Common use of Missed Payments Clause in Contracts

Missed Payments. You agree that in the event of missed payments on a loan Blackfinch will take the administrative steps set out below on your behalf. In certain circumstances, we may act outside and/or ahead of the following process to pursue missed payments or loans (whether or not in formal default) where we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered. If the borrower misses a payment or only partially pays, the amount due to you and the other lenders, we ourselves or through an agent acting on our behalf will contact the borrower to inform them that we will reattempt to collect the outstanding payment in respect of that loan the working day after the payment was due. If our reattempts to collect the funds fails three working days after the payment was due, the borrower’s account will be treated as an overdue account and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the “Collections Agency”), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use the Collections Agency on your behalf. Any fee that the Collections Agency charges for this initial debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders. If the borrower misses, fails to pay or only partially pays three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if the borrower is otherwise in breach of any conditions of the loan agreement, the loan may be placed into default and the Collections Agency may engage field agents to attempt to collect the total loan amount outstanding. The Collections Agency will deduct up to 40% of the amount it recovers from the borrower and the remaining proceeds will be distributed to lenders; where possible this fee will be added on to the loan amount outstanding so as not to reduce the amount lenders receive. If the Collections Agency is still unable to collect the debt, we will notify you that all of the outstanding loan parts will be novated to our Security Trustee. We need to novate the debt to our Security Trustee so that there is only one claimant in any legal claim against the borrower, and in order to litigate against the borrower. You will have 14 days to opt out of this novation if you decide to pursue the borrower yourself. We will then investigate the amount of debt that is likely to be successfully recovered through the courts. If our Security Trustee deems it appropriate, our Security Trustee will instruct solicitors to the court claims to recover the debt. Our Security Trustee will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery. The Security Trustee will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include extending payment terms or selling the debt to a third party. Where the relevant loan or loans are secured, our Security Trustee will take the steps outlined in clause 11 entitled ‘Enforcement of Loans’ above. We will keep you up to date with the progress of efforts to collect missed payments and to recover defaulted debt.

Missed Payments. If you miss your minimum payment we’ll add a late payment fee to your account. You agree that can miss your minimum payment by not making a payment, by only paying part of your minimum payment or by making your payment late (after the payment due date). If you miss a payment, the following will also apply to your account: • You might not be eligible for offers or promotions. • We may take the payment from any other Barclays accounts you have. • Your records with credit reference agencies might be affected, meaning it may be harder or more expensive for you to borrow in the event of missed future. If you miss two payments on in a loan Blackfinch will take the administrative steps set out below row, we’ll cancel any instalment plans on your behalfaccount and move any remaining instalment plan balance to your standard balance and charge interest at your standard rate. In certain circumstancesIf you’ve missed a payment, your next statement will ask for the overdue amount as well as your next minimum payment. We may move overdue amounts from previous statements to the new balance on your next statement to help you manage your account. These amounts will no longer be overdue and won’t show as overdue amounts on your statement. When you do make a payment, we’ll use this to pay off overdue payments first. If you’re having difficulty making payments, or if you think you’re likely to struggle making payments in the future, please get in touch with us as soon as you can. Missing payments could lead to legal action or insolvency proceedings such as bankruptcy (although we rarely need to take these actions). We may also sell your debt on to another organisation. If you have other accounts with Barclays, we may act outside and/or ahead of the following process use money in those accounts to pursue missed payments or loans (whether or not in formal default) where pay us. Offsetting If we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered. If the borrower misses a payment or only partially pays, the amount due to owe you and the other lendersmoney, we ourselves or through an agent acting on our behalf will contact the borrower may offset that amount against (use it to inform them that we will reattempt reduce) balances owed to collect the outstanding payment in respect of that loan the working day after the payment was due. If our reattempts to collect the funds fails three working days after the payment was due, the borrower’s account will be treated as an overdue account us across this and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the “Collections Agency”), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use the Collections Agency on your behalf. Any fee that the Collections Agency charges for this initial debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders. If the borrower misses, fails to pay or only partially pays three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if the borrower is otherwise in breach of any conditions of the loan agreement, the loan may be placed into default and the Collections Agency may engage field agents to attempt to collect the total loan amount outstanding. The Collections Agency will deduct up to 40% of the amount it recovers from the borrower and the remaining proceeds will be distributed to lenders; where possible this fee will be added on to the loan amount outstanding so as not to reduce the amount lenders receive. If the Collections Agency is still unable to collect the debt, we will notify you that all of the outstanding loan parts will be novated to our Security Trustee. We need to novate the debt to our Security Trustee so that there is only one claimant in any legal claim against the borrower, and in order to litigate against the borrower. You will have 14 days to opt out of this novation if you decide to pursue the borrower yourself. We will then investigate the amount of debt that is likely to be successfully recovered through the courts. If our Security Trustee deems it appropriate, our Security Trustee will instruct solicitors to the court claims to recover the debt. Our Security Trustee will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery. The Security Trustee will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include extending payment terms or selling the debt to a third party. Where the relevant loan or loans are secured, our Security Trustee will take the steps outlined in clause 11 entitled ‘Enforcement of Loans’ above. We will keep you up to date with the progress of efforts to collect missed payments and to recover defaulted debtaccounts.

Missed Payments. You agree that in the event of missed payments on a loan Blackfinch will take the administrative steps set out below on your behalf. In certain circumstances, we may act outside and/or ahead of the following process to pursue missed payments or loans (whether or not in formal default) where we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered. If the borrower misses a payment or only partially pays, the amount due to you and the other lenders, we ourselves or through an agent acting on our behalf will contact the borrower to inform them that we will reattempt to collect the outstanding payment in respect of that loan the working day after the payment was due. If our reattempts to collect the funds fails three working days after the payment was due, the borrower’s account will be treated as an overdue account and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the “Collections Agency”), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use the Collections Agency on your behalf. Any fee that the Collections Agency charges for this initial debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders. If the borrower misses, fails to pay or only partially pays three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if the borrower is otherwise in breach of any conditions of the loan agreement, the loan may be placed into default and the Collections Agency may engage field agents to attempt to collect the total loan amount outstanding. The Collections Agency will deduct up to 40% of the amount it recovers from the borrower and the remaining proceeds will be distributed to lenders; where possible this fee will be added on to the loan amount outstanding so as not to reduce the amount lenders receive. If the Collections Agency is still unable to collect the debt, we will notify you that all of the outstanding loan parts will be novated to our Security Trustee. We need to novate the debt to our Security Trustee so that there is only one claimant in any legal claim against the borrower, and in order to litigate against the borrower. You will have 14 days to opt out of this novation if you decide to pursue the borrower yourself. We will then investigate the amount of debt that is likely to be successfully recovered through the courts. If our Security Trustee deems it appropriate, our Security Trustee will instruct solicitors to the file court claims to recover the debt. Our Security Trustee will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery. The Security Trustee will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include extending payment terms or selling the debt to a third party. Where the relevant loan or loans are secured, our Security Trustee will take the steps outlined in clause 11 entitled ‘Enforcement of Loans’ above. We will keep you up to date with the progress of efforts to collect missed payments and to recover defaulted debt.

Missed Payments. If you miss your minimum payment we’ll add a late payment fee to your account. You agree can miss your minimum payment by not making a payment, by only paying part of your minimum payment or by making your payment late (after the payment due date). If you miss a payment, the following will also apply to your account: • We will move any remaining promotional balances on your account to your standard balance (or cash balance as appropriate) and charge interest at the standard or cash rate that applies. • You may not be eligible for offers or promotions. • We may take the payment from any other Barclays accounts you have. • Your records with credit reference agencies may be affected, meaning it may be harder or more expensive for you to borrow in the event of missed future. If you miss two payments on in a loan Blackfinch row, we will take the administrative steps set out below cancel any instalment plans on your behalfaccount and move any remaining instalment plan balance to your standard balance and charge interest at your standard rate. In certain circumstancesIf you’ve missed a payment, your next statement will ask for the overdue amount as well as your next minimum payment. We may move overdue amounts from previous statements to the new balance on your next statement to help you manage your account. These amounts will no longer be overdue and will not show as overdue amounts on your statement. When you do make a payment, we’ll use this to pay off overdue payments first. If you’re having difficulty making payments, or if you think you’re likely to struggle making payments in the future, please get in touch with us as soon as you can. Missing payments could lead to legal action or insolvency proceedings such as bankruptcy (although we rarely need to take these actions). We may also sell your debt on to another organisation. If you have other accounts with Barclays, we may act outside and/or ahead of the following process use money in those accounts to pursue missed payments or loans (whether or not in formal default) where pay us. Offsetting If we consider this to be in the best interests of lenders. We may recover our reasonable costs from any amount recovered. If the borrower misses a payment or only partially pays, the amount due to owe you and the other lendersmoney, we ourselves or through an agent acting on our behalf will contact the borrower may offset that amount against (use it to inform them that we will reattempt reduce) balances owed to collect the outstanding payment in respect of that loan the working day after the payment was due. If our reattempts to collect the funds fails three working days after the payment was due, the borrower’s account will be treated as an overdue account us across this and we will continue to attempt to collect the funds. We may refer the missed payment to a debt collections agency (the “Collections Agency”), who will attempt to collect the money on your and any other lenders’ behalf and you authorise us to use the Collections Agency on your behalf. Any fee that the Collections Agency charges for this initial debt chasing will be added to the loan amounts that they are seeking to collect and will not reduce the amount available for distribution to lenders. If the borrower misses, fails to pay or only partially pays three or more consecutive monthly instalments or four out of six consecutive monthly instalments, or if the borrower is otherwise in breach of any conditions of the loan agreement, the loan may be placed into default and the Collections Agency may engage field agents to attempt to collect the total loan amount outstanding. The Collections Agency will deduct up to 40% of the amount it recovers from the borrower and the remaining proceeds will be distributed to lenders; where possible this fee will be added on to the loan amount outstanding so as not to reduce the amount lenders receive. If the Collections Agency is still unable to collect the debt, we will notify you that all of the outstanding loan parts will be novated to our Security Trustee. We need to novate the debt to our Security Trustee so that there is only one claimant in any legal claim against the borrower, and in order to litigate against the borrower. You will have 14 days to opt out of this novation if you decide to pursue the borrower yourself. We will then investigate the amount of debt that is likely to be successfully recovered through the courts. If our Security Trustee deems it appropriate, our Security Trustee will instruct solicitors to the court claims to recover the debt. Our Security Trustee will pay back to lenders in their proportionate share any funds successfully recovered, less its costs incurred during that recovery. The Security Trustee will act in a fair and equitable manner to achieve maximum recovery for all affected lenders, which may include extending payment terms or selling the debt to a third party. Where the relevant loan or loans are secured, our Security Trustee will take the steps outlined in clause 11 entitled ‘Enforcement of Loans’ above. We will keep you up to date with the progress of efforts to collect missed payments and to recover defaulted debtaccounts.