What to Do if You Can't Make a Loan Payment

Missing a loan payment can be stressful, but London Mutual Credit Union is here to support you. Life’s challenges sometimes affect our finances, and taking action early can help avoid extra costs and protect your credit rating. This article explains what to do if you’re unable to make a loan payment and how we can help you get back on track.

Recognising financial difficulties early

If you think you might miss a loan payment, let us know as soon as possible. Early communication allows us to work together to find a fair and manageable solution that suits your situation and avoids unnecessary charges or legal consequences.

Contacting the Credit Control Team

Call us during business hours (Monday-Friday, 9:00 am to 5:00 pm) on 0203 773 1751 (option 2)
Explain your circumstances honestly and provide details about why you cannot make the payment.
Request a repayment arrangement, payment extension, or alternative solution based on your circumstances.

Agreeing on a new Payment Plan

Our credit control team will review your situation with you. We may be able to help with:

Offering you a temporary pause on loan repayments (a repayment holiday)
Reducing (rescheduling) the monthly payments over a longer period so they are more manageable
Recommending independent sources of debt advice and support

Sticking to the agreed plan is critical to avoid further action, such as a County Court Judgment (CCJ), and to protect your relationship with London Mutual Credit Union.

Where to go for Debt Advice

If you’re struggling with debt, there is a lots of free advice available to help you take control of your finances:

StepChange Debt Charity
www.stepchange.org
0800 138 1111

Debt Advice Foundation
www.debtadvicefoundation.org
0800 043 4050

National Debtline
www.nationaldebtline.org
0808 808 4000

PayPlan
www.payplan.com
0800 280 2816

Citizens Advice England
www.citizensadvice.org.uk/
0800 144 8848

Conclusion: We’re Here to Support You

If you are struggling to pay your loan, don’t wait—contact us right away. London Mutual Credit Union is committed to supporting our community members during challenging times, working together to protect your financial wellbeing and find the best solution for your needs.