Compiled by Martin Lane, Handling Editor
When you skip a repayment in your loan, you will be charged a charge. You might be released by having a County Court Judgement or need to declare your self bankrupt in the event that you continue steadily to miss re re re payments.
What the results are if you fail to spend back once again your loan?
You may if you do not pay back your bank loan as per the agreed terms:
Be charged a charge plus interest on any payments that are missed
Harm your personal credit record whenever loan providers inform credit guide agencies (CRAs) about your missed payments
Be released having a county court judgement (CCJ) because of the loan provider
Need to declare yourself bankrupt