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There are a total of three letters you may receive;
Notice of Sum in Arrears – This letter should have been issued when the account reached the value of two instalments in arrears. The letter advises of the total amount of arrears on your account at that point. In addition, an FCA leaflet is provided giving some helpful advice.
Subsequent Notice of Sums in Arrears – This letter should have been issued six months following the Notice of Sums in Arrears. The letter advises of the total amount of arrears as well as any transactions applied onto the account since the Notice of Sums in Arrears. In addition, an FCA leaflet is provided giving some helpful advice.
Statement of Account – This letter should have been issued 12 months from the loan deposit date (Fixed Sum Agreements only). The letter shows any transactions applied onto the account since the loan was granted.
During the period of time that notices were due but not sent, interest should not have accrued. Therefore, depending on your individual circumstances, an ‘Interest Waiver’ may have been applied onto your account and your Credit File updated to remedy this.
If you have had an ‘Interest Waiver’ applied onto your account your balance will be reduced accordingly and this will be visible on the transactions on a ‘Subsequent Notice of Sums in Arrears’ and ‘Statement of Account’.