Missing payments on my credit card
What happens if I keep missing payments?
If you miss payments and don't contact us, we'll eventually have to take further action on your account. We strongly encourage you to speak to us as early as possible so we can help you avoid this. If an account remains unpaid:
- Statutory notices: we're legally required to send you formal letters keeping you updated on your outstanding balance
- Defaults: if your account remains unpaid and you don't make contact with us, we may close your account and take action to recover your balance. This can include registering a default on your credit file
What happens to my credit file?
Missed payments and defaults are reported to credit reporting agencies. This can lower your credit score and make it harder to borrow money or get credit in the future.
Why might a Debt Collection Agency contact me?
If you have an overdue balance on your credit card, we may refer your account to a Debt Collection Agency (DCA) to manage payment recovery on our behalf. We partner with InDebted, and they must follow our strict standards for treating customers fairly.
If your account has been referred to InDebted, they'll contact you by phone, email, or SMS. We will always let you know before commencing formal debt collection action by emailing you a debt collection notice.