Missing a payment could lead to charges, extra interest and a missed-payment marker on your credit file, depending on the lender’s terms. If arrears continue, the lender may issue a default notice and could take further action, although the outcome depends on your circumstances and the loan agreement. Contact the lender promptly, explain the situation and ask whether a revised payment plan or temporary support is available. If you are struggling with several debts, consider free guidance from MoneyHelper, Citizens Advice or a regulated debt adviser before taking out more credit.