Missing a Loan payment

If you miss a payment then this can involve severe consequences so if there is a problem, it is best to contact the lenders immediately to rectify any situation.

 

Should this be a frequent occurrence then lenders may decide to take it further and contact credit agencies to log any defaults. This will affect your credit rating and could potentially put your home at risk. If you cannot afford the repayments initially then I highly recommend avoiding a loan altogether and investigating other alternatives.