Loan payment holiday complete

EKArcher

I have a loan with nationwide, I am employed and have a regular income but my partner is self employed and has had a reduced income due to coronavirus. We have taken a total of 6 months holiday in 2 separate chunks. My current holiday has just finished abs now it appears that nationwide aren’t prepared to lend me to full amount to cover the current outstanding loan? I’m not sure what to do? They are actually only prepared to cover 1/3 of the outstanding amount!!!! Please help 

ManyWays

Now your payment holiday has ended, are you saying you still can't afford the repayments?
In that case you need to talk to Nationwide about making a lower payment that you can afford.

MattMattMattUK

EKArcher said:

I have a loan with nationwide, I am employed and have a regular income but my partner is self employed and has had a reduced income due to coronavirus. We have taken a total of 6 months holiday in 2 separate chunks. My current holiday has just finished abs now it appears that nationwide aren’t prepared to lend me to full amount to cover the current outstanding loan? I’m not sure what to do? They are actually only prepared to cover 1/3 of the outstanding amount!!!! Please help 

As you are on full pay, but your partners income is reduced, is that reduction at a level which means you can not repay the loan if you cut back on other things, eg have you used the payment holiday to continue spending on other things, or have all non-essentials been cut back to zero?

sourcrates

Why on earth are you looking to borrow more money when your in such a precarious financial position ?

You need to stop, and think, borrowing more money is not the answer, if income has reduced, then essential payments such as rent/council tax/utilities etc all come first in line, unsecured credit payments are last in the que to be paid.

You either come to a reduced payment arrangement, or as a last resort, default, you do not keep on digging when you hit rock bottom.

The Debt Free Wannabe board is the place to come to for solid advice on how to tackle this.

EKArcher

I don’t think my post was clear. The loan  holiday has finished and the way nationwide works is that you have to sign a new loan agreement to cover the existing loan, when filling out the firms online they will not lend me enough to cover the existing loan, I have no intention of borrowing more and yes I am now able to continue paying. I just don’t see how nationwide can now say that they aren’t willing to continue with the loan at the amount that I had prior to a payment holiday. But thank for assuming that I’m being irresponsible 

DrEskimo

Have you contacted them?

They suggest on the website: "This will be like applying for a new loan, but we’re simply changing the length of the term of your existing loan."

I would explain to them the situation as it doesn't sound right...