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What Happens If I Can’t Pay My Personal Loan?

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Why are we asking this question?
By knowing how much debt you owe, we can ensure we are able to offer you the most appropriate debt solution for your needs. Some debt solutions, like an IVA, require you to owe more than £5,000.

If you are finding it difficult to make the repayments for your personal loan, there are a number of steps that you could take.

In the first instance, it’s best to create a budget for your finances, if you don’t already have one. This can be a great way of figuring out what you can afford and whether there are any ways you can save money, such as reducing your other bills. 


Once you have budgeted, you may realise that you can make the neccesary changes to your spending that allow you to begin paying your loan more easily. However if this isn’t the case and things are just too tight, then the sooner you act, the better.


There are a number of possible solutions to this issue. Take a look at our Personal Loan Debt page to find out more.

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