Missing Payments
If you cannot make your loan repayments, contact your lender and inform them of your situation as soon as possible. They may be able to rearrange your payment schedule or work out another option for you, such as adding the missed payment to the end of your loan schedule.
It is important to contact your lender as soon as you become aware that you may not be able to make the payment, to avoid worrying them. A missed payment, even one, will show up on your credit report; however, if it is apparent that the missed payment is a one-off, it should not have serious repercussions.
If it is not a one-off and you anticipate not being able to pay your loan repayments for several weeks or months, contact your lender so that they know that you are having financial difficulties, but you do intend to pay. They are often more than willing to come to an agreement regarding rescheduling your payments because they would rather be paid late than not at all.
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