Tesco Loan payment holiday

worriedwilf

thanks for advice guys. I don't think that moving the payment date back will help me as i won't be able to find the money regardless of whether its the 28th Sep or 12th October. I am gonna call them tomorrow and beg plead and if needed, weep!! We'll see what they say!!

WW

worriedwilf

Just about to make the call to see if they will give me a 1 month payment break!! I feel quite nervous which is ridiculous!!!!!!!!

Clive_Woody

An overdraft may be a better way of short term ad-hoc borrowing rather than using a credit card to cover your spending in the short term.

Assuming you haven't got a maxed out OD already you could try talking to your bank to see if they would give you one or consider increasing the current one for a couple of months.

I am guessing you have already cut back on all non-essentials - SKY, beer, take ways, going out etc... until things are back on track.

worriedwilf

Hi Clive

Have tried the OD route but its not possible at the moment. Regarding the luxuries - they havebeen cut back for a while now as we were midway through a 'get out of debt' journey!!

I could use a Credit card but I have tried so hard to reduce CC debt that I cannot face adding to it and paying ridiculous interest. I am not able to get 0% deals at the moment.

Clive_Woody

worriedwilf wrote: »

Hi Clive

Have tried the OD route but its not possible at the moment. Regarding the luxuries - they havebeen cut back for a while now as we were midway through a 'get out of debt' journey!!

I could use a Credit card but I have tried so hard to reduce CC debt that I cannot face adding to it and paying ridiculous interest. I am not able to get 0% deals at the moment.

To be honest you are probably better off using the credit card and taking the interest hit rather than having a missed payment marker added to your credit file.

Have you tried the debtfree wannabee board on here where folk in similar situations would be able to share advice and might be able to help more?

worriedwilf

Tesco were really helpful and have offered me a 2 month break with restructured payments...BUT..

It will go on my credit file as an 'arrangement to pay'. The lady I spoke to said that this would be slightly better than a late or missed payment as it shows that I have taken responsibility BUT I am unsure of what to do???

OneLife_OneShot

An ATP is just a watered down default. Yes it shows you took action but lenders will see you reneged on your original agreement which looks bad either way. You aren't paying them what you agreed to is what will flag up on your credit report.

ch3101

worriedwilf wrote: »

Tesco were really helpful and have offered me a 2 month break with restructured payments...BUT..

It will go on my credit file as an 'arrangement to pay'. The lady I spoke to said that this would be slightly better than a late or missed payment as it shows that I have taken responsibility BUT I am unsure of what to do???

Personally I wouldn't go ahead with it. That kind of scheme is meant for people in financial difficulty who can't pay at all, and of course the credit file marker will reflect that.

Up to you of course

YorkshireBoy

worriedwilf wrote: »

It will go on my credit file as an 'arrangement to pay'. The lady I spoke to said that this would be slightly better than a late or missed payment as it shows that I have taken responsibility BUT I am unsure of what to do???

The "lady" was talking nonsense (in my opinion).

One late payment on an otherwise good repayment history will hardly make a difference. Lots of people slip up, and the late payment marker could be explained away (via appeal if declined credit because of it) by wages late, hospitalised, switching banks, etc, etc. Whereas an 'arrangement to pay' marker is an outright admission that you're struggling with debt...not something prospective lenders want to hear when considering whether to lend you money.

As others have said...REPEATEDLY...use the credit card!

Apples2

worriedwilf wrote: »

Tesco were really helpful and have offered me a 2 month break with restructured payments...BUT..

It will go on my credit file as an 'arrangement to pay'. The lady I spoke to said that this would be slightly better than a late or missed payment as it shows that I have taken responsibility BUT I am unsure of what to do???

And going deaf is slightly better than going blind.

It's hardly a choice worth making, it leads to 6 years of pain.