What happens if the business is unable to pay the weekly interest. Failure to repay the interest instalment on time will result in the Facility being suspended. This action will also be taken if the monthly account maintenance fee falls into arrears.
Just Cashflow will make every effort to understand why this has happened. We will also work with the business to resolve the situation, to the mutual benefit of all parties. However, if we are unable to reach a mutually satisfactory arrangement and can't recover the money over a reasonable period, the account may be passed to an external partner.
Our external partner will attempt to recover the funds from the business and from any personal guarantors. Continued failure to discuss the arrears means credit reference agencies will record the outstanding debt. This information may be supplied to other organisations by Credit Reference Agencies and Fraud Protection Agencies to perform similar checks and recover debts that are owed.
Depending on credit status -Partnered lenders may do credit checks affecting credit score, this is by your consent only. The lower interest rate the better. Collection Method Depending on your agreement collections will be made via debit orderstop orderpayroll deduction over a repayment period of 12-72 months, unless otherwise specified. Legal Implications of none payment Full amount payable may become immediately payable -Could lead to a bad credit record if reported.
-Your loan could be cancelled with a chance of a judgement. -You will be responsible for the lawyers costs Ensure that you do not fall into this category.
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