Illness, Disability and Moving Abroad

If you fall ill, become disabled or cannot work for other reasons, contact your lender to find out what options are available to you regarding your loan repayments. You may be able to negotiate lower repayments or stop making them for a while. Very generous lenders might even freeze your interest charges. On the other hand, some lenders will not be so sympathetic and you may find that they merely recommend that you take out Payment Protection Insurance (PPI). If you miss payments without contacting your lender, they may take out a County Court Judgement (CCJ) against you for non-payment. Needless to say this would be very damaging to your credit report and the best thing to do if you foresee any problems with repayments is to contact your lender as soon as possible.

If you move abroad permanently, you are still obliged to repay your personal loan. If you open a foreign bank account to use as your primary account, you will also be liable for any costs incurred in making regular repayments, including the cost of converting the payments into pounds sterling and the typical transfer charges.