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Non Payment Implications
The implications of non-payment or late payment of your loan could cause adverse details being recorded within your credit report. This could adversely affect any future attempts of you securing credit or finance, as well as additional charges potentially being added by the lender. If you miss a payment entirely, you will often incur a fee or penalty charge that will be added on to the total balance that you owe. Upon a missed payment, lenders will often try to contact you by telephone or email in order to recover the funds. They may be able to arrange a new repayment date with you. If you are still struggling, or if you think there is a possibility that you will not be able to meet repayments, Loan Rangerstrongly recommends that you contact the lender directly in the first instance.
Important things to remember when taking out a loan:
- Do not borrow money if you know you will struggle to repay it
- Do not ignore the situation, you must contact your lender first
It is important to be aware that if you do not repay your loan at the date agreed between yourself and your lender, this will result in your lender reporting your case to various Credit Reference Agencies. This may have a damaging effect on your credit score. This may negatively impact your ability to obtain any credit in the future. If you default on your payments, you may be charged a collection fee (amount varies between each lender), plus interest on the balance outstanding at the interest rate payable under the agreement. You must pay your lender any reasonable expenses and costs that may be incurred in taking steps to enforce (for example, via Court Judgments), or attempt to enforce, the lenders rights against you under your agreement.
Once you have received your payday or instalment loan, if for any reason you think you will not be able to make any of the arranged repayments, or if you think you will have any difficulty in repaying any part of your loan, then you must contact the provider of your loan directly as soon as you become aware of your situation.
By contacting your lender you allow you the opportunity to perhaps reschedule your loan repayments or to discuss further options in more detail to avoid a possible adverse action. Changing repayments of your loan amount may incur further interest or charges, the details of which can only be discussed directly with the lender of your loan. If you do not attempt to contact your lender and update them on any circumstantial changes, or make the lender aware of any difficulty you're experiencing in paying back what you owe; they will reserve the right to pass on your details to third party debt collections agencies or organisations that will attempt to recover the amount owing.
Most lenders usually reserve the right to utilise the Continuous Payment Authority to continue to attempt to take payment from your bank account for a certain period past your payment due date. This would only be done if it was in accordance with the terms of your agreement. Please check your own Terms and Conditions on your signed loan agreement document for details.
Payday and short-term loan renewal policy
If your payment history with your lender is in good order, it is possible that they may be willing to renew your loan. The lenders on our panel generally charge the same, or better rates for loans if you have successfully repaid a loan to them in the past. As part of this process, the lender would have to check that you can afford to continue to repay a new loan. When making a decision to accept a renewed loan offer, you should take full consideration of all the costs as well as your situation at that time.