If you’ve missed a payment, it’s best to contact your lender as soon as possible.
They can help you explore options such as:
• Payment plans
• Pausing or reducing payments
• Freezing late fees
• Extending deadlines
• Offering formal debt solutions (e.g. Debt Management Plan, Debt Relief Order, or Bankruptcy)
What to expect during the call
Your lender will:
• Ask security questions
• Listen to your situation
• Discuss income and outgoings if needed
• Offer repayment options or extra support If you’re experiencing hardship, let them know - lenders can often tailor support to your circumstances.
Your rights
Lenders must not:
• Contact you at unreasonable hours
• Add unfair charges
• Pressure you to borrow more money
• Contact you while a debt is being disputed
You’re usually entitled to a 30-day breathing space while you make a plan.
If your situation changes
Keep your lender updated if you lose your job, experience illness, or have a major life change.
Free help is available through StepChange or Citizens Advice.