Personal loans are a common part of everyday life. Whether seeking funds to take a well-deserved holiday or to fix an unexpected problem, these have enhanced our lifestyles for years.
Truly, many things in life would not be possible without a personal loan. Frequently, we use these sums to pay for education, housing, and vehicles. Furthermore, these only generally become a problem when repayments become unmanageable.
If you’re struggling to pay loans, you might feel your situation is a unique one. However, statistics demonstrate you’re certainly not alone.
Apply NowWhen you miss a loan payment, initially you’ll typically be charged a penalty fee – often around £25. As well as this, additional charges may be included to cover the interest on the missed payment.
However, if you continue to miss payments, this record will have a determinantal effect on your credit score – making it harder to obtain certain financial products in the future. Eventually, continually failing to pay the loan could even result in a default notice, County Court Judgement, bankruptcy, or the lender might take steps to reclaim assets.
If you’re unable to repay your loan, then you should initially speak with the lender. In some situations, they’ll be able to work out a more favourable repayment plan or give you extra time to get your finances back on track.
If your lender refuses to alter the terms of your loan, then you should consider debt consolidation.
The pros:
The cons:
Stop calls from creditors
Stop relying on others for money
Invoices easier to manage
Regain financial control
Have disposable income in your account
Keep track of your payments