should i ask the bank?

moomin13

My situation has drastically changed due to an accident-I can no longer pay for my credit card bill(TSB card) or a recent loan! Should I call and ask them to help? I have no income (sick pay which covers mortgage and bill) pendingDLA and other benefits...dont want to be black listed/ccjs etc..any help please?

jonesMUFCforever

Do you have PPI on either the card or loan?

Is your situation likely to change for the better anytime soon?

moomin13

Hi, none on any due to waiting for my house to sell!-they both paid for repairs to sell! need some time for this to happen then can pay off! do you think they will freeze them or offer a lower rate? thanks

jonesMUFCforever

Your bank should have a financial difficulty department.
Pick up the phone and speak to them.

They may not be helpful to you in first instance unless you are three payments in arrears - thereafter Collections take over the running of your account.

Good luck.

plotholder

hi you do not have to be in arrears before the difficulty dept of lloyds/tsb will help

pls call them they are fab

consolidated 2 cards and a loan into one loan (huge but with a long term and a much lower rate that the old one and cc's) thus cutting payments down to about a third of what they were

not scary at all and very helpful

hth
plot

simongregson

Please think carefully before consolidating your debt. By extending the term you will almost certainly pay more interest overall, and if your situation may change when you sell the house you should not consider this option unless you can pay off the loan early with no penalty.

Try the debt-free wannabe board who will do their best to help you work out a sensible budget/cut back and can advise about the various organisations without a vested interest who can help you negotiate with your creditors

Russ_Vengeance

SG has a damn good point. Banks are not there to help you out in times of difficulty, they are there to make money. Specifically - in this case - yours! A consolidation loan will almost always cost you a fortune. The bank wouldn't offer it to you otherwise!

The DFW board could be a good place to start. If you post your SOA up on there, I'm sure some of the knowledgable folks will be around soon to give what advice they can. As for independant, professional advice, I would try giving CCCS a call on 0800 138 1111. They can give you advice on budgeting, dealing with your creditors, all that kinda stuff.

Best of luck bud

moomin13

Thanks all, will try that one, must ask fast now!