Loan default

When you accepted this loan and took the money, you were given lots of information about this loan and the commitment you were making to repay it. If you fail to pay keep up your end of the bargain there are consequences. If we must contact you for purposes of collection of past due balances under Federal Laws and Regulations 20 USC 1991a CFR Part 674, Federal Register, 11/30/87, we are required to charge the costs of all collection efforts on your account to you. You will be charged for address searches, use of certified mail to contact you, telephone calls, credit checks, attorney’s fees or any other valid cost of collection. We do not charge you unless we have to contact you. When your account is 240 days past due we consider it defaulted and your account is sent to an outside collection agency.

“But I didn’t get a bill! How can I be late?” According to your loan note, the signed promissory note, you must make your payments on time with or without a bill or statement. That is why we give you a repayment schedule. Keep it handy!