Stage 1: Missed Payments
Lender chases missed payments
At the first stage, the lender will contact their customer in writing or by telephone to query and chase up missed payments.
What can be done?
At this point, borrowers are advised to talk to their lender and inform them of their situation. Some lenders may agree to let their customers make additional monthly payments to pay off the arrears over a set period. Borrowers should also make notes about any conversations they have, including the date and time of the conversation, the name of the person they spoke to and the outcome of the discussion, and ask for details of any agreements reached to be sent in writing.