Plan repayments and ask for help early
Plan repayments and ask for help early
A repayment plan works best when it follows the dates on which money is actually available. Review it before a payment becomes overdue.
Put the dates where you can see them
Write each due date, amount and approved payment channel in a calendar. Keep the loan reference and proof of payment somewhere private. Check that the payment reaches the right account and retain the receipt. Never rely only on an informal message saying that money was received.
Review the next month now
Compare upcoming repayments with expected household income or business collections and essential costs. Note seasonal changes, school fees, delayed invoices or a harvest that may arrive later. An expected sale is not cash until the buyer pays.
Contact the lender when a gap appears
Use an independently verified contact route. Explain what has changed, the amount you can realistically pay and the date you expect it. Ask which options may be available and what each would cost. A request does not automatically change your agreement. Obtain any approved arrangement in writing.
Keep control of the next decision
Avoid taking another loan simply to hide a continuing shortfall. Compare the full consequences of any refinancing. Do not promise a payment you cannot reasonably make. If you disagree with handling or charges, keep a factual record and use the lender’s complaints process. Ask for the applicable escalation route and retain the response.
Put it into practice
List payments due in the next 30 days. Mark any date with a likely shortfall and prepare the facts you would explain to the lender.
Explore the next step
Take the next step with clarity
Lending is subject to eligibility, assessment and agreed terms. An enquiry is not a loan approval.