MISSING REPAYMENTS Clause Samples
The 'Missing Repayments' clause defines the actions and consequences that arise when a borrower fails to make scheduled payments under a loan or credit agreement. Typically, this clause outlines the process for notifying the borrower of the missed payment, any applicable grace periods, and the potential for additional fees or interest charges. It may also specify the lender's rights to demand immediate repayment of the outstanding balance or to take legal action if the default is not remedied. The core function of this clause is to protect the lender by establishing clear procedures and consequences for non-payment, thereby reducing financial risk and encouraging timely repayment.
MISSING REPAYMENTS. 7.1 Missing repayments by failing to make your Total Monthly Repayment by the Monthly Repayment Day, could have severe consequences, including incurring late payment fees, the possibility of legal proceedings being brought against you and an application being made to make you bankrupt. It may also result in credit reference agencies being notified, which could make obtaining credit in the future more difficult or more expensive. We may also sell your debt to a third party and the purchaser may take action against you, which could include obtaining a court order against you or commencing bankruptcy proceedings to recover any debt owed under this Agreement.
7.2 If you’re having difficulty making payments, or if you think you’re likely to struggle making payments in the future, please get in touch with us as soon as you can as we may be able to help you.
MISSING REPAYMENTS. (a) If you fail to pay the Minimum Repayment on or by the Payment Date you will be given notice of, and charged, a Late Payment Fee.
(b) if you fail to pay the Minimum Repayment by the Payment Date, you consent to and expressly authorise us to make one attempt to debit the Minimum Repayment amount from your registered debit card on the first business day after the Payment Date (continuous payment authority). We reserve the right to seek any required repayment from you by any alternative method agreed by you. If you no longer agree to this payment authority, please contact Customer Services.
(c) Missing payments could have severe consequences and may make obtaining credit more difficult and/or expensive for you. There may also be circumstances in which we may take legal action or use a debt collection agency, in relation to which you could be liable for our costs. If you are having difficulty making your payments, or you think you will in the future, please contact us as soon as possible.
MISSING REPAYMENTS. (a) If you fail to pay the minimum repayment on or before the payment date, we will charge you a late-payment fee, which we will tell you about.
(b) If you fail to pay the minimum repayment by the payment date, you agree that we can try to debit the minimum repayment from your registered debit card (under a continuous payment authority) on the first business day (Monday to Friday, except bank holidays) after the payment date. We can also try to collect any overdue repayment from you by any alternative method you have agreed to. If you no longer agree to the payment authority, please contact customer services.
(c) Missing payments could have severe consequences and may make it more difficult and more expensive for you to get other credit. There may also be circumstances where we take legal action or use a debt-collection agency to collect the amount you owe. You will have to pay our costs of taking these actions. If you are having difficulty making your payments, or you think you will in the future, please contact us as soon as possible.
MISSING REPAYMENTS. 7.1 If you’re having difficulty making payments, or i in the future, please get in touch with us as soon as you can as we may be able to help you.
7.2 Missing repayments by failing to make your Total Monthly Repayment by the Monthly Repayment Day, could have severe consequences, including incurring late payment fees, and Credit Reference Agencies being notified, which could make obtaining credit in the future more difficult or more expensive.
7.3 Continuously missing repayments could mean your account could be defaulted, which could result in a long-term impact on your credit record. We may also sell your debt to a third party and the purchaser may take further enforcement action against you, which could include the possibility of legal proceedings being brought against you to obtain a court order or commence bankruptcy proceedings to recover any debt owed under this Agreement.
MISSING REPAYMENTS. 7.1 Missing repayments by failing to make your Total Monthly Repayment by the Monthly Repayment Day, could have consequences, including incurring late repayment fees and the possibility of legal proceedings being brought against you. It may also result in credit reference agencies being notified, which could make obtaining credit in the future more difficult or more expensive. We may also sell your debt to a third party and the purchaser may take action against you, which could include obtaining a court order against you or commencing bankruptcy proceedings to recover any debt owed under this Agreement.
7.2 If you’re having difficulty making payments, or if you think you’re likely to struggle making payments in the future, please get in touch with us as soon as you can as we may be able to help you, by emailing us at ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇.▇▇▇▇, via telephone on ▇▇▇▇ ▇▇▇ ▇▇▇▇, or via the live-chat facility in the Mobile App.