What happens if I miss a payment?
14 January 2025
If you don’t make the monthly repayments on time your credit rating and your ability to access credit in future may be negatively impacted. You may also have to pay additional fees to the lender for default or late payment. If you continue to miss payments legal proceedings may be started against you to collect the outstanding amount. You will find more details about this in your loan agreement. If, having taken out the loan, you subsequently fall into difficulties and are unable to make payments on time you should contact the lender as soon as possible to make them aware of your changed circumstances.
Loans and Hire agreements
Section 2: Loan customers only
When do repayments commence?
The first payment will be notified in the welcome letter which you will receive from the lender once the loan agreement ...
Loans and Hire agreements
Section 2: Loan customers only
How do I request the current balance of my loan at any time?
The lender will send you an Annual Statement on the first anniversary of the agreement start date and annually thereafte...
Loans and Hire agreements
Section 2: Loan customers only
Can I make overpayments or repay the loan in full early?
Yes. You can make overpayments and repay early at any time. Contact the lender to increase the monthly payments or make ...