mortgage problem

salmonking

hi all,

after some advice.i had an operation last November which I was told would keep me out of work for 5 months.i made sure I worked hard to cover the mortgage for the 5 months no the problem is ive been told I wont be able to go back to work until the end of next month so im a month short on my mortgage (which goes out 28th of month).the mortgage is with the Cheltenham and Gloucester.ive rung them a couple of times to explain my situation and to see if they could help.i noticed ive got an option for a payment holiday but they have informed me I haven't paid enough off mortgage to qualify for one.they have basically told me theres nothing they can do.ive never missed a payment in the 4 years ive had a mortgage and don't know what to do next,its worrying me sick to be honest.i haven't got any family who can lend my the money.any idea's would be most helpful.thanks

Thrugelmir

Obtain a credit card and take a cash advance.

salmonking

Thrugelmir wrote: »

Obtain a credit card and take a cash advance.

are you serious? can you recommend a card? thanks

ACG

Ask for an overdraft with your bank, a pay day loan etc.

Not ideal but you dont sound like someone who is going to go into a downward spiral.

Dan-Dan

yeah , second vote for the bank overdraft , surely that can be arranged with a visit in person to the bank ??

good luck!!

RobHolyhead

ACG wrote: »

Ask for an overdraft with your bank, a pay day loan etc.

Not ideal but you dont sound like someone who is going to go into a downward spiral.

Not being funny but stay well AWAY from pay day loans, Ask your bank for an overdraft these are low interest and don't have to be paid off in any time frame if they are agreed with your bank.

Dan-Dan

I was surprised to see a pay day loan advised as well tbh

ACG

Why?

Because of high APR?

Ignore the APR its stupid and pointless on payday loans. Your comparing a long term loan with a short term one.

In reality if you borrow £100 and pay back £110 - your paying 10% interest.
Ive just gone on to wonga and you can borrow £400 for 30 days. You pay back £125 in fees and interest, to me thats about 30% not 14000000% or whatever the crazy APR figure is.

RobHolyhead

ACG wrote: »

Why?

Because of high APR?

Ignore the APR its stupid and pointless on payday loans. Your comparing a long term loan with a short term one.

In reality if you borrow £100 and pay back £110 - your paying 10% interest.
Ive just gone on to wonga and you can borrow £400 for 30 days. You pay back £125 in fees and interest, to me thats about 30% not 14000000% or whatever the crazy APR figure is.

Its HUGELY important if you miss just one payment! how do you think so many people have run up such a huge amount of debt from pay day loans!

bigadaj

RobHolyhead wrote: »

Its HUGELY important if you miss just one payment! how do you think so many people have run up such a huge amount of debt from pay day loans!

Yes but you don't hear about those who do just use them once to get them out of a hole, potentially avoiding more costly options such as unarranged overdrafts.

The clue is in the name, it's a pay day loan, you take a loan and pay it back when you get paid, stick to the rules and there's no problem apart from the few quid in interest/ charges as pointed out above.

ACG

I dont think the OP is someone who belongs on the jeremy kyle show though. He seems pretty responsible, knew something was coming up and tried to pre-empt any problems.