Resolving repayment problems

Sometimes things go wrong and it is difficult to meet your monthly repayments. If this happens to you, don't ignore letters that arrive.

It really is in your best interest to get in touch with your lender immediately. Banks and building societies typically want to help and might offer to freeze the loan temporarily or extend the repayment period.

Their ultimate aim is to recoup their money, but it is usually better, and cheaper for them to help you reschedule your repayments than to take action against you.

It is particularly important to be upfront with your lender if you have a loan that is secured on your house for example, as if things do go wrong you may have to sell up to pay back the loan.

Call itsMYmoney on 0845 234 2002

We offer a wealth of experience and offer you a range of options from debt consolidation to creating a custom debt management programme for you. More than anything it's all about your money and you.

The following organisation also offer a range of helpful information:

Consumer Credit Counselling Service

A charity offering a free, confidential advice service for people in debt.
www.cccs.co.uk | 0800 138 1111

Credit Action

A money education charity, sponsored by the Consumer Credit Counselling Service, giving a practical perspective on all aspects of understanding and managing money.
www.creditaction.org.uk | 0800 0138 1111

Citizens Advice Bureau

The Citizens Advice service helps people resolve their legal, money and other problems by providing free information and advice from over 3,000 locations, and by influencing policymakers.
www.citizensadvice.org.uk | 08451 264264

National Debtline

Provides free, confidential and independent advice on how to tackle debt problems.
www.nationaldebtline.co.uk | 0808 080 4000

itsMYmoney is not responsible for the content and accuracy of third-party website.

< Previous article   |   Next article >