Push back loan payment - many negative consequences?

Kiith

Can anyone tell me if pushing back a loan payment by a few months would hit my credit rating badly? Or have any other negative effects? Hit a bit of a rough patch recently, and struggled the last few months. If i could push the loan payments back by 2-3 months, it would allow us to clear some other bills, and get back into a better place.

Haven't talked to the bank yet, and figured i'd check here before i even look into it.

SSr0

AFAIK, once you're in arrears for more than 3 months, your ICB credit score automatically goes to 50.

Fol20

SSr0 wrote: »

AFAIK, once you're in arrears for more than 3 months, your ICB credit score automatically goes to 50.

Do we have a numbering system now like the Americans?

Henry Ford III

They only way to gauge the potential consequences is to ask the lender.

You'd never know they might offer a repayment holiday or rescheduling of some sort.

SSr0

Fol20 wrote: »

Do we have a numbering system now like the Americans?

http://www.icb.ie/credit_rating.php

Yup.

BrokenArrows

SSr0 wrote: »

AFAIK, once you're in arrears for more than 3 months, your ICB credit score automatically goes to 50.

Wouldnt arrears be classified as an unauthorised missed payment.
If you got permission from the bank i would think it wouldnt be classified as arrears .

vrusinov

I saw some banks let you to pay interest only for a month or two. Would that help you?

Kiith

Cheers folks, i'll check with the bank today and see what they say.