Loan repayment holiday whilst travelling

life_experience_required

Hi Moneysavers!

I am looking for some advice re travel and my loan payments.

I have a considerable sum of debt which I can manage whilst working full time and living here in Scotland but I have always had a bug for travel and would love to see Australia.

I have already missed the opportunity to go on two occasions before and the last of my friends plan to go in July 2014. Now in my late 20s it is the last chance for me to gain a working holiday visa and earn my way through seeing this amazing place!

The only option I have at the moment, is to abandon my rented accommodation and move in with my husband to be`s parents for a year to save enough for the trip and to cover my loan repayments for the year I would be away...this is not ideal.

If only there was some kind of clause that would enable me to take a year out of my loan repayments and start them back up when I return. If anyone out there knows of something along these lines or has any advice, all ideas and info would be greatly welcomed!

DCFC79

What does your loan contract say about a repayment holiday ?

OneLife_OneShot

I am planning to go to Oz in 2015 when I will be 26 years old so I know what you mean.

I don't see how you can get a year out of paying it to be honest. Just keep sending money back to your UK bank account from Oz if you are earning when out there that way you'll still have a good relationship with the bank and you won't have defaulted on the loan and won't face any action. I don't have a loan but I might have one from my credit union when I go to Oz so I will be doing what I have mentioned.

life_experience_required

DCFC79 wrote: »

What does your loan contract say about a repayment holiday ?

I'm sure it's the general one month if required

DCFC79

life_experience_required wrote: »

I'm sure it's the general one month if required

Go by whatever the contract says, i cant see how you can take longer than whats in the contract.

life_experience_required

That's the only idea I can come up with. It would gobble up almost £5000 of savings though to leave funds for it in my bank Makes me feel sick, advice for anyone thinking about credit cards/loans DON'T TAKE THEM, struggle on and try save, even if it's pennies at first!!

DCFC79

Could family not help out then once you get back you start to pay them back.

life_experience_required

We are getting married this year and family have been very generous with donations for that. Just wouldn't seem right landing them with something else, especially if they are doing us a favour by letting us live with them. It's another option though so thanks.