Lost job, cant make bank loan repayments

ritemaster

I was dismissed, unfairly, a couple months back (its going to tribunal but that is months away). Since then I have been making my final wage stretch out but it is finally coming to its end. Due to my living arrangements (no fixed address) I cant claim JSA.


I have financial commitments which I can no longer meet, the main one being a bank loan which I owe around £2500 and pay just over £100 a month on. Is there any way the bank can put this on hold until I am back in a position to start repayments again?

Gaz83

Sorry to hear about your circumstances, but the only people who will be able to give an answer to your question are your bank. Have you asked them?

19lottie82

you need to speak to your bank, only they can answer your question.

they may offer a payment holiday feature, but then again, they may not.

if they don't, you should write to them informing them that you are not in a position to pay at the moment, but continue to make token payments (£1 a month?).

10pence

ritemaster wrote: »

I was dismissed, unfairly, a couple months back (its going to tribunal but that is months away). Since then I have been making my final wage stretch out but it is finally coming to its end. Due to my living arrangements (no fixed address) I cant claim JSA.


I have financial commitments which I can no longer meet, the main one being a bank loan which I owe around £2500 and pay just over £100 a month on. Is there any way the bank can put this on hold until I am back in a position to start repayments again?

You can claim JSA using a care of address, ring the Job Centre on 0800 055 6688 to make an application and try to get it backdated as far as possible, though I think it can only be for a month now. Stress its a care of address not a permanent address where you stay.
Also, if you've worked for a couple of years it could be JSA Contribution based.

Speak to the bank, see if they're willing to give a repayment holiday or accept token payments until back on your feet.

Once_bitten

should have got PPI

andyfromotley

Contact the bank asap. Keeping them in the loop may help, at least with avoiding charges for miss payments etc?

dealer_wins

Once_bitten wrote: »

should have got PPI

Ah yes, that wonderful product that is either claimed on, or mis-sold :rotfl::rotfl:

haras_nosirrah

dealer_wins wrote: »

Ah yes, that wonderful product that is either claimed on, or mis-sold :rotfl::rotfl:

Some people claim on it and also say it is missold

Nearlyold

PPI covers redundancy not being dismissed

chesky

You can definitely claim JSA, even if you have to give the local job centre as your address they will accept it.

xHannahx

haras_nosirrah wrote: »

Some people claim on it and also say it is missold

My favourite when I used to work in the finance industry was people who had made claims on the insurance and then tried to claim missell on the grounds they didn't know they had it!

Back to op, write to them explaining your current financial plight offering a token sum each month. Many banks will freeze interest in such circumstances although not guaranteed.