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Missing a payment...

  • 30-05-2013 07:54PM
    #1
    Registered Users, Registered Users 2 Posts: 2,541 ✭✭✭


    Is there much consequences of missing a loan payment with the bank..for the last two years I have never missed a payment however this month has been quite tough financially havn to pay off college debts.iv 100 quid to do me for 3 weeks
    However my loan payment is still to be deducted?iv looked for another job to do at night things like promo or collecting glasses in a night club but nothing has come my way in terms of a job offer.
    So do I clean my account out until I get paid in 3 weeks and then sort them out.if so will it have any implications?


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Comments

  • Registered Users, Registered Users 2 Posts: 5,299 ✭✭✭gordongekko


    skinny90 wrote: »
    Is there much consequences of missing a loan payment with the bank..for the last two years I have never missed a payment however this month has been quite tough financially havn to pay off college debts.iv 100 quid to do me for 3 weeks
    However my loan payment is still to be deducted?iv looked for another job to do at night things like promo or collecting glasses in a night club but nothing has come my way in terms of a job offer.
    So do I clean my account out until I get paid in 3 weeks and then sort them out.if so will it have any implications?

    ask them to take it out of the €63 billion we gave them


  • Closed Accounts Posts: 22,559 ✭✭✭✭AnonoBoy


    They'll charge you extra.






















    And years from now, they'll come for your first born child and make you watch while they eat it.


  • Closed Accounts Posts: 5,221 ✭✭✭NuckingFacker


    skinny90 wrote: »
    Is there much consequences of missing a loan payment with the bank..for the last two years I have never missed a payment however this month has been quite tough financially havn to pay off college debts.iv 100 quid to do me for 3 weeks
    However my loan payment is still to be deducted?iv looked for another job to do at night things like promo or collecting glasses in a night club but nothing has come my way in terms of a job offer.
    So do I clean my account out until I get paid in 3 weeks and then sort them out.if so will it have any implications?
    Yes - you will be able to eat for the next three weeks. Which is good, right?. Not eating gets dull after a day or three.


  • Registered Users, Registered Users 2 Posts: 2,541 ✭✭✭skinny90


    ask them to take it out of the €63 billion we gave them

    Well that's gna be tough seeing as I owe them 67bn for erm....college


  • Banned (with Prison Access) Posts: 30 Ham Wallet


    Shouldn't of taken out a loan in the first place


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  • Closed Accounts Posts: 2,234 ✭✭✭trouttrout


    Yes - you will be able to eat for the next three weeks. Which is good, right?. Not eating gets dull after a day or three.
    Ham Wallet wrote: »
    Shouldn't of taken out a loan in the first place

    Sorry lads can't hear ye up there on those incredibly high horses


  • Closed Accounts Posts: 312 ✭✭pennypocket


    Contact your bank and explain your circumstances - that is always the best thing to do. And if you are worried about your living costs over the next period, cancel your direct debits/standing orders (you don't fully explain how payments are coming out of your account?) But in any case, the best thing is to keep in contact and keep your bank aware of your circumstances. This sounds like a temporary blip, you have been good with repayments so far, and they will take that good customer history into account. I will stress, if you need to clear your account to buy food - do it.


  • Registered Users, Registered Users 2 Posts: 7,544 ✭✭✭BrokenArrows


    Contact the bank in advance and tell them you can't afford this months payment. They might be able to work something out without affecting your credit rating.


  • Registered Users, Registered Users 2 Posts: 14,134 ✭✭✭✭Rayne Wooney


    It's too late now, burn the bank down


  • Closed Accounts Posts: 205 ✭✭Meritocracy Wins


    Ring your bank and ask for a temporary overdraft. If they say no then fúck them, take out the funds, feed yourself and fix it later.


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  • Registered Users, Registered Users 2 Posts: 2,541 ✭✭✭skinny90


    Ham Wallet wrote: »
    Shouldn't of taken out a loan in the first place

    Haha (insert Rolley eye smiley)
    I knew from posting on AH that I'd get a few smart answers but get a grip you tool!!


  • Closed Accounts Posts: 312 ✭✭pennypocket


    Ring your bank and ask for a temporary overdraft. If they say no then fúck them, take out the funds, feed yourself and fix it later.

    You won't get an overdraft of any kind if you are not in good standing with your bank. This has become even more stringent (especially for small businesses) in recent years. The best thing to do is to inform the bank of your circumstances and they will work with you.


  • Closed Accounts Posts: 4,822 ✭✭✭sunflower27


    Ring the bank and explain the circumstances. Given your previous history I think they will understand :)


  • Closed Accounts Posts: 205 ✭✭Meritocracy Wins


    You won't get an overdraft of any kind if you are not in good standing with your bank. This has become even more stringent (especially for small businesses) in recent years. The best thing to do is to inform the bank of your circumstances and they will work with you.

    OP hasn't missed a payment in 2 years so I assume they are in good standing. If that isn't good enough then my second suggestion would be the approach I'd take.


  • Closed Accounts Posts: 312 ✭✭pennypocket


    OP hasn't missed a payment in 2 years so I assume they are in good standing. If that isn't good enough then my second suggestion would be the approach I'd take.

    Well that would be an option to pursue. We cannot be fully party to the situation of this person's dealings with their bank. But in any case, the main thing is to keep communication lines open and ensure that they keep the bank fully informed of their financial situation. I worked with a particular bank and the main problem with clients in difficulty (from minor cases such as this, to very serious financial distress) is that they tend to shut off correspondence with their banking facility. The best thing is to keep talking. To add: I responded to this query, because in my experience, it can be very easily resolved.


  • Closed Accounts Posts: 205 ✭✭Meritocracy Wins


    Well that would be an option to pursue. We cannot be fully party to the situation of this person's dealings with their bank. But in any case, the main thing is to keep communication lines open and ensure that they keep the bank fully informed of their financial situation. I worked with a particular bank and the main problem with clients in difficulty (from minor cases such as this, to very serious financial distress) is that they tend to shut off correspondence with their banking facility. The best thing is to keep talking. To add: I responded to this query, because in my experience, it can be very easily resolved.

    I agree it should be easy to sort if dealt with logically but it shows the hold that the banks have over people when the OP is worried and thinking about going without food because he fears the consequences of a missed payment.
    The OP would want to learn to prioritise himself/herself in a life situation such as this.


  • Banned (with Prison Access) Posts: 603 ✭✭✭Yellowblackbird


    You could swing by the bank and see if the manager wants to go double or quits on this months payment. On a coin toss. And bring a two sided coin with you.


  • Closed Accounts Posts: 12,395 ✭✭✭✭mikemac1


    Banks love when you talk to them.

    They hate you put your head in the sand. Not saying you are OP

    Ring them up, you might be able to get a payment holiday for 1, 2 or 3 months. It'll cost you extra interest but will give you a little time to get sorted


  • Closed Accounts Posts: 312 ✭✭pennypocket


    I agree it should be easy to sort if dealt with logically but it shows the hold that the banks have over people when the OP is worried and thinking about going without food because he fears the consequences of a missed payment.
    The OP would want to learn to prioritise himself/herself in a life situation such as this.

    Absolutely. You need to prioritise food, and other immediate expenses. But all this can be worked out with the bank in question.


  • Closed Accounts Posts: 5,221 ✭✭✭NuckingFacker


    trouttrout wrote: »
    Sorry lads can't hear ye up there on those incredibly high horses

    No-i was being serious-pay bank or eat, i'm eating thanks all the same.


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  • Closed Accounts Posts: 312 ✭✭pennypocket


    So OP, talk to your bank, explain your current situation : it does not appear to be a serious problem at this point. Stop DD and SO, prioritise your living expenses over the next three weeks, that is food, transport, rent (or mortgage) and utilities. Keep communicating and hang on : you will get back on track eventually and will perhaps have a small amount extra in interest to add to your repayments. You will be fine :-)


  • Closed Accounts Posts: 205 ✭✭Meritocracy Wins


    No-i was being serious-pay bank or eat, i'm eating thanks all the same.

    You are correct. I know people that are going without basics to keep paying the banks, their approaches to the banks are constantly being knocked back.

    In this case the OP needs to prioritise their own needs, in 3 weeks the bank will have their money.


  • Closed Accounts Posts: 312 ✭✭pennypocket


    You are correct. I know people that are going without basics to keep paying the banks, their approaches to the banks are constantly being knocked back.

    In this case the OP needs to prioritise their own needs, in 3 weeks the bank will have their money.

    Agreed, I would also like to add that food should be the priority, and especially so in cases where children are involved.


  • Closed Accounts Posts: 5,221 ✭✭✭NuckingFacker


    Agreed, I would also like to add that food should be the priority, and especially so in cases where children are involved.
    Ah here now, eating the kids is a bit extreme - I was thinking more along the lines of Pot Noodle.


  • Registered Users, Registered Users 2 Posts: 2,541 ✭✭✭skinny90


    Cheers lads for the replies will head into the bank tomorrow...well see how it goes


  • Closed Accounts Posts: 5,221 ✭✭✭NuckingFacker


    skinny90 wrote: »
    Cheers lads for the replies will head into the bank tomorrow...well see how it goes
    ATM FTW.


  • Banned (with Prison Access) Posts: 328 ✭✭becost


    skinny90 wrote: »
    Is there much consequences of missing a loan payment with the bank..for the last two years I have never missed a payment however this month has been quite tough financially havn to pay off college debts.iv 100 quid to do me for 3 weeks
    However my loan payment is still to be deducted?iv looked for another job to do at night things like promo or collecting glasses in a night club but nothing has come my way in terms of a job offer.
    So do I clean my account out until I get paid in 3 weeks and then sort them out.if so will it have any implications?

    If you make the payment within 28 days of the due date, it will not affect your credit report. If it goes beyond 28 days, you'll get an X for that month rather than a tick. In the good old days when banks were throwing money at you, I still got loans with X's marked on previous loans. For €6 you can get a copy of your credit report from the ICB.


  • Closed Accounts Posts: 9,622 ✭✭✭Ruu


    I would have just slept with the bank manager, thought that was the most obvious answer. Another option are those Nigerian princes who are loaded with dosh, they seem genuine.


  • Registered Users, Registered Users 2 Posts: 294 ✭✭JD DABA


    How about applying for a zero/very low interest credit card.
    Pay the loan with that if it works out better.
    Or use to get food.

    Maybe pawn some stuff, or sell some stuff. Or bum off friends/family.


    (Sell/Offer to work your holiday days ??)


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  • Registered Users, Registered Users 2 Posts: 3,127 ✭✭✭kjl


    aaaaaaaaaaaaaaaand it's gone!


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