What happens if the borrower doesn’t pay and I don’t make a payment?

If the borrower doesn’t make a repayment, we’ll let you know and ask them to bring the account up to date. You should also speak to them at this stage.

If the repayment is not brought up to date, we’ll ask you to make a payment. If a payment isn’t received or a payment arrangement isn’t put in place, the loan will eventually be defaulted, which means the full outstanding balance can be collected from both the borrower and guarantor.

If the loan does reach default stage, legal proceedings could be brought against both borrower and guarantor to collect the full outstanding balance plus any associated costs.

We may also share this information with credit reference agencies which could impact your credit rating, which may make obtaining credit more difficult and/or expensive in the future.

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