COLLECTION PRACTICES

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If at any time once you have your money you feel you are not able to repay some, or all, of the loan you must contact your provider. This will give you the best opportunity to avoid incurring further charges or interest. Your lender may be able to help by rescheduling your repayments. Changing your repayments may, however, lead to further charges and fees and the details of this can only be discussed with the lender.

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If you fail to communicate your problems in paying back what you owe with your lender they have every right to pass on your details to a third party debt collector. Lenders often reserve the right to also use the Continuous Payment Authority to continue to try to take payments from your account for up to 90 days beyond the due day. This is only done if it is in your terms of agreement. Please consult your Terms and Conditions thoroughly.

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NON PAYMENT

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Not meeting the payments you owe on time could have major, adverse affect on your credit rating. This could mean in future you are turned down for finance and credit agreements. In addition to this you could face further charges and interest. Missing a payment entirely will often mean you will incur a charge which will be added to the total payable.

If you miss a payment lenders will usually try and contact you via phone or post in a bid to recover what you owe them.

Not meeting your loan repayments could cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

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PLEASE NOTE:

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• If you know you will struggle to repay a loan DO NOT apply

• NEVER ignore a situation where you cannot pay – contact your lender

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If you fail to repay your loan by the date agreed the lender will report you to the Credit Reference Agencies. This could have a negative impact on your credit rating. This could, in turn, stop you being approved in future for such things as car finance, mobile phone contacts or TV subscriptions. You may also be charged a collection fee – this differs between lenders – and interest on the outstanding balance. You are also liable for any reasonable expenses that are incurred in a bid to capture the money owed.

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LOAN RENEWAL POLICY

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Lenders are often willing to consider renewing your loan. If this is something you are considering please contact your lender as soon as possible. Often lenders will offer the same or even improved rates to those who have repaid loans with them previously.

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However any renewal should only be taken out with the same careful consideration as the initial loan. You must be able to make all repayments, on time to avoid further interest and/or charges being added to your loan.