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
clear-your-debt.co.uk.
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.