Common use of MISSING REPAYMENTS Clause in Contracts

MISSING REPAYMENTS. 7.1 Missing repayments by failing to make your Total Monthly Repayment by the Monthly Repayment Day, could have severe consequences, including incurring late payment fees, the possibility of legal proceedings being brought against you and an application being made to make you bankrupt. It may also result in credit reference agencies being notified, which could make obtaining credit in the future more difficult or more expensive. We may also sell your debt to a third party and the purchaser may take action against you, which could include obtaining a court order against you or commencing bankruptcy proceedings to recover any debt owed under this Agreement.