Frequently Asked Questions

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  4. What will happen if I continue to miss payments?

What will happen if I continue to miss payments?

If you continue to miss payments without an agreement, the lender will typically;

  • Discuss the missing payment or payments with your guarantor.
  • Your guarantor is equally as liable to make the payments as you are.
  • If the payments are then not made by your guarantor either and the account remains in arrears, then the loan will be considered to have ‘defaulted’.
  • It will then be reported to the credit reference agencies, meaning that you and your guarantor may have problems getting credit in the future.

Also see: Can the lender take legal action?

 


Money problems see: Where can I get advice if I am having money problems?