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If you are having problems meeting your monthly loan repayments, you need to talk to your loan company immediately and discuss the problem. If at all possible they will help.
Perhaps you have changed jobs or your bonuses have dropped or your expenses have increased. Perhaps you have had an accident or have fallen sick or have become unemployed and you don't have Loan Payment Protection Insurance. If you contact your lender straight away they will probably be sympathetic and make some arrangements. For example, they may be prepared to suspend loan repayments for a while or perhaps lengthen the term of the loan in order to reduce the monthly loan repayment..
The worst possible scenario is that you cannot find a way to reach any agreement with the loan company and you are forced to default on your loan. If your loan is secured, this could mean that your home is repossessed and the sale proceeds used to repay the monies secured upon it. Any remaining balance from the sale would then be paid to you.
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