Friend about to miss payment date for loan

Hey everyone how's it going?

I have a friend who is about to miss his payment date. During the new year his work changed there payment scedule and put it back 10 days. He was on holiday so wasn't aware of the change.

Can he go to the bank and negotiate with them? I told him I can lend him the money but he's not really to keen on the idea.

He's under the impression that missing 1 payment isnt a massive deal, is that true? I was under the impression banks hate you defaulting on any repayment?

What do you suggest he do?

Thanks for your help
 
ive no experience in it specifically, but id be very surprised if there were any serious problems from just delaying one payment 10 days (if the next will be on time). id ring first (save time) and find out what the bank's procedures are for things like that.

of course they dont like any defaults, but id imagine theyre pretty common.
 
Hi might be able to get the bank to change the payment date. In most cases this isn't hard to do.

Realistically though, how does your friend cope with extra bills like rates & car insurance? Surely they must have some sort of cash buffer, even if it's only a small one.
 
xcpet if for some reason he needs to refinance in the next 6 or 12 tmhs, OR wants any cash of any sort from that lender in the next 6 to 12 mths

Avoid like plague I say !

ta
rolf
 
this is happened to us before... we are with st george and i just called them up a day or two before it was meant to come out and told them and they said that was fine... and delayed the payment.

when we first got our loan it was meant to come out on the 1st of the month and i rung up and asked if it could be the 16th to align with my pay day... no problem jsut done instantly.

we have a buffer but it is in a separate savings account so it takes a couple of days to get across and i hate dipping into it... even for emergencies :) it has to be a real real real emergency. so i do whatever i can to avoid using it.

the real trick to keeping it there is telling hubby there is only a few hundred dollars in there... not a few thousand... he is spender so i have been secretly building it up without telling him
 
if you don't DEFAULT you're generally okay.

i just realigned my payment - as in, yesterday - Jan is always a hard month because i've only got a week to get invoices in a paid before the payment comes out.

Feb is flush with cash so i can make 2 payments within 2 weeks of each other.

CBA said they don't look at it negatively because you're being pro-active about your accounts, not negligent by letting them default.

that's what i was told, anyhoo.
 
Hi Lynchy,

The bank will let you delay the payment and will want to know a date the payment can be made but your friend MUST tell the bank possibly 48hrs before the payment is due.

Your friend should be able to change the payment date to a more suitable one.

Regards JO
 
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