BF002 - What happens if I am late with my payments?

If you are late with your payments at 4AX Debt Services, we will start the same legal action as would a bank or a credit agency. 4AX Debt Services will send information about your debt to the Credit Provider Association (CPA) as well as to the Credit Bureau 45 days after the initial payment deadline. This will also incur a service fee according to the 4AX Debt Services price list. If this happens, it might be difficult for you to get a new loan from any bank or credit institution in South Africa for the next 3 years.
The entire loan contract will be terminated 60 days after the initial payment deadline and you will then have to repay the entire loan. Legal or credit collection processes will be started against you in the event you do not pay.
Contrary to banks and other credit agencies, 4AX Debt Services first covers the principal sum of the debt from the first payment you make. The late collection fee accumulation and other debt processes will be stopped from the moment you have covered the principal sum of the debt.