A loan is in arrears the day after an agreed payment has been missed. Whilst in arrears, for 1 calendar month, assuming the payment remains outstanding we may allow our borrower time to achieve their exit.
Whilst in arrears, Kuflink will continue to engage with the borrower to understand why the payment has been missed and work with them to find a way to either make the payment or agree an alternative way forward. Standard and Penalty Interest will continue to accrue and will be applied from the day following the loan expiry date, until the loan is repaid in full.