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. |
