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Can I put payments on hold for a while without it affecting credit rating?
I have just been made redundant at the same time as being given notice by my landlord so am in a !!!! situation, making finding a new place difficult, i will most likely have to pay 6 months in advance of rent which will mean i won't be able to keep up with my monthly loan repayments until I have found a new job.
Will I be able to ask my bank to put the loan on hold until I have a new job without it affecting my credit rating?
Any advice much appreciated
Will I be able to ask my bank to put the loan on hold until I have a new job without it affecting my credit rating?
Any advice much appreciated
0
Comments
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Almost certainly not.
But talk to them - they may be able to minimise the damage, whether that be a default or arrangement to pay.0 -
You have bigger things to worry about than your credit rating, sadly.
If you can't pay, tell the banks of your situation and they can help, but it'll be recorded in your credit history either way.
Don't be tempted to borrow more to cover the loan. While unemployed you'll only get interest from exceptionally high interest lenders, and then you'll be facing a full blown debt crisis if you don't find employment in any good time.
In debt and looking for help? Look here for the MSE Debt Help Guide.
Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.0 -
I disagree with post 2.
Some banks do offer loan repayment holidays - go to the lender and ask?
Most I have seen offer a maximum of 2 months' in a 12 month cycle.
Each lender will have its own rules.0
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