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| *Loan,banking and credit>>>bank loan |
Would it be possible to ask a bank for a break on payments on a loan? |
i've left my job and have a little bit of savings to hopefully last me until i find another job. the biggest payment i have is on my car and i was wondering, if i run out of money, would i be able to call the bank and ask them for a little break from payments until i find another job? any info. will be greatly appreciated! Of course you can ask, and often times banks will agree to such things, providing of course that you eventually pay all that you owe including the interest for the time when you don't make payments. of course the bank might also tell you to pack sand, but you are free to ask. yes you can asked a bank for a break on payments but I do not think they will give it to you. its better to go to the bank and talk about your problem ,, sure you must certified with documents that you are not employed anymore , i bet they will accept to wait ,, usually you can. what they can do is let the interest keep ticking on the loan, and when you start paying again, they tack that interest on to what you owe. or they could have you pay interest only on the loan. they much rather do this then have to pay a collection agency to harass you about paying or sell the debt at a loss to them. Banks don't want you to default on your loan. Most banks have some programs available to help people who find themselves in a bad spot. Some allow you to skip a payment or two, some allow you to make an interest only payment for a month or two. You never know until you ask, and it's generally better to ask before you're seriously delinquent. Is it possible to ask? Of course. Will they work with you? Probably as long as you can show that you are making an effort and are likely to be able to pay soon. Remember, the bank is in the loan business, not the car business. Repossessing your car is as much of a hassle for them as it is for you. |
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