Due to the fact that we are receiving payments from all over the world we understand that different locations may offer different challenges. Irrespective of your level of arrears, we will continue to make contact with you to discuss possible options and clear up any misunderstandings.
However, once your account reaches an arrears level equal or higher than 2 missed perfect payments, we will commence with our internal collections processes which include notification to schools, investors and alumni organizations, reporting to relevant credit bureaus and formal notifications in terms of the UK Credit Consumer Act of 1974. If the loan reaches default status we will also commence with legal enforcement processes which can be enforced all over the world.
It is therefore critically important to remain in contact with us and continue to make at least some kind of payment if you are experiencing difficulties. We need to see a practical commitment from your side to satisfy your loan obligations. If so, we may be able to find solutions that prevents unwanted consequences from setting in.