Missed loan payment, what to do?

shazz21

hi
i have a problem with making loan repayments...... i have a joint loan involving myself and my boyfriend and we have fallen behind due to my bfs wages being paid cash in hand instead of into his bank account...... wen we took out the loan his wages were goin to the bank and we were managing fine with the loan but now it seems that we have missed two payments and can not get the money together to send for the payments.......we are constantly recieving letters from the bank despite explaining the situation to them and we are now afraid of what it is doing to our credit rating......... any help or advice greatly appricated

genegenie

The best thing to do would be to speak to your bank's loan officer either in person or over the phone. No need to be scared of approaching them, they're not ogres out for a pound of flesh. If you're struggling they'll genuinely want to help. If you explain your situation to them they should be able to work out a new repayment plan that will suit you better. Missing payments will affect your credit rating, best to nip this in the bud asap.

Hope it all works out!

stepbar

shazz21 wrote: »

hi
i have a problem with making loan repayments...... i have a joint loan involving myself and my boyfriend and we have fallen behind due to my bfs wages being paid cash in hand instead of into his bank account...... wen we took out the loan his wages were goin to the bank and we were managing fine with the loan but now it seems that we have missed two payments and can not get the money together to send for the payments.......we are constantly recieving letters from the bank despite explaining the situation to them and we are now afraid of what it is doing to our credit rating......... any help or advice greatly appricated

Hold on... I'm getting this right. You're having difficulties because you bf's wages are now paid in cash? What's the problem? You take the money and lodge it to the bank. Simple as. I might be able to understand if your bf was let go from his job or if he was being paid less but seriously..... You need to start lodging some money to the account or the problem will get worse.

Bottle_of_Smoke

Do you get paid into the account? How about you pay the full amount & use his half for your day to day cash usage. You'll be able to lodge directly into the loan also. Put whatever you can into it. If the bank see you're making an effort they'll ease off on you.

Xcellor

shazz21 wrote: »

hi
i have a problem with making loan repayments...... i have a joint loan involving myself and my boyfriend and we have fallen behind due to my bfs wages being paid cash in hand instead of into his bank account...... wen we took out the loan his wages were goin to the bank and we were managing fine with the loan but now it seems that we have missed two payments and can not get the money together to send for the payments.......we are constantly recieving letters from the bank despite explaining the situation to them and we are now afraid of what it is doing to our credit rating......... any help or advice greatly appricated

Get an overdraft on your bank account to cover the amount of the loan payment. Set up direct debit and get your bf to walk into the bank when he gets paid and say the following "Hello. I'd like to lodge this into my bank account..."

An overdraft is a necessity I believe when you have loans/mortgages because you never know when a big expense will come up and you need a bit more than you have...

This is a dangerous situation to get into because it will affect both of your credit ratings and could lead to issues getting future loans, more significantly if you want to get a mortgage.. Get it sorted ASAP like said above talk to the lender and explain, the more you ignore it the more letters you will get. Banks don't like the prospect of losing money..

shazz21

thanks for the replys and they all sound logical and easy to do but as the saying goes easier said then done??? my bank is not the same bank that we have the loan from so i cant just lodge money into that account its a direct debit from my bfs account.......... i know that wen he gets paid he should go straight to the bank but its closed by the time he is finished........... we do try to keep the money to lodge into the bank wen the payment is due but we do have 2 small children that come wit unexpected expenses...............



i just spoke to the bank that the loan is wit this morning again trying to sort something out i can send them a bank draft but they are sending a default notice so its not going to save my credit rating at all.:(

eamon234

Contact your local MABS office they'll be able to give you good advice.

Honey-ec

shazz21 wrote: »

i know that wen he gets paid he should go straight to the bank but its closed by the time he is finished........... we do try to keep the money to lodge into the bank wen the payment is due but we do have 2 small children that come wit unexpected expenses...

So lodge the money first thing the next morning. Simple as.

shazz21

eamon234 wrote: »

Contact your local MABS office they'll be able to give you good advice.

i have never heard of them but thanks i will find out where they are and go talk to them thanks:)

sitstill

MABS = Money Advice and Budgeting Service

see www.mabs.ie

or phone 1890283438

Your nearest office is:

Newbridge MABS
Address:
Henry Street
Newbridge
Co. Kildare
Tel: (045) 435558
Fax: (045) 435559

Hope this helps