Unsecured loan?????

Helli2020

I have an unsecured loan. Where do i stand with it about repayments, if i cant afford it etc....and what can they do to to me credit wise?

Tixy

If you can't afford repayments for a short period only then you may be able to get a payment holiday.
If you have a change in circumstances your best option is to write to them an offer a reduced monthly repayment - detailing why you can no longer afford it and demonstrating that this new offer is all you can afford (possibly including an income & expenditure account).
Whether or not they agree to your reduced payment you should cancel the DD and then start paying the lower amount. (Important - Is the loan at the same bank as your own bank account?)

Credit wise - they will probably issue you with a default notice after around 3months of no payments or reduced payments. This will appear on your credit report and remain there for 6years.
They could also take you to court and obtain a CCJ against you, which again will appear on your report for 6years and make getting any further credit very difficult.

If you have several debts you can't afford to repay then then you need advice from one of these - http://forums.moneysavingexpert.com/showthread.html?t=2077631