Natwest Loans - Payment Freeze/Break

mj187

Why do banks not support their customers when in need?
I have a loan with Natwest which I have made regular payments to with no defaults or late payments.

However, I'm due to start a new job mid July which will have an affect on my income for July & August. So, I phone up the bank to request a payment holiday or freeze but they said they don't do payment holidays & can only delay payment for a few weeks.

So knowingly I will be impacted, they are unable to help.

[Deleted User]

Payment holidays are rare, as they generally worsen the situation for all concerned. It will also usually end up in an arrangement, in which case you may as well default.

Visit the DFW boards for advice on cutting costs and being able to make your regular payments.

foxy-stoat

mj187 wrote: »

Why do banks not support their customers when in need?

Banks will probably counter that with, why don't customers have emergency savings or make better plans....especially when you have ran into debt problems in the past.

Willing2Learn

Can you do all your spending on a credit card for a couple of months? To give you the breathing space...

mj187

It's pretty annoying since it's just a short period of time & I'm able to pay it after.

mj187

Willing2Learn wrote: »

Can you do all your spending on a credit card for a couple of months? To give you the breathing space...

Unfortunately not, I do have a credit card but not enough credit on it to cover.

foxy-stoat

mj187 wrote: »

Unfortunately not, I do have a credit card but not enough credit on it to cover.

Have you tried to increase the credit limit on that card? Or asked Natwest for an overdraft?

mj187

foxy-stoat wrote: »

Have you tried to increase the credit limit on that card? Or asked Natwest for an overdraft?

Natwest looked into this when i phoned them but wouldn't give me an overdraft.
Can't increase the card limit either.

Thanks

foxy-stoat

Can you sell some of your stuff or cut down on your regular spending?

Any reason why your salary will take a dip for 2 months then go back up again? You may get a tax refund if your annual salary drops for a few months.

mj187

foxy-stoat wrote: »

Can you sell some of your stuff or cut down on your regular spending?

Any reason why your salary will take a dip for 2 months then go back up again? You may get a tax refund if your annual salary drops for a few months.

It's due to that I'm starting a new job in different town, so my travel expenses will go up. But the new job is much better pay. This will mean I will have to spend more money until I get my full months new salary.

I'm currently budgeting on my current salary now due to getting into debt so only have a low amount left. Not sure I can spend less.

I will look at other options

MovingForwards

Take out another credit card.
Cancel the direct debit to the loan and miss a payment.
Ask family to help.
Use what food you have at home, may not be the healthiest but it's only temporary.
Or cut right back and buy rice/pasta/lentils and veg - go veggie until you get paid in your new job