Help!! How can I best deal with this blip

worriedwilf

Hey

DFJ has been going well until the last couple of days. We were hit with a £400 bill for unavoidable repairs to house and it has seriously messed up my budget! As all of our spare money is going towards our debts we have not built up an emergency pot yet.

I currently pay £364 for my personal loan each month. Have never paid late or missed. Do you think they would allow me to not pay this month and reschedule the payments to incorporate the £364 i:eek:nto the remaining payments? I can't bear to use a credit card

Any advice greatly appreciated!! |Blo**dy budget!!!!!

WW

Eyes_wide_open

Have you checked to see whether you can have a payment holiday? Might be the solution for this month.

Hope you get something sorted xx

KT2802

Something similar happened to me a few months back. I called the bank and they rearranged my payment schedule, it meant I was paying for the missed loan payment over 3 months so my loan payment was higher for the next 3 months if that makes sense? Hasn't impacted on my credit rating either - my accounts are all still up to date.

Hope that helps.

worriedwilf

KT2802 wrote: »

Something similar happened to me a few months back. I called the bank and they rearranged my payment schedule, it meant I was paying for the missed loan payment over 3 months so my loan payment was higher for the next 3 months if that makes sense? Hasn't impacted on my credit rating either - my accounts are all still up to date.

Hope that helps.

This would be great! I will call tomorrow!! Thanks

wegle

Most loans will offer you a payment holiday if you've always paid on time. I've done this before when unexpected things have come up. They will add an extra month onto your loan so you will pay an extra month's interest. Was easy to do over the phone when I did it.

worriedwilf

Hi Everyone

I just spoke to my loan provider and they have offered to do ta 2 month payment break but explained that it will mean that I have an 'Arrangement to pay' or (AP) on my credit file.

How much worse is this than a late or missed payment? the lady on the phone said that it probably wouldn't look as bad as it shows that I took responsibility but I don't want to do anything that will really affect my long term credit.

I am looking to move house in 2-3 years ( loan will be paid by then) and will need to apply for a new mortgage.

What impact with this Arrangement to pay have on my future credit? I don't mind taking a short term hit.

Thanks

WW