When you miss paying your loan, you are charged with an additional fee by the lender. Also, a few points are knocked off from your score when you do not repay on time. It is an unsecured loan and none of your assets is at risk of being possessed by a lender. However, the lender does have the authority to issue a County Court Judgement (CCJ) if you continue missing the repayments. This is a legal notification and if you receive a notice, contact free debt advice service.