What will happen after Arrears?

mukesh.patel

If I missed 2 months standard monthly repayments then what are the options will I have for the pending arrears amount.

Do lender auto deduct arrear amount whilst my Bank account have enough money?

[Deleted User]

It will be as laid out in the terms of your agreement and any subsequent collections activity.

National_Debtline

Hi Mukesh.Patel,


Be careful about missing monthly payments on credit whilst you still bank with that bank. The bank has something called the right of set off. That means they can go into your current account and take money towards the debt, without your permission.

If you are worried about affordability in the coming months, I would suggest a new bank account, with a bank that you owe no money to, in order to keep your income safe. And then getting some free advice from a debt charity to help you look at whether your situation needs a short term restructure or long term payment options. Good luck,


Laura
@natdebtline