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Loan Repayment Problems

Loans Repayment Problems

Be careful when taking out a loan, make sure you afford the loan repayments before you sign.

However, if you find you can't meet the repayments on an outstanding loan, contact your lender straightaway. If you don't want to do this, you can speak to a third party such as Debt Ready or To help you.

Most lenders are usually willing to help you where they can, and might freeze the loan for a while or extend the repayment period (although the longer you have the loan the more interest you will eventually pay).

Obviously, the ultimate aim of the loan company is to get their money back, so if the loan is secured on your house or another asset, you may have to sell that asset to pay back the loan.

The worst that can happen when you get out of your depth with debt is that the lender could sue you to recover the debt and then force you to sell a major asset, like your house, to pay back the loan.

If you think you could do with some help, try Debt Ready or