Post-poning repayments

LizardKing_2

Is it possible to get a bank loan but immediately postpone repayments? If so, how long is it possible to postpone them for?

Many thanks for any/all replies

Craig

HelenR_3

LizardKing wrote:

Is it possible to get a bank loan but immediately postpone repayments? If so, how long is it possible to postpone them for?

Many thanks for any/all replies

Craig

it is possible , just cancel the direct debit , but the post doesnt really make any sense , soon as they realise you arent paying......

Mark7799

How long are you looking to postpone repayments for? If you time things right you can get up to two months before making any reductions. In some cases for business purposes you can also get a repayment holiday as well.

Other than that, why or how long would you want to stop paying?

HelenR_3

[QUOTE=Mark7799you_time_things_right_you_can_get_up_to_two_months_before_making_any_reductions.[/QUOTE]


?
what does this mean ?

LizardKing_2

What I mean is, can you set a date (with the bank) to begin repaying the loan, e.g in a years time or in two years etc.

Mark7799

It has been possible on some personal loans in the past, Nat West used to do it, not sure if they still do. i.e if you took a loan out on 26th August and wanted repayments to be 24th monthly then the first repayment would be on 24 October.

You can usually only get longer deferred repayment on some specialist lending schemes e.g for education expenses or new business purchases. If it's a bog standard loan for (say) a car then doubt if you will get that facility through a bank loan. What about some of the deferred credit (e.g buy now pay 2006) options that may be available if it's a consumer purchase?

Can you give us a clue and tell us what you're trying to do?

LizardKing_2

The money would be used to go travelling. So obviously I wouldn't be working whilst I am travelling and therefore would not be able to make the repayments.
If this isnt possible one way this could be done though is to get a standard loan but then start using it to make the repayments whilst travelling and then return home once the funds got to low to do this! haha

Thanks for the replies so far.

Craig

Mark7799

What about a low rate on purchases credit card? Assuming you could make arrangements to get the bill paid while you were away or make payments on line. Trouble is, what guarantee can you offer any lender you will be in a position to repay any loan when you're back - will you have a job to go into or any other form of income stream?

LizardKing_2

This is true. Well, thanks for your views on the matter, I was curious and just wanted to find out. Many thanks