Everyone's experience with borrowing money will be different, but there are some things all borrowers will go through when getting a loan. Below we have set out some tips and important information for you to keep in mind.
A consumer credit contract is a contract between a consumer and a lender. If you take out a mortgage, sign up for a credit card, arrange an overdraft or take out a personal or cash loan – you have entered a consumer credit contract.
If you are facing financial difficulty and think you may struggle to meet your debt repayments you have two options. Either talk to your lender as soon as possible to see if they can make changes to your credit contract or, if you qualify, you can make a hardship application.