What happens if you get into loan repayment arrears?

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  1. am in debt with two banks stanbic bank and Bayport lending institution own them about $17 thousand dollars and my monthly pay is only $500hunfred dollars a month so I don’t know what to do because have being paying all my income to this lending institution monthly am failing to sustain myself because of the same situation of being in debt,am planning to resign maybe its going to better for me than going for work and all my income goes to lending institution every month

    • Hello Emmanuel, it’s difficult for me to comment specifically about your situation as you are outside the UK. However, if you have not already done this, you need to speak to the lenders and see if you can agree on a new repayment plan. Do this before you do anything else.

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