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.
Useful Guides
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.
The following organisations 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