Changing Loan Repayment Amount

MiniLaura

Hi

Last year i took out an unsecured personal loan. Payments included at PPI whihc I have used during six months unemployment.

When I took the loan out I was on a salary of 18K, and am just about to start employment but at a much lower salary of 11k.

Has anyone ever had any luck in lowering the repayments or any idea of the procedures involved? Id be happy to take longer in paying it off as on such a low salary its going to cripple me.

I intend to talk to the bank first, just looking for any similar experiences first of all.

movingforward2010

When i was off work ill for 10 months, HSBC changed my loan to a managed loan reducing the monthly payments from £210 to £110 per month but be WARNED ,by doing this it increases the term of the loan and the interest greatly.

:eek:

jonesMUFCforever

MiniLauraRocks wrote: »

Hi

Last year i took out an unsecured personal loan. Payments included at PPI whihc I have used during six months unemployment.

When I took the loan out I was on a salary of 18K, and am just about to start employment but at a much lower salary of 11k.

Has anyone ever had any luck in lowering the repayments or any idea of the procedures involved? Id be happy to take longer in paying it off as on such a low salary its going to cripple me.

I intend to talk to the bank first, just looking for any similar experiences first of all.

Yes I agree with above poster - your only solution is to see if you can get them to extend the term of the loan.
As you have claimed on the PPi you are not entitled to any refund of premium.

colagirl

wxmlad wrote: »

When i was off work ill for 10 months, HSBC changed my loan to a managed loan reducing the monthly payments from £210 to £110 per month but be WARNED ,by doing this it increases the term of the loan and the interest greatly.

:eek:

i SO wish i'd have seen this before we took out our managed loan, we were forced into it and did not realize the term and interest would be what it is, now we are worse off than before and its horrible.