How long would it take the a bank to take legal proceedings against someone

shadowcomplex

If they suddenly stopped paying a personal loan? For example if someone missed fortnightly payments for a month but then started paying again would that be too short a period to have the bank come after you with the courts and would it do much damage to ones credit rating?

Toots

It would affect your credit rating, but I can't see them taking you to court over two missed payments. You'll get letters and most likely a phone call, but taking you to court would cost them more than the two payments.

Are you having trouble meeting your loan payments? If you contact your bank they may be able to put a temporary hold on the payments. My husband lost his job and I am on long term sick leave so our only income was my illness benefit. I rang my bank and they were able to pause my payments for 3 repayments, which gave us a bit of relief while my husband got another job.

If you know you'll miss payments it's really important to contact your bank and let them know you're in difficulty, even if you end up missing the payments it'll be much better for you if you've made them aware of your situation.

shadowcomplex

No im just off on hols in august and am a bad saver, I don't have much on the loan and will probabaly be able to clear in in September/oct

shadowcomplex

to put into perspective the repayment amount was 18k, I now owe 1800