If you have taken out loans, and are having problems making the payments each month, it is very important that you deal with the situation straight away, rather than hope next month will be better somehow.
Although personal loans are not secured on property, such as your house, if you default on a loan, then you will find it very difficult to obtain a mortgage in the future. For those with secured loans, the situation is even more serious, as your own home may be taken away from you if you fail to pay back the monthly instalments required.
If you ever feel that things are getting on top of you, and need some assistance, I would recommend popping along to your local Citizens Advice Bureaux, and ask to make an appointment with one of their financial advisers. These people are experienced with talking to finance companies, and you may well find they can extract a better suited repayment plan, than if you dealt directly with the problem payment department of the company your loan is with.
It is highly unlikely the loan will be written off, especially if you care about your credit rating, but you may find the company is willing to renegotiate for lower monthly payments, over a longer period of time, or if your budget is already maxed out, they may be willing to freeze the interest, so you at least do not end up owing more and more as the months go on.
It only takes a few moments of your time, but the CAB is there to help you. Also make sure you understand any loan’s terms and conditions before taking it out, and try to research the subject via reputable web sites.