Question: Changing loan payment date

morgan71_2

Hello everyone

I'm Morgan, I'm new round here. I have a question…

I have a Smile loan that I took out a while back, I pay it from my Smile current account via Standing Order which Smile set up for me.
I want to move the date (from 19th to the 30th each month) but they tell me this not possible as the date is in the contract and cannot be changed due to legal reasons. They also say if I was to change the date I may get into problems as it would come up as a late payment each month.

Is this correct? Am I stuck with this date for the remaining two years? I'm sure I've changed loan payment dates in the past when they've been set up via Direct Debit.

Any help appreciated

Regards
Morgan

opinions4u

It is contractual. So any change is at the lender's discretion.

If you paid twice in the same month and got ahead of yourself that probably wouldn't be a problem though.

Although beware 30th February.

Thrugelmir

You've signed a contractual agreement to pay the debt back on a given date every month.

Review your budgets and cut back on spending so that you can meet the date.

Put your debt before Xmas. Give yourself a big present instead of a badly damaged credit file.

morgan71_2

Thank you for the reply. I'll maybe approach them again in a couple of months.

morgan71_2

Thrugelmir wrote: »

You've signed a contractual agreement to pay the debt back on a given date every month.

Review your budgets and cut back on spending so that you can meet the date.

Put your debt before Xmas. Give yourself a big present instead of a badly damaged credit file.

Will do. Thanks for the advice :-)

jonesMUFCforever

morgan71 wrote: »

Thank you for the reply. I'll maybe approach them again in a couple of months.

Why? They have given you an answer.

How much have you borrowed at what rate?

Is a new loan out of the question?