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What happens if I cannot afford the repayments?
Making repayments under personal loans is the same as servicing any debt you may have
(including mortgages). If you find that you have difficulty in making your repayments,
seek advice from your lender at the earliest opportunity. The earlier you tell them of the
difficulties the more sympathetic they are likely to be. They may, for instance, accept a
reduced repayment until your circumstances improve.
It is very important to understand that any asset you have used as security for a
secured loan is at risk if you fail to make the regular repayments. Always read the small print.
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