Missing your scheduled loan installment is bad for your credit rating, especially if you’re consistently late. It can also be bad for your pocket because many lenders charge a late payment fee or a dishonoured fee if the direct debit fails.  If you’ve run into some money problems along the way, get in touch with the lender to let them know that you won’t be able to pay the installment. The lender will assist you with setting a new payment date that suits your finances. Working with your lender is the best way to ensure transparency and trust between both parties.