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To miss one loan payment: How well?
A pal is going through a difficult time financially. She intend to miss this month payment so that she could stabilize. How does it work? Does that mean she has to pay double next month or what? How best she could handle this? She has never miss payment before. Can she talk to the bank? Thanks
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Comments
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I guess that the loan is with her bank? Missing a payment is not a good idea, it will affect her credit rating for a start. If she can't afford the payment this month, how could she afford double next month?
Does the loan offer any kind of payment holiday? If not, don't expect that the lender will agree to her missing a payment.
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Best to speak to the bank. It would be a bad move to miss a payment unles there are no other options - such as selling things, borrowing from family, eating beans for a month.
It's not a case of just paying double next month.0 -
They need to ask what extra charges will they get for missing one payment? £12 for every letter sent, + Admin fee + interest.
May have the opposite effect and actually be the nail in the coffin so to speak.
Beware that missing a payment even if arranged may have a negative impact on their credit file. So cheap credit may no longer be an option.
You need to get them to do an SOA on the debt free boards.
Missing payments could be the worst choice possible.Censorship Reigns Supreme in Troll City...0 -
Alright guys. Thought one-off is not really bad0
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It can be bad - does the loan offer repayment holidays?
If so this is the best way to proceed before wrecking your credit files.
OP needs to be careful on two fronts - if he misses one payment and does not make it up soon; will every subsequent payment be marked late, as in theory he will never catch up? and if he enters into an arrangement with the lender will they put this down as an arrangement to pay on his credit files?0
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