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What do I say to lender?

Doridian57
Posts: 4 Newbie
in Loans
Hi, I need to write to Santander because, due to my circumstances changing, I can no longer afford the full payment on a loan from them.
Problem is I don't have any idea what to say.
Is there a sample anywhere?
And what if they refuse my offer?
Thanks in anticipation.
Problem is I don't have any idea what to say.
Is there a sample anywhere?
And what if they refuse my offer?
Thanks in anticipation.
0
Comments
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They won't be at all interested until you miss your first payment.
They have heard all the stories (not suggesting yours is) from people trying to dodge payments with no adverse consequence.
By all means call them but they will tell you to wait until you default where the loan will pass to their collections department who have mechanisms for negotiation.
Your credit file will take a pasting.
Is there a payment holiday type of offer in your loan contract?0 -
Thanks for that.
Will they be interested if I cancel the DD and replace it with a standing order for the offer amount, at the same time as writing a letter?0 -
is you bank account with santander?
if so then open a new one elsewhere so that santander can't raid your a/c and of course your credit rating isn't trashed yet.0 -
Current Account is elsewhere.
I Don't think there is a holiday option on the loan account.
If I default I will incur charges from both banks so that would make my situation worse.
Wouldn't it be better to approach them first?0 -
Doridian57 wrote: »Thanks for that.
Will they be interested if I cancel the DD and replace it with a standing order for the offer amount, at the same time as writing a letter?
I would really advise against that, you would annoy them from the outset and they are likely to be less sympathetic. At least talk to them first.0 -
If they are anything like MBNA then dont bother.
I phoned as i was off work sick for weeks and only get £65 sick pay. All i got was we wont stop the charges or interest until you pay £200+.
Been in and out of hospital for a couple of weeks and thats the response i got.
Then i get a letter saying they are there to help not antagonize me. Are they sure about that???
In the end i cancelled the direct debits and filed the letters in a big box. I refused to speak to them or listen/reply to their threats.
Luckily my circumstances changed and they were at a point of wondering if i would pay them a penny. So managed decent settlement offers.
Big lesson for the future though.Censorship Reigns Supreme in Troll City...0 -
give us some facts
what's your income
what are your total debts?
how much is this loan?
monthly payment?
how much are you short each month?0 -
Do you have other debts you are repaying too? If you do, they will want to know that you aren't just reducing your payments to them and repaying everyone else.
If you are struggling, contact one of the free debt charities - CCCS or Payplan. They can help you negotiate lower payments for your debts but as said above, your credit rating will be trashed for a while. You will need a full list of your income and outgoings and may be asked to reduce certain unnecessary expenditure (eg if you have a high mobile contract or sky TV). They have set "allowances" for essential things and can work out your disposable income from that, before suggesting an offer to creditors.DMP Mutual Support Thread member 244
Quit smoking 13/05/2013
Joined Slimming World 02/12/13. Loss so far = 60lb in 28 weeks :j 18lb to go0 -
Apparently Santander are telling their business customers that they will no longer honour their contractual obligations because they cannot afford to.
I am not sure, though, that they think their customers should be entitled to do the same.0 -
Mortgage, 2 kids, 5 and 2, Wife looking for work. No credit cards or other loans. Done the in and out figures and I am about £100/month down. Overdraft 3k and growing also recieved letter to see bank manager.
Loan is biggest single outgoing after mortgage. £190/month. I want to offer £50/month. If I end up with a CCJ that would, I think, be about the figure.
How do I put that to the bank?0
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