going to miss a payment please advise???

Tink_04

Ok i have a loan with Halifax and and its £180 a month i have only previously missed one payment (in god knows how many years) and they were awful and rang me 4-5 times a day rang my parents rang the house and sent awful letters (was 1 month missed and then re paid so i was tech a month behind for a few months) in the end i couldn't stand it and ended up paying the payment on a CC just to get them off my back - well fast forward a few years and we are struggling this month and ive not long had my LB moment and im trying to sort my debt out but looking at the numbers i just cant pay it - i dont know what to do should i call and tell them i can pay or wait for the payment to be missed and wait for the calls to start i just cant bare it when they get on my back - i can pay next month but it will leave me a month behind and the circle begins!!!

any help will be greatly appriciated!!

Tink_04

mdr86

How long would it take you to make the missed payment up?

tebb1t

I would suggest calling them in the first place and putting an arrangement in place to clear the arrears by over payments over the remaining course of the loan, it may work with them, hopefully it will, I pay off a loan with the Halifax in March, which was substantially in arrears but will be paid off on time. They did it for me, so fingers crossed they will do it for you.

jonjamie1970

Just a thought, can you give yourself any breathing space by moving the direct debit forward, some companies will do this once for you ?

Tink_04

as i already pay a chunk of my wage for the loan i couldnt afford much on top as i have a mortgage and bills too 10-20 pound at a push and that would be hard! they wouldnt let me do that last time either as wanted 40- 50 pound extra off me and i just didnt have it and they were awful to me - they wont let me change the DD as i moved it once before years ago but it didnt make me miss a month or anything. Im just really stressed as i know they will be really hard with me but i just dont have the money ive done a priority list and other things like mortgage - council tax - food - just cant go with out being paid!!! i just dont know what to do!!! if i ring will they actually help me or will they not be able to do anything until the payment has failed????

bargainbetty

Tink,

If your situation is that tight, have you considered posting your SOA to see if people can help you save some money? Also, I would look at the helplines for CCCS and Payplan and consider a DMP - if you cannot afford to live on your current income, then maybe that might be the way to go. It would trash your credit rating, but so will missing payments!

I would call Halifax, and talk to them about it. Tell them you are currently in financial hardship and may not be able to make a payment. Ask if they will spread it over other payments or extend the loan term by a month. Maybe by six months to reduce your payment to something more manageable? They are perfectly within their rights to say no - this is not being awful to you, it is business and you have effectively broken an agreement with them.

However, if you advise them (maybe even do it in writing) that you are struggling, they may come to some agreement. Alternatively, speak to CCCS about a DMP, cancel your direct debits and do a token payment to all of your creditors until it is sorted out.

Good luck

Tink_04

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 2
Number of children in household......... 1
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 560
Partners monthly income after tax....... 950
Benefits................................ 550
Other income............................ 0
Total monthly income.................... 2060

Monthly Expense Details
Mortgage................................ 458
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 97
Electricity............................. 37
Gas..................................... 47
Oil..................................... 0
Water rates............................. 26.88
Telephone (land line)................... 11
Mobile phone............................ 42
TV Licence.............................. 12
Satellite/Cable TV...................... 55
Internet Services....................... 0
Groceries etc. ......................... 125
Clothing................................ 5
Petrol/diesel........................... 70
Road tax................................ 2.9
Car Insurance........................... 48.85 - DUE IN APRIL WILL BE 25 SO SHOULD DROP!
Car maintenance (including MOT)......... 7
Car parking............................. 0
Other travel............................ 44
Childcare/nursery....................... 449.15 - GOING UP AGAIN IN APRIL SO WILL NEED TO RE ADJUST
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 9
Buildings insurance..................... 30.12 - JUST RENEWED IS NOW £24.15 + £40 CASH BACK THROUGH QUIDCO
Contents insurance...................... 0-IN WITH THE BUILDINGS
Life assurance ......................... 35
Other insurance......................... 9 - TV COVER
Presents (birthday, christmas etc)...... 20 - NEED TO ADD MORE TO THIS
Haircuts................................ 5
Entertainment........................... 0
Holiday................................. 10
Emergency fund.......................... 0
Total monthly expenses.................. 1655.9


Assets
Cash.................................... 0
House value (Gross)..................... 90000
Shares and bonds........................ 0
Car(s).................................. 1500
Other assets............................ 0
Total Assets............................ 91500


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 97000....(458)......0
Total secured & HP debts...... 97000.....-.........-

Unsecured Debts
Description....................Debt......Monthly.. .APR
egg............................560.......15....... .0
halifax OD.....................490.......15........0
Natwest CC.....................980.......50........0
Halifax........................5000......160...... .0 - THIS HAS PPI ON THAT I HAD NO IDEA ABOUT
HSBC loan......................2000......100.......0
Total unsecured debts..........9030......340.......-


Monthly Budget Summary
Total monthly income.................... 2,060
Expenses (including HP & secured debts). 1,655.9
Available for debt repayments........... 404.1
Monthly UNsecured debt repayments....... 340
Amount left after debt repayments....... 64.1

Personal Balance Sheet Summary
Total assets (things you own)........... 91,500
Total HP & Secured debt................. -97,000
Total Unsecured debt.................... -9,030
Net Assets.............................. -14,530

Tink_04

ok its really rough as i did it the other day and things are all over the place still - also ive missed a CC off there too we can manage month to month but my wage is £200 short this month as ive been off ill and dont get sick pay so thats how were in trouble!!! the debt is the reason im here as im in such a state that i dont have savings

Clarie_2

Hi Tink,
well done for doing SOA and posting it! Lots of people here will be able to give you good advice :-)

My one bit is have you tried claiming the PPI back from Halifax? We did this last year, and they paid us back the full amount on two loans which was fantastic. Martin's got a good guide on the site.

Clarie

CH27

Tink are Feb & March not Council Tax free months for you?

Do you qualify for any childcare vouchers if you are on CTC?

pennypusher

Hi do you have any way to increase your income? You are paying out nearly as much in childcare costs as one of you is earning. I would suggest you go payg for your mobiles and get rid of satellite tv.

Do you get all the benefits you are entitled to, eg Working Tax Credit, Child Tax Credit and Child Benefit. Look up Entitled to and check out if you are able to get any more.

Perhaps have a word with one of the debt free charities that don't charge you for advice.