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does anybody know what happens when you miss a loan payment

(4 Posts)
lifeshock Tue 12-Jul-11 08:32:02

I have recently lost my job I have another one starting in August but all my bills are due end of July. I can just about manage to pay my mortgage but can't manage a loan repayment I have (200) Was thinking of canceling the direct debit and skipping a payment. Does anyone have any experience of doing this, what would happen? When I get my new wage I can start paying it again in August so it would be just for a month.
Any advice appreciated thanks

cestlavielife Tue 12-Jul-11 09:33:31

you need ot call the company with the loan.
if you miss payment you will have black mark on your credit rating.

you might be better off getting bank overdraft agreed so you can meet the loan payment.

mollschambers Tue 12-Jul-11 09:35:14

Speak to them. If you do it the way you suggested they will probably want you to pay the July payment in August as well.

lifeshock Tue 12-Jul-11 09:37:12

I have spoke to them (Tesco) and they were reasonable they are letting me stagger the August payment thanks

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