Welcome to ukmoneylenders. co. uk. Consequences of Non-Payment:. It is always recommended and expected that you pay on time.
In case of non-payment the policies of every lender regarding fees, interest and collection of outstanding debts etc. vary considerably. If your payment schedule needs to be re-arranged, most lenders will contact you via phone or letter. Non-payment will prompt penalties such as extra charges or increased interest rates. In the event that you will not be able to pay back your lender on time, then you must contact your lender immediately. Failure to do so may result in your credit file being adversely affected.
Collection Method:. If you cannot repay your loan on time you may be charged a late-payment fee by the lender ranging between £1 and £100. The fee completely depends upon the lender’s policy. To learn more go through your loan agreements terms and conditions very carefully. ** Subject to status.
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