I was just wondering what would happen if i went into 3 months arrears on a unsecured personal loan with BOS? It is not the last 2 months that I have not paid , its 2 seperate months over the last year. I have paid the last 4 months in full but will struggle again this month.
They have been phoning regarding the arrears for the current 2 months outstanding.
Im just worried that they could start legal action or would they just hit my credit rating. Or would they send baliffs round?!
There are 2 years left of a 5 year loan - I expect to pay the arrears it back in parts over the next couple of years while also not missing a payment again. We are in a comfortable position now (ie we can live month to month paying the full loan but no more extra.
Yes they can call in the full loan amount. Why don't you go and meet them. It's also not unheard of for a bank to take all the money from your current account to pay the loan so before they start getting nasty correspond with them.
Also recommend that you do the money makeover thread as you seem to be having money issues.