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Defaulting on loan payments

If you’re worried about missing a loan repayment or struggling to keep up, knowing the facts and the options available to you can help.

Missed payments

If you miss a monthly payment, contact your loan provider as soon as you can. You may be able to agree to make the payment at a later date or to spread the cost across future repayments.

If you do miss a payment, you'll likely be charged a late payment fee. It will also be recorded on your credit report and this could affect your credit score.

Existing Sainsbury’s Bank customers can find contact information here. We’re happy to help you find a solution that suits your individual circumstances.

Debt management

If your circumstances change and you can no longer afford to pay back your loan under the current repayment agreement there are lots of organisations who can help.

There are a number of services who work across the UK offering confidential advice, information and support.

Advisors will be able to explain the various options available to you. You might just want some more information or you might want help communicating with creditors. Where possible, advisors can look at reducing your monthly payments to a realistic and affordable level.

Alternatively, advisors will be able to talk you through more formal debt solutions such as a debt management plan or individual voluntary agreement (IVA). You can learn more about these from GOV.UK.

They’ll also be able to advise on any enforcement action which might be taken against you.

See our useful contacts section for a list of organisations offering free and impartial credit and debt advice.