loan repayment worried

kez_d

my loan repayment is due to come out next monday but i do not have enough to pay it.
i had a repayment holiday about 2 months ago and think you have to have had 6 months between to have another.
do you think the bank will be able to help in any way? i will have the money to pay it about a week after its due to be taking!

RuthnJasper

Bad luck, Kez-d. I'm sorry that you're in this situation. Best thing you can do is to contact the bank and ask.

I'm sure other, wiser, heads than mine will be along soon with advice - but would you be able to negotiate a lower repayment on the loan (e.g. If you'd borrowed £5000 at £100 per month for 55 months, could you suggest a repayment rate of £50 per month for 110 months)? If you're struggling to make the repayments then the loan isn't really helping you out that much with regard to your stress levels...!

See what the bank says. I'm sure they'd prefer to get their money back rather than see you go insolvent and risk getting next-to-nothing.

Hope this helps - didn't want to just read and run. Keep smiling, sweetie. xx

CH27

Why are you struggling to pay?

Is it going to be long term problem?
If it is you need to look at your options.

kez_d

its just this one month im struggling with, been waiting for some money to come through but not going to get it for 2-3 weeks!

RuthnJasper

kez_d wrote: »

its just this one month im struggling with, been waiting for some money to come through but not going to get it for 2-3 weeks!

OK, Kez-d. All you can really do is to contact them and say what's what. (Unless anyone with more salient advice comes along to say otherwise). Honesty is always the best policy where finances are concerned.

Let us know how you get on, OK? xx

CH27

kez_d wrote: »

its just this one month im struggling with, been waiting for some money to come through but not going to get it for 2-3 weeks!

Contact the bank & explain the situation to them & see what they say.

I hope you get something sorted:)