Need To Clear Overdraft

National_Debtline

Hi

Glentoran is right that DMP agreements normally state that you can’t use more credit, otherwise they could be cancelled. That may be the case with Payplan too.

I think requesting a mortgage payment holiday is a good shout, or changing to an interest only mortgage in the short term to reduce the monthly payments and help you get back on track.

James
@natdebtline

another_casualty

Would I be allowed a 3 month pay holiday ? ( Santander)
TBH , interest only is about £250 cheaper than full repayment .
Not sure
Would I be able to do both( interest only for a couple of months and payment holiday)?
Is it best to tell nationwide that I may exceed overdraft limit this month?

glentoran99

another_casualty wrote: »

Would I be allowed a 3 month pay holiday ? ( Santander)
TBH , interest only is about £250 cheaper than full repayment .
Not sure
Would I be able to do both( interest only for a couple of months and payment holiday)?
Is it best to tell nationwide that I may exceed overdraft limit this month?

I wouldn't as they could remove the overdraft altogether, but that's just personal opinion, which they can do at anytime anyway

another_casualty

I'm wondering ( but very much doubt), if I could remortgage to nationwide as I've been with them over 10 years ( the current account has been going less than 4 years tho ')
Or asking Santander for. Payment holiday on my existing mortgage with them . I would need 3/ 4 months tho' .

Playing_with_Fire_2

A remortgage is likely to take more time and money than it will save in the short term. Don't take out a loan to have an emergency fund.

Maybe call payplan, explain about the funeral and what that cost you, and see what they suggest in terms of temporarily reducing your payments to them. No idea if you would be obligated to tell them about using the overdraft.

Santander say that they will consider requests for reduced payments:
Talk to us
We may be able to help so please call us on 0800 028 1628, Lines are open 8am - 7pm Monday to Friday and 9am - 2pm Saturday. We’ll ask for your mortgage account number which can be found on your latest mortgage statement.
Borrow more
You can ask for a Credit Limit Review to borrow up to a maximum of 75% of the value of your home by simply using Online Banking or calling us on 0800 092 3881. Lines are open 9am to 7pm Monday to Friday and 9am to 2pm Saturdays.

You can look on the website for more information.

Do check with them whether they record this as a default /reduced payment on your credit report. If so then a payment holiday may not be the best option for you. Have you ever made overpayments in the past?

another_casualty

Thanks . No , never made overpayments unfortunately.
Please could you explain this ' credit review'? Is that with the mortgage or my nationwide bank acct?
Not that it means much , my experian credit score is very good.
Apart from getting in this mess, I've always done what I'm told since

another_casualty

My Payplan payment is £102 , so I don't want to alter that .

another_casualty

Playing_with_Fire wrote: »

A remortgage is likely to take more time and money than it will save in the short term. Don't take out a loan to have an emergency fund.

Maybe call payplan, explain about the funeral and what that cost you, and see what they suggest in terms of temporarily reducing your payments to them. No idea if you would be obligated to tell them about using the overdraft.

Santander say that they will consider requests for reduced payments:
Talk to us
We may be able to help so please call us on 0800 028 1628, Lines are open 8am - 7pm Monday to Friday and 9am - 2pm Saturday. We’ll ask for your mortgage account number which can be found on your latest mortgage statement.
Borrow more
You can ask for a Credit Limit Review to borrow up to a maximum of 75% of the value of your home by simply using Online Banking or calling us on 0800 092 3881. Lines are open 9am to 7pm Monday to Friday and 9am to 2pm Saturdays.

You can look on the website for more information.

Do check with them whether they record this as a default /reduced payment on your credit report. If so then a payment holiday may not be the best option for you. Have you ever made overpayments in the past?

1thing I forgot to mention, is that in the above figure I have a homeowner loan already with White Label Lending.(doh!) . Just under£14,500.
I called Santander,and as they are extremely busy, I should get a call within 48 hours.My mortgage payment is due tomorrow.
I'M thinking /hoping of either a payment holiday for 4 months , then go back to repayment mortgage. Or, repayment mortgage straight away for about 18 months.
I currently pay £548.21 p.m. Apparently , with interest only it would be £300.

another_casualty

Spoke to Santander. They can do nothing. Gutted
They were going to do a soa on me, but I couldn't go through all of that again.
They said that if I went over 2 missed payments, my flat could be repossessed.
They wouldn't let me do interest only mortgage, albeit temporarily .
Looks like I'LL have to put flat on the market in January

savingfortomorrow

I'm sorry for your loss. Are you aware of the burial grants available in Ireland http://www.welfare.ie/en/Pages/Death-Benefit.aspx It may of set some of the costs incurred. There may be additional payments you are entiled to if you have paid the bills.