repaying bank loan

gailglad

i have a bank loan which i now cant afford the repayments...do i just stop paying and wait for them to contact me.....please advice

opinions4u

gailglad wrote: »

i have a bank loan which i now cant afford the repayments...do i just stop paying and wait for them to contact me.....please advice

Get some sand. Dig a hole. Bury your head in it.

Why can't you pay?

maginot

It's probably better to contact them!
Explain how your circumstances have changed and the repayments are now unaffordable and see what they say. It is probably going to be easier and less stressful dealing with the bank earlier on, before it goes to collections and the trashing of your credit rating by defaulting straight away.

Phill_Anderson

As you're facing financial problems while paying off the loan debt. You should contact your lender and negotiate with them so that you can extend the term of the loan payment.

ukmartian

Hi I may be able to offer you a little info on this as i have the same problem ...I have a Halifax loan and i cant afford the payments ....I contacted the Halifax loan dept and they put me through to their money management dept .....they then told me they could not help as i was not in arrears (yet) ..i advised them i would very soon be unable to pay ..THEIR advise was to cancel my D/D when i was then in arrears they would then be in a position to help...the only flaw in this is once you default you could then possibly accrue charges.....if you find out anything please let me know ....cheers