We collect all loan repayments by Direct Debit. If a Direct Debit is returned unpaid, we’ll typically attempt another collection a few days later. Should this second attempt prove unsuccessful, we’ll try to get in touch with the customer – by email, text or phone – so we can try to resolve the situation. If we’re unable to, we may apply a late payment charge at that point.
If further missed payments occur, and no lines of communication can be established with the customer, we’ll typically hand over the case to our debt collection partner. All resultant fees which accrue from engaging their services would be levied on the customer’s account.
While it’s important for us to have a robust collections policy – after all, we’re typically collecting on behalf of our consumer investors – we pride ourselves on customer experience, even in the unfortunate event of a customer falling behind with their payments. Our commitment is that your customers will only ever be treated with the utmost respect and courteously at all times.