Payment Difficulties.

If you get into loan repayment difficulties, you do have a few options. You should contact your lender as soon as possible, if you are honest with them, they are likely to be sympathetic and will likely try to come to an arrangement with you, whereby they may extend the loan period so that your monthly payments are lower, or they may let you take a “payment holiday”. Lenders want their money back so if you approach them before things get out of hand, they will help you as much as they can.

However, if you miss payments and make no contact with your lender, they will think you are making no attempt to repay the loan and may threaten to take you to court.

There are voluntary organisations who can also help. The Citizens Advice Bureau can help, and also the National Debtline, this is a specialist free agency which specialises in helping people with debt problems.

You can contact National Debtline on 0808 808 4000.