A missed payment may lead to a late fee, arrears, collection contact and a missed-payment marker on your credit file, depending on the lender’s terms and reporting practices. If the loan is secured, continued missed payments could put the linked asset, such as your home, at risk. Contact the lender as soon as possible to explain your circumstances and ask whether affordable support or a revised arrangement is available. If you are struggling with several debts, consider free guidance from MoneyHelper, Citizens Advice or a debt charity before taking further credit.