Part Paying Loan Query

frankie500

Hi ..Okay just paid off part of a joint 7year lloydstsb loan(unsecured) This has not affected the monthly payments and we have not altered the loan agreement so technically it is still a 7 year loan. We have reduced it by 2 years on my calculations. My question is ... Should we hit difficult times and find ourselves a bit strapped for money would we be able to take a "payment holiday", without penalty?

Thanks in advance

Frankie

Macca83_2

You can take up to two, one month, payment holidays a year. You cannot take these payment breaks consecutively.

balmk

I would check with your loan provider as their opinion (and terms) may differ from those posted in this thread.

frankie500

Macca83 wrote: »

You can take up to two, one month, payment holidays a year. You cannot take these payment breaks consecutively.

Thanks Macca
I am aware that this was the case before I part paid but since 24 months have been paid "upfront" I am surprised that would still be the case.

balmk wrote: »

I would check with your loan provider as their opinion (and terms) may differ from those posted in this thread.

Thank you balmk
I think I might have just do that but thought a few folks on here may have experience of this. Hate phoning banks I usually end up on the phone for ages as they try to sell me something else ::laugh:

Frankie

Macca83_2

Those terms were taken from the Lloyds website but balmk is right. If you have an older style loan then the terms may be different so its always best to check.