop

My redundancy money wasn't much and i never bought expensive presents......just living normally and watching the pennies, its just that it will be done by the end of December.

tamarto

J-Pop wrote: »

My redundancy money wasn't much and i never bought expensive presents......just living normally and watching the pennies, its just that it will be done by the end of December.

It must have been the equivelant of wages until march/april? If not have egg said why you have to wait untill then?

arbroath_lass

Won't your pay in lieu of notice cover your payments up to March as you've effectively been paid up until then? I didn't think you could claim JSA until after then anyway?

tamarto

arbroath_lass wrote: »

Won't your pay in lieu of notice would cover your payments up to March? I didn't think you could claim JSA until after then anyway?

Off topic, totally just freaked out having seen the lastest post was from you expecting to see my user name, i wondered why on earth MSE would have seen fit to change my user name to where i am(ish) What a small world!

MrRedundant

So basically you got pay in lieu; squandered it and dont want to pay bills until May now. Did I miss a bit?
Why did you squander the money rather than save it. The salary in December would have been the same salary you would have received had you not been made redundant therefore why did you blow the boat out.

I suspect it was deliberate for benefits/insurance reasons and has backfired.

Emmzi

advice
1) look out the receipts and return whatever you bought that was equivalent to 3 months wages
2) if you cannot do 1) accept debt collectors and CCJs lie in your future
3) claim on insurance as soon as you are able
4) very good luck job hunting

J-Pop

arbroath_lass wrote: »

Won't your pay in lieu of notice cover your payments up to March as you've effectively been paid up until then? I didn't think you could claim JSA until after then anyway?

My lieu of notice is up to Dec 17......i don't know how egg worked it out but i don't think they pay out for the first 60 days after lieu of notice ends.

arbroath_lass

Okay, I see. Emmzi is right then - can you return anything?