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Unable to pay loan this month-what to do??
shockmeshockme
Posts: 23 Forumite
in Loans
Hi I'm looking for some advice....
Due to husband being made redundant last year, things have been very tight money wise. This month we've been unable to pay our loan repayment, and I'm not sure what to about it? This is the first time it's happened, but we're up to our limit on our credit card and overdraft so we're unable to pay it that way. I get paid on the 26th Jan and would be able to pay it then. I'm going to call Barclays loans today but not really sure what to say? Would this be acceptable to them? Im just worried cos I get very flustered on the phone and want to get it sorted out!
Any advice would be appreciated.
Due to husband being made redundant last year, things have been very tight money wise. This month we've been unable to pay our loan repayment, and I'm not sure what to about it? This is the first time it's happened, but we're up to our limit on our credit card and overdraft so we're unable to pay it that way. I get paid on the 26th Jan and would be able to pay it then. I'm going to call Barclays loans today but not really sure what to say? Would this be acceptable to them? Im just worried cos I get very flustered on the phone and want to get it sorted out!
Any advice would be appreciated.
0
Comments
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Do you have PPI in the loan? If so, get a claim in (is it in his name?).
If you make the payment on 26th Jan, it will be a late payment, not a missed payment (lesser of two evils).
No need to worry about he phone call, just say it like it is.
Talk about the larger picture though, by making this months payment late, how will you make the next payment (which will be due shortly afterwards).
They aren't all out to give you a kicking, especially if it is a big name lender.
They may offer you a payment holiday for a couple of months, although the interest will still accrue so your debt will increase whilst you aren't paying.
Either way, just be genuine and honest with them.0 -
Could you not ask to change the date of loan payments to the 26th of each month starting from now?"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0
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First things first - talk to your lender, tell them the position.
They hate surprises, and would rather know there's a problem and work with you to keep you repaying them, however slowly, than defaulting and them having to go to court for CCJ's etc.0 -
Please tell me you have not been paying off your loan with a credit card? You are now in a corner ...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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