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Taking a break from your loan repayments
1:56pm Monday 5th March 2012 in Lloyds Advertorial Content
Once you’ve taken out a loan, you’ll have committed yourself to paying it back in monthly instalments.
But if something unexpected happens and you can’t afford the payments one month, you could get some breathing space with a payment holiday. It could be that your car has broken down, or you’re facing extra costs that month which you hadn’t expected. Whatever happens, it’s important to have some flexibility in your loan repayments. Flexible loan repayments With all Lloyds TSB loans, you’ll be able to take a repayment holiday to give yourself a break when money’s tight.
Find out more about Lloyds TSB loans Once you’ve made the first repayment on your loan, you’ll be able to take 2 repayment holidays each year for as long as you’re paying back the loan.
The repayment holidays last for 1 month and you can’t take a break in consecutive months.
It’s a good idea to only take a payment holiday when you really need it. Can you afford your loan? If you’re thinking about taking out a loan, it’s a good idea to work out how much you can afford to borrow first.
By borrowing sensibly, you’ll be making sure you don’t stretch your finances and that paying back your loan won’t leave you struggling to make ends meet.
Look at what you currently spend each month. Take into account all your expenses, such as your rent or mortgage, as well as money for food, utility bills, transport and any other regular payments you need to make.
Deduct those outgoings from the amount you receive after you’ve paid tax – your net salary –– and you’ll have a good idea of how much you’ll be able to pay back each month.
Get a personalised quote for a loan If you’ve been a Lloyds TSB customer for at least three months and you’re registered for Internet Banking you can get a quote for a loan online.
We’ll tell you how much you need to pay back each month and how much your loan will cost you over the full term.
It will even give you alternatives such as changing how much you want to borrow or changing the term of the loan so you can choose the loan that’s perfect for you.