How does Bondora settle debt?
Our debt procedure is divided into two stages:
- Debt procedure for active loans
- Debt procedure for canceled loans
If a borrower has an active loan and is behind on their payments (in arrears), we'll do the following:
- Send debt notifications by SMS, email, automated calls and post.
- Publish the debtor's data in the credit payment default register.
- Cancel the original payment schedule. We do this, so the entire loan amount and all interest payments become collectible immediately.
- Go to court to collect the debt.
- After the judgment has been made, we ask the bailiff to initiate enforcement proceedings to recover the debt.
We recommend you activate B Secure, the paid service that allows you to change your payment schedule to suit your payment abilities if you are looking for a solution to prevent payment difficulties. Learn more about B Secure here.