Cherry Loans processes hundreds of loan application each day for people just like you
87% of our Applications Get Approved Each Day
If you do not attempt to contact your lender and update them on any circumstantial changes, or make the lender aware of any difficulty you're experiencing in paying back what you owe; they will reserve the right to pass on your details to third party debt collections agencies or organisations that will attempt to recover the amount owing.
Most lenders usually reserve the right to utilise the Continuous Payment Authority to continue to attempt to take payment from your bank account for a certain period past your payment due date. This would only done if it was in accordance with the terms of your agreement. Please check your own Terms and Conditions on your signed loan agreement document for details.
Non-payment or late payment of your loan could cause adverse details being recorded within your credit report. This could adversely affect any future attempts of you securing credit or finance, as well as additional charges potentially being added by the lender. If you miss a payment entirely, you will often incur a fee or penalty charge that will be added on to the total balance that you owe.
Upon a missed payment, lenders will often try to contact you by telephone or email in order to recover the funds. They may be able to arrange a new re-payment date with you. If you are still struggling, or if you think there is a possibility that you will not be able to meet repayments, Cherry Loans strongly recommends that you contact the lender directly in the first instance.
You must pay your lender any reasonable expenses and costs that may be incurred in taking steps to enforce (for example, via Court Judgments), or attempt to enforce, the lenders rights against you under your agreement.