Can anyone offer some advice on loan payment?

Lodge

Hi Everyone.

I have my mortgage and personal loan with my bank (Natwest) and the monthly repayments are as follows:

Mortgage: £660.00 (93K Balance - Property worth 170K)
Loan: £440.00 (28K Balance)

It's getting difficult each month to make the mortgage AND loan payments due to me paying off other debt (Credit Cards) with the rest of my salary.

I bring home just under £2,000 each month.

My question is this:

Would Natwest allow me to miss next months payment to help me with my cash flow problem? Could it be added to the end of the loan period? What would happen if funds were not in my account to cover the loan payment next month?

My credit rating is shot due to my Credit Card debt being on payment arrangements so not sure where to turn.

I've got all my spending under control regarding the money I do have left each month, I've certainly had my "Lightbulb Moment" as you guys say on here!

Would natwest be prepared to add my loan onto my mortgage? I know this would turn it into a secured loan and in the long run I'd pay more interest BUT the monthly payments would come down considerably which in turn would help me through this rough patch.

Have any of you guys had experience of situations like this, if so I'd appreciate hearing your thoughts.

Regards.
D.

colin13

get in contact with with ur providers and let them now what ur problem is they may allow u to miss a payment IT IS BEST TO INFORM PEOPLE U R IN A BIT OF TROUBLE ,,if u dont tell them u will deffo incurr charges which is the last thing u want or need just now get on the phone and let them no wot is happening best of luck:)

MissEyre

Hi OP, if you are struggling to make your payments, I would recommend having a look over at the Debt Free Wanabee board and giving more information about your credit card debts too-you will get some brilliant advice, and there are lots of people who have had similar problems. Hope that helps! x

Lodge

Has anyone else on here tried asking the bank if they could miss a month's loan payment?

Thinking of making the call on Monday!

Lodge

Can anyone offer advice?

Thanks.

woozywendy

I know some companies allow a payment holiday if you have made continuous payments for 6 months or so ( that was our agreement when we asked). We were allowed a break of 2 months.