mbna loan

M cebee

i have an 15k loan with 330 monthly repayments

what happens if i stop paying for a while or reduce payments
can i do this thanks

Antoennis

M cebee wrote: »

i have an 15k loan with 330 monthly repayments

what happens if i stop paying for a while or reduce payments
can i do this thanks

You really need to talk to MBNA. What is the reason you want to stop paying? If you just stop paying MBNA will record this on your credit record (ICB) which will last for 5 years from the end of loan! That's a long time. By talking to MBNA they might agree a payment break or reduced payments that will not affect your credit history.

M cebee

sorry ya .
just wondering how it would 'play out' if i set my own repayment schedule.apart from them ringing me all day

have already spoken to them btw
i'm aware of the effect on credit rating

Antoennis

M cebee wrote: »

sorry ya .
just wondering how it would 'play out' if i set my own repayment schedule.apart from them ringing me all day

have already spoken to them btw
i'm aware of the effect on credit rating

They could go to court and get a judgment against you. Why not just talk to them and agree terms. It would stop all the hassle. After all you made the agreement and now want to change it. Talk to them and see what agreement you can come to.

M cebee

thanks have spoken to them regarding a new 'schedule'(it affects the credit rating so they told me)
just want to know all the possible scenarios

Toots

M cebee, looking for advice on how to avoid repaying a loan (which is essentially what you're doing) is against the charter of this forum.