Video Transcript

Sometimes circumstances will dictate that it is not possible to make a loan repayment on its due date. This can be worrying for both the lender and for the borrower, but what can be done?

Contact the lender. While a lender ideally will want to receive every scheduled repayment on time, if it is explained to them that on a given occasion this won’t be possible, and an alternative payment date is provided, lenders will often be accommodating to such a request. Some lenders will also offer to reschedule future payment dates to avoid a repeat of this scenario.

Missing a repayment is never ideal, though by working with the lender to ensure a payment is made within 14 days, borrowers can avoid these being reported to credit referencing agencies. Contact the lender to discuss potential solutions rather than simply letting a repayment fail.

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