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    • zukias
    • By zukias 9th Nov 17, 3:05 PM
    • 5Posts
    • 0Thanks
    Can I put payments on hold for a while without it affecting credit rating?
    • #1
    • 9th Nov 17, 3:05 PM
    Can I put payments on hold for a while without it affecting credit rating? 9th Nov 17 at 3:05 PM
    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
Page 1
    • zx81
    • By zx81 9th Nov 17, 3:08 PM
    • 16,406 Posts
    • 17,451 Thanks
    • #2
    • 9th Nov 17, 3:08 PM
    • #2
    • 9th Nov 17, 3:08 PM
    Almost certainly not.

    But talk to them - they may be able to minimise the damage, whether that be a default or arrangement to pay.
    • StopIt
    • By StopIt 9th Nov 17, 3:15 PM
    • 1,395 Posts
    • 1,249 Thanks
    • #3
    • 9th Nov 17, 3:15 PM
    • #3
    • 9th Nov 17, 3:15 PM
    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.
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to

    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.
    • jonesMUFCforever
    • By jonesMUFCforever 9th Nov 17, 6:26 PM
    • 24,646 Posts
    • 11,884 Thanks
    • #4
    • 9th Nov 17, 6:26 PM
    • #4
    • 9th Nov 17, 6:26 PM
    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.
    What goes around - comes around
    give lots and you will always receive lots
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