Loan payment breaks

  • Thread starter 1stepatatime
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1stepatatime

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Hi, i posted here before and the help and replies that i received have helped me so much..just to recap.. i owed 42000.00 out in debt in loans, credit cards and various other things!! i went to my bank to see if it was possible to consolidate all my debts into one lump sum...

well after what seemed like a year, they got back to me. they said i was given enough credit this year and that they could help me in january 2007..now i have managed to pay off some of the debts and i currently owe 38,284.83 (still a lot but im getting there!)

what i would like is some advice on loan payment breaks? while i have paid money off my credit cards, i havent been able to get my overdraft down.. if i could get the payment holiday for say 3 months that would enable me to pay the overdraft off.

do banks give these payment breaks to customers that have loans out already or are they just to entice new customers?

thankyou again for all the help
 
What do your various loan agreement terms & conditions say about repayment breaks?

Remember that where repayment breaks are available the interest charges are racking up during the break so you pay for the privilege.
 
i have read through terms and conditions and while i couldnt understand some of it, it doesnt mention repayment breaks..can i still ask for one if its not in the loan agreement that i signed? will this show on my credit rating as missed paymrnts if they allowed me to take a break?
 
You can ask for one but if you are already having trouble with repayments (are you?) then I'd say the chances of getting one would be slim. Agreed deferrals of repayments are not recorded as missed payments on your ICB record but best to double check this with the lender.
 
no i havent missed any payments and i received my ICB report today which showed ive never missed a payment or being late..i will ring tomorrow to find out about the repayment breaks and see what happens! thankyou clubman for your help
 
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