On the monthly promise date:
We try to collect your monthly payment from your debit card from 8am on each monthly promise date. If we are not able to collect the full amount at this time, we will try to take a partial amount. We will try again the next day at 8am. We will also send you an email and an SMS to inform you that the collection attempt failed. See the “Will Everline charge me?” section below for information on the late payment fees you may be charged.
On the second day after that promise date:
Unless you have paid the full monthly repayment due using an alternative payment method, we will try to collect the repayment amount again on the second day after your promise date at 8am and then, if that attempt is unsuccessful, again on the next day at 8am. We will send you an email and SMS to inform you that the collection attempt failed. Again, see the “Will Everline charge me?” section below for information on late payment fees.
On the next monthly promise date:
If a monthly repayment remains unpaid on the next promise date, we will attempt to collect the amount due as follows, using CPA:
- We first collect all payments in arrears and thereafter the payment due on your promise day.
- If we are successful in collecting all repayment amounts outstanding and due, we will try to collect the amount of any late payment fees along with any other fees outstanding.
The order of distribution of proceeds from payments is:
- Fees accumulated to date
- Interest accumulated to date
- Principal due
On subsequent promise dates:
If any amount remains outstanding, we will continue to try to collect that amount as set out above on a daily basis unless you make alternative arrangements with us.
If you are experiencing any financial difficulty, you should contact us immediately on 0203 7693 129 so we can discuss your situation, discuss options available and work with you to help find a suitable way forward.
After 30 days of missed payments:
If we have not reached an agreement with you and you or your business has not been identified as in hardship or vulnerable, or if we are unable to contact you then we may transfer your account to a debt collection agency. All and any applicable costs as a result of this process may be added to your loan account. Not paying your loan on time may have a negative impact on your business and personal credit rating.