Loan Repayment Holiday

nicholson11

I have a personal loan with Sainsburys Bank and I have come into some financial difficulties. An ideal solution would be a "repayment holiday" to get a break from my repayments for 2 or 3 months. However, as far as I understand, you can only take a repayment holiday at the start of the loan period.

Can anyone let me know if you have successfully managed to obtain a repayment holiday, and the best way to get your loan provider to agree to one.

Tixy

Some lenders will allow a repayment holiday mid-loan as a standard option.

I don't know if sainsbury's do but the best way to find out would be to ring them and ask - if they will allow a holiday then get them to clarify how it will affect your repayments going forward - will they be slightly higher to cover the interest over that period or will they extend the number of payments or both.

If they won't do a repayment break as standard then you may still be able to negotiate reduced payments with them for a period of time although that would likely affect your credit rating and they may well want to see an income & expenditure statement to see you cannot afford the full rate.

nicholson11

I did ring them before to enquire about getting a repayment holiday and they said you could only get one at the start of the loan, but I was wondering if they would consider it now if I told them I wouldn't be able to pay the next couple of repayments. I just want to get some information from this forum first before I ring them again.

zppp

nicholson11 wrote: »

I did ring them before to enquire about getting a repayment holiday and they said you could only get one at the start of the loan, but I was wondering if they would consider it now if I told them I wouldn't be able to pay the next couple of repayments. I just want to get some information from this forum first before I ring them again.

As Tixy has siad, if having contacted them you cannot arrange a full repayment holiday, and you are struggling to meet your loan repayments, you should contact them and see if they will negotiate lower payments for a period.

If you do this, it will effect your credit rating, and may cost more in interest in the end. You may want to get advice from CAB, who can asist with this type of situation.

KingElvis

As soon as you mention you're in difficulties they'll be on you like a tramp on a kipper.

Call them and ask what they can do for you.