advice needed

jules1973

Hi, I have loads of debt and have just lost my job. My husband works but we are about £400 short next month to make repayments.

I have new job starting in 4 weeks, so it is a temporary shortfall. We are going to be able to pay all our debts off within next 3 months and to be honest a poor credit would not be the worst thing in the world, so we do not get in same position again.

I was thinking of contacting a few loan companies and trying to get repayment holiday or paying double next month. Does this tend to work?

[Deleted User]

Hi,

It could be worth a shot - the worst that can happen is that they say no.

If you want to post an SOA - people will be able to comment on where savings could be made.

Also, if your credit report is curently good - could you either get a CC and use this to pay this month, or O/D with your bank, pay off in full when you get paid and then cancel it. Or shift some of your debts to 0% cards?

HTH

D9

jules1973

Credit rating not so good as overloaded, so cannot get new card. Will missing one payment lead to baliffs or debt being passed to DCA or anything.

[Deleted User]

jules1973 wrote: »

Credit rating not so good as overloaded, so cannot get new card. Will missing one payment lead to baliffs or debt being passed to DCA or anything.

Unlikely - if you then pay it as soon as you get paid, it should go on your credit file as a late payment rather than non-payment.

Will you have the available cash to pay double next month though without being short then too?

jules1973

Will make sure I work extra to have it available. I am hoping money will be through by then to pay them all off.

I've not missed payments with any of them before but did not expect to be out of work.

[Deleted User]

jules1973 wrote: »

Will make sure I work extra to have it available. I am hoping money will be through by then to pay them all off.

I've not missed payments with any of them before but did not expect to be out of work.

Unfortunately it can happen to anyone in this climate.

Given you have a good payment history with them, do try and call them and even if they cannot/will not accept a missed payment this month, they may accept a reduced payment.

As far as I know, the worst that can happen is that they say no.

Good luck with it, I hope you get it sorted, and good luck with the new job.

stqueen

jules1973 wrote: »

Hi, I have loads of debt and have just lost my job. My husband works but we are about £400 short next month to make repayments.

I have new job starting in 4 weeks, so it is a temporary shortfall. We are going to be able to pay all our debts off within next 3 months and to be honest a poor credit would not be the worst thing in the world, so we do not get in same position again.

I was thinking of contacting a few loan companies and trying to get repayment holiday or paying double next month. Does this tend to work?

Some lenders will also allow payment breaks/holidays so this could also be worth an ask. . .you may get up to 3 months:)

UncleBuck

Hi Jules

You're doing the right thing in approaching lenders to see if you can get a payment holiday. If that doesn't work, can you not get a loan for a short period e.g. a year from your bank to tie you over (of course you are going to pay interest but its better and cheaper than CC debt).

BW
UB

CH27

jules1973 wrote: »

Hi, I have loads of debt and have just lost my job. My husband works but we are about £400 short next month to make repayments.

I have new job starting in 4 weeks, so it is a temporary shortfall. We are going to be able to pay all our debts off within next 3 months and to be honest a poor credit would not be the worst thing in the world, so we do not get in same position again.

I was thinking of contacting a few loan companies and trying to get repayment holiday or paying double next month. Does this tend to work?

It can do. Nothing ventured, nothing gained!
Good luck:)

jules1973

does this letter sound ok?
[FONT=&quot]I am writing to ask if it would be possible to take a repayment holiday on our loan repayments as due to unforeseen circumstances we cannot afford to make this month’s loan payment due to a shortfall in income.[/FONT]

[FONT=&quot]I unexpectedly lost my job this week, although I do have a new job starting in the next 4 weeks as soon as my CRB check is through. [/FONT]

[FONT=&quot]I would be grateful if you could consider this measure for a temporary problem. If it is not acceptable I would be grateful if you could contact me at the above address to inform me of any alternatives. [/FONT]

[FONT=&quot]I apologise for any inconvenience caused.[/FONT]

CH27

I would ring them rather than write to them personally. It gives you more scope to explain your situation & saves time.