In such cases, the lending company follows a specific process. Initially, they contact the borrower to remind them about the missed payment. If the payment is still not made, the lending company may explore different options depending on the circumstances. These options can include rescheduling or modifying the loan terms. If all attempts to secure payment fail, the lending company may initiate loan recovery procedures. The recovery process can be carried out by the lending company itself or by an outsourced debt collector.
It's important to note that all Series of Notes on Nectaro are subject to an early repayment obligation. If a borrower fails to make a payment for more than 60 days after the scheduled repayment date, the early repayment obligation is triggered. In such cases, the lending company is obligated to repay the loan along with any accrued interest.