If I was to miss a personal loan payment and pay twice the following month?
Question by Smokey: If I was to miss a personal loan payment and pay twice the following month?
what can the loan company do in the meantime?
i offered this to them but they say i can’t but cannot give me a reason why they can’t. the loan would be back up to speed the following month as 2 payments would have been made.
Its an unsecured loan also. No property, cars, etc secured against it.
Best answer:
Answer by Shannon
They would report that u were late, it would show up on a credit report!
Know better? Leave your own answer in the comments!
7 Comments
Andy Pandy says:
August 21, 2012 at 5:41 pm
You might find if you miss a payment ‘they’ are then entitled to demand the whole amount immediately so try and keep up!
sheetwowsheet says:
August 21, 2012 at 6:32 pm
They will increase the interest on the loan so that you will have to pay more.
Tomas says:
August 21, 2012 at 6:58 pm
You’d go to court and they’d send their “Boys” around who’d smash you house up and then steal the money!
Dandelion8 says:
August 21, 2012 at 7:51 pm
I would pay them just the maximum I could afford and then pay more the following month.
Should this be just one of a number of debts you have, then you could make use of a debt counseling service who will deal with this for you. Above all, though, lots of help is available – and can be accessed free of charge – for anyone who wishes to make use of their assistance.
The very worst thing one can do is to simply bury one’s head in the sand and pretend it’ll go away – I know because I’ve done that in he past, and ran up some pretty big debts. All my debts are paid off now and sorted, so I like to think I know what I’m talking about, and I only wish the same peace of mind for others that I belatedly achieved for myself, and my own financial situation.
ambitiousME says:
August 21, 2012 at 8:23 pm
They would report your missed payment to the credit agencies. You should pay the payment you missed and next months to catch up.
CHRISTOPHER says:
August 21, 2012 at 8:34 pm
- They will charge you extra interest, and possibly a penalty fee, so in the end you will have to pay quite a bit more.
- The default will appear on your credit record, making it more difficult if you ned to get another loan in future.
Gard says:
August 21, 2012 at 9:27 pm
I would try and find the money elsewhere and pay them . They can report you after 30 days , and mess up your credit . They can also raise your interest rate.
Guide
Debt Counselling Service
Debt Counselling Services
Debt Management Counselling
Articles
If I was to miss a personal loan payment and pay twice the following month?
How does an IVA affect my current phone contract and is it better to deal with the banks directly?
debt, what happens to your credit rating when writing to your creditors asking for a 6 month payment break?
How can i reduce debt with just 1 creditor (bank)?
where do I go to find debt solutions?
What is the best debt management company,that doesn’t charge. For people in a round £13k worth of debt?
What’s the worse that can happen when cancelling debt review?
Partner wants to move in, I want to wait. Am I being unreasonable?
What is the easiest legal way of getting out of a debt trap of unsecured loans?