If you think you may struggle to pay back your loan, you MUST contact us at least
24 hours prior to the repayment date with details as to why you may have problems
repaying the loan. We understand that from time to time the unexpected may occur
and we will review your situation on an individual basis.
If Mr Lender decides that it is genuinely in your best interest, we may agree to an
extension or a new repayment plan over the weeks that follow. An extension would be
a charge of another months interest. We may be prepared to extend your loan,
subject to our discretion, further assessment and in line with our responsible lending
guidelines. A diferral request must be made by you and you must repay the outstanding
interest and any accrued fees before a diferral will be agreed. We will carry out
a sound, proper and appropriate affordability assessment before the term of the loan is extended.
You must always assume that we will try to collect your repayment on the specified
agreement date unless you have received confirmation from us that we are willing
to extend the period for repayment. Please do not take a loan from Mr Lender if
you do not think you can repay it on the repayment date. Doing so may result in
your credit history, extra administrative and recovery costs and other serious consequences.
If you fail to make a repayment on the due date we shall charge you a late payment
fee of £20. Unless we have agreed that you may defer making payment the following
fees will be charged. If we have to write to you regarding your non-payment we will
charge you a fee of £20. If we have to serve you with a default notice we will charge
you a fee of £20. If any payment is not paid on its due date, then you will be liable
to pay us interest calculated on the overdue amount at the borrowing rate until the date
of actual payment. We will suspend interest and charges if you are unable to pay what you
owe us in full but give us a repayment plan which is reasonable and acceptable to us,
or after a maximum of 60 days after non-payment.
Should you require any further assisstance there are number of free debt counselling organisations who can also help you, these include: