Help with Natwest Loan

D83

I've got Natwest loan. I would like to take a payment holiday to allow me to pay off other debts that have a higher interest rate but Natwest don't offer payment holidays. What other options do I have. What happens if I miss one or two loan repayments with Natwest.

[Deleted User]

Fees, charges, trashed credit report, that kind of stuff.

blacksta

if it is not mentioned in your contract - no chance

tell_it_how_it_is

Your most likely option is probably to analyse your complete monthly spending habits, and see where you could perhaps cut down and what you could do without over the next two or three months (i.e. mobile phones, satellite tv, booze, fags, going out, eating out etc.).

dtsazza

D83 wrote: »

What other options do I have.

I don't think there are any other options with the loan - you agreed to pay it every month, so unless the lender accedes to a holiday you'll need to keep up payments. And if you don't keep up payments, you'll end up paying more in total due to charges and extra interest (or you'll go bankrupt) - and your credit history will be trashed such that no mainstream lender would touch you for a good while.

The best option, if possible, would be a "spending holiday". Trim whatever fat you can from your outgoings if you haven't done so already, and put it towards paying off both debts. It's worth bearing in mind that ultimately, the only way you'll ever pay off debt is with income that you don't spend; the more you can not spend now, the more you save in interest and the sooner you'll be able to put your income to more productive use.