Can I put payments on hold for a while without it affecting credit rating?

zukias · 9 November 2017 at 4:05PM

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

[Deleted User] · 9 November 2017 at 4:08PM

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 · 9 November 2017 at 4:15PM

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.

jonesMUFCforever · 9 November 2017 at 7:26PM

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.

Can I put payments on hold for a while without it affecting credit rating?

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