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Has anyone put mortgage/car loan on hold?

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  • 09-04-2020 8:04pm
    #1
    shoppergal
    Registered Users Posts: 167 ✭✭


    Husband got a 20% pay cut today so will need to put either mortgage or car loan on hold. Anyone any experience of contacting either PTSB or Ulster Bank to do this and how easy/difficult a process was it?


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    #2
    jellybear
    Registered Users Posts: 3,229 ✭✭✭jellybear


    My local PTSB rang me yesterday to ask if we were okay regarding mortgage payments etc. Might be worth contacting your branch to discuss your options.


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    #3
    beertons
    Hosted Moderators Posts: 23,092 ✭✭✭✭beertons


    We're down my wages the past 3 weeks. Wife rang bank, said we could have a 3 month break if we signed a letter they sent out. Sent it back straight away. All very straightforward.


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    #4
    amyed198
    Banned (with Prison Access) Posts: 25 ✭amyed198


    Are people still paying their PCP payments during Covid19? Has there been any leeway offered for those who signed up to PCP?

    Genuinely curious as a relative of mine has payments of 520e per month and has stopped paying. We may see a crash in the used car market soon enough if this behavior is across the board.


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    #5
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    amyed198 wrote: »
    Are people still paying their PCP payments during Covid19? Has there been any leeway offered for those who signed up to PCP?

    Genuinely curious as a relative of mine has payments of 520e per month and has stopped paying. We may see a crash in the used car market soon enough if this behavior is across the board.

    You can make contact with them in the same way as with other loans.


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    #6
    ELM327
    Registered Users Posts: 21,952 ✭✭✭✭ELM327


    Bit silly to stop paying, these are loans that will show on your credit record. Missed payments means no further loans/mortgage for 5 years


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    #7
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    ELM327 wrote: »
    Missed payments means no further loans/mortgage for 5 years


    No, it doesn't. :rolleyes:


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    #8
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    I think you can pause them without a credit rating penalty but unilateral is not the way to go.


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    #9
    ELM327
    Registered Users Posts: 21,952 ✭✭✭✭ELM327


    Deleted User wrote: »
    No, it doesn't. :rolleyes:
    Yes it does if you miss payments and it shows on your record, if you havent engaged with the lender. :rolleyes::rolleyes:


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    #10
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    ELM327 wrote: »
    Yes it does if you miss payments and it shows on your record, if you havent engaged with the lender. :rolleyes::rolleyes:

    If you miss loads of repayments and default on the loan, without ever making an effort, perhaps you might be in trouble, alright.


    But missing a couple of repayments isn't 'no more loans or mortgage for five years' at all. Lenders will still lend to you. Unless you've gone beyond redemption altogether, they won't care that much. Missing a couple of payments during a pandemic, and getting back on track, is not going to throw red flags up to a lender.


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