Tesco Loan payment holiday

worriedwilf

Hi all,

I currently have a tesco Loan. Initially it was for £15k over 48 months. I now have about 20 payments left. I have always paid on time, never paid late etc so my payment history with them is flawless.

I have had some unexpected expenditure this month and I am really worried that I just won't be able to pay thenext installment without taking out more Credit card debt - something that I am desperate to avoid.

If I call them and take an upfront approach, do you think that they would give me a 1 month payment break and restructure my payments? Also, If this was preagreed, would it adversely affect my credit rating?

Any advice would be very much appreciated.

WW x x

DCFC79

You can ask

ch3101

No, they won't.

The only way to put you on a pay,eat holiday/plan is to default the account and pass you to the collections department.

What date is your next payment due?

19lottie82

I've got a tesco loan and I'm pretty sure they don't offer payment holidays. If you default it will affect your credit rating.

ch3101

19lottie82 wrote: »

I've got a tesco loan and I'm pretty sure they don't offer payment holidays. If you default it will affect your credit rating.

That's right.

But OP, tell us this -

When is your next payment date?

When are you next paid?

What is always a possibility is asking them to change the payment date. It does however take a bit of time to change it.

This option could buy you up to 14 extra days to pay

Apples2

They'll restructure it alright, your have missed payment fees, you'll be paying more interest as you haven't made your payment, your credit file will be smashed.... ergo, Don't do it.

Use the credit card for whatever emergency has cropped up.

If it were that easy to simply miss a couple against the terms of the agreement and simply restructure with no adverse affects, everyone would be doing it, especially coming up to Chrstmas.

The majority of lenders will not even discuss it until you have missed a payment, which is most likely what they will tell you when you call them.

Apples2

ch3101 wrote: »

What is always a possibility is asking them to change the payment date. It does however take a bit of time to change it.

This option could buy you up to 14 extra days to pay

If you want to move your payment right in this way, you would have to make your monthly payment as normal, then make ANOTHER payment on the new date.

Essentially, you have to make your next payment early, you can't just award yourself 14 days off from your agreement, you would be making a late payment which will be reported on your credit file.

ch3101

Apples2 wrote: »

If you want to move your payment right in this way, you would have to make your monthly payment as normal, then make ANOTHER payment on the new date.

Essentially, you have to make your next payment early, you can't just award yourself 14 days off from your agreement, you would be making a late payment which will be reported on your credit file.

No they allow this, to an extent...

When you change your payment date with tesco, as long as the next payment is within 44 days of the last one they will be okay with it. Of course they only allow you to change it once though.

For example.

Mr A has his payments on the 1st. He wasn't to change them to the 10th. So he'd make a payment on 1/09/13 then his next on 10/10/13.

But Mr B also pays on the 1st and wants to change it to the 25th.
So he makes his payment on 1/09/13 then his next would have to be 20/09/13 as well.

ch3101

Apples2 wrote: »

The majority of lenders will not even discuss it until you have missed a payment, which is most likely what they will tell you when you call them.

Tesco do before you miss a payment, but you'll still be defaulted

worriedwilf

Hey

The next payment is due on the 28th. This is also the dayI get paid. I definitely don't want to just default - I will use my credit card first. I didnt want to do this as I am currently in a debt free journey and my CC's are still above the 10K mark. All been going well until this month

I am gonna call them tomorrow and see what they say!!

Thanks for advice

WW

ch3101

worriedwilf wrote: »

Hey

The next payment is due on the 28th. This is also the dayI get paid. I definitely don't want to just default - I will use my credit card first. I didnt want to do this as I am currently in a debt free journey and my CC's are still above the 10K mark. All been going well until this month

I am gonna call them tomorrow and see what they say!!

Thanks for advice

WW

Yes so you could always ask to put the payment back to about the 12th of October, but I'm not sure how exactly this will help you...