What to do if things change
Your lender is required to have in place policies and procedures for if things change and you cannot afford to maintain your loan repayments. The earlier that you contact them, the more they can do for you and hopefully the less stress it will put you under.
Since the Financial Conduct Authority took over regulation, lenders have been required to show a considerable amount of forbearance to anyone who is experiencing financial difficulties. Gone are the days of aggressive debt collection techniques where borrowers were fearful to contact the lenders!!!. The important thing is to get in touch with them, otherwise they will not realise you are in financial difficulty and think you are just avoiding repayment of your loan.
It may be possible for them to reduce your payments, freeze interest or allow a payment holiday if your situation is only short term. You will only know what they can offer if you ask.
Your lenders contact details should be on the Loan Agreement, their website or any emails you have received from them about your loan,
There are other sources of help available
If you would like some free and impartial advice regarding how you can better manage your current financial commitments, the following companies may be able to assist: