HSBC ayment holiday

Minx1986

Hi,

Has anyone ever been able to negotiate a payment holiday for a HSBC personal loan that is and has been in force for some time. I have had mine approximately 2 years and made all payments on time.

My long-term partner has now decided to pursue a new career, and this will mean him leaving his full time permanent position, registering as self employed, to sub-contract in his new role. He has some savings that will help during the transition period, but I am wondering if it is worth asking HSBC if they could give me a payment holiday (one month would free up £350) to help cushion this transition period. Has anyone else had any experience with this?

Thanks in advance

[Deleted User]

I can't imagine you would remotely be able to get a payment holiday without it being marked as a missed payment or at least an arrangement.

ReadingTim

I know that "every little helps" and all that, but if £350 is going to be a material sum in your partner's finances, has he really done his sums and is sure he can afford to take up this new career?

Minx1986

ReadingTim wrote: »

I know that "every little helps" and all that, but if £350 is going to be a material sum in your partner's finances, has he really done his sums and is sure he can afford to take up this new career?

He can afford to do this, but it's more a case of if an unexpected thing happens how we would pay for this, (as effectively using the only savings we have) I thought that by putting the money to one side, that would be better, than sticking it on my credit card and no doubt then inuring interest.

In the long term, we will see an increase in his income of 50% so can't really afford to turn the opportunity down.

shane1104

not sure about HSBC; but Lloyds offer a payment holiday of 1 month, twice per year. where a payment break is taken, the payment gets moved to the end of the loan +interest accrued over the extra months that it is moved for.


surely popping into branch, give them a call?


as i say, Lloyds let you do this via your online banking.

bouncydog1

For £350 for 1 month I personally wouldn't bother. If something does happen then I would use my c card and you would still usually have up to 56 dates yo pay, depending where in the billing cycle your statement is. E.g if statement date is 10 th of month and you used card on 11 th item would appear on the following months statement. If you used card on 8th then it would appear on that months statement.

Try to top up your savings each month.