Natwest Loans - Payment Freeze/Break

Kentish_Dave

You can’t blame the bank for you not having some emergency savings for just this sort of event.

Loans are relatively low margin, highly commoditised products and what you are in effect asking them to do is to to give up all of their profit on the deal and go through a nonstandard procedure to cover for decisions you made without planning ahead.

fozmcfc

I'd personally do everything you can to make the payment, even if it means missing less important ones like electric, gas, phone who normally give customers a few months leeway if they have payment problems.

mj187

What would be the best option?

Miss a payment on the bank loan!
Borrow more money with another credit card!

Although, the only card I can apply for is this 118 card with a fee due to my credit score.

Dobbibill

I would look at all other options before missing a payment - this will be recorded on your credit report for 6 yrs.

Lots of good suggestions above like using a different credit card, selling stuff you don't want/need.

Prevent this situation from happening again and consider setting up an emergency fund when you are settled in your new job. There are some challenges running on the DFW board - you could join in if it helps to keep you on track.

foxy-stoat

I would miss an energy or water bill for a month than default on a credit agreement if you really cannot sell anything or cut down on other spending.