Payment holiday?

alterego_2

I have a Halifax loan for £10k that is 3/4 of the way through (time, not money!) but cashflow is going to make it virtually impossible for me to pay the next two/three installments. How best to approach them over this? I've managed to pay every installment so far, and I don't want to default, but would welcome advice before I pick up the phone. Thanks.

Emmzi

first check your T&Cs and see if payment holidays are mentioned at all. you will probably struggle if not and ned up entending term or even taking a loan with new arrangement fee etc - not worth it IMHO.

you say 2/3 installments - do you know exactly how tight things are? can DFWB and old style boards help you scrape through the next months?

opinions4u

Halifax personal loans don't have a payment holiday option.

Before you ring them have a massive look at your finances to work out what you can pay. Look at what you're prioritising ahead of the loan and consider if you have prioritised correctly.

The Debt-free Wannabe part of the forum is where I'd suggest you ask for help. Not paying will damage your credit rating.

alterego_2

Thank you both. Believe me, I wouldn't be considering this if I had an alternative! I don't care about my credit rating, as I don't want any more credit, but I wondered if there was any better approach than simply calling them to say they wouldn't get their money this month.