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Loan Information - Loan Problems

 

Loan Problems

 

Loan Problems that may occur

Loan and Credit Card Repayment Problems

This may sound the obvious thing to do but talking to to your lender at the earliest opportunity is most important thing to do. Your provider will want to consider carefully your individual situation. If they believe your financial situation may improve, they may be prepared to suspend loan repayments for a while or extend the term of the loan. They can also insist on the debt being repaid. Your lender will want to determine whether you 'can't pay' at this time or whether you simply 'won't pay'.

If your loan is secured on a major asset such as your home, you could be forced to sell it, to repay the debt. Even if the loan is not 'secured' on a specific asset, the lender could nevertheless sue you to recover the debt. If you lose, the net result might be the same, you would have to sell your home.

Tip: Do not worry, it is sometime against the interest for the loan provider or credit card company to insist on monies or funds that cannot be raised. There is plenty of help available and under our Financial Association Index at Online Consumer Information Services ( OCIS ) we have an index leading to detailed summaries including contact details of Consumer groups that specialise in help with Debt problems. They are just a phone call away.

 

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.

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