Managing Repayments on a Personal Loan Whiteboard Wednesday with Walshy
Welcome to Whiteboard Wednesday, I'm Paul Walshe, founder and CEO of Fair Go Finance.
So today's topic is about managing your loan repayments.
Now throughout the year, while you've got loans, your circumstances are going to change be it in a planned or an unexpected way. So it's about how we manage those loan repayments during those times that really makes a difference.
So our brand at Fair Go Finance is built on helping you Go Forward and that's almost more relevant after you've got the loan than before you've got the loan. So that's when the rubber really hits the road in terms of how the relationship between you the borrower and us as a lender can endure.
So importantly, irrespective of what state your account is in, we still believe that we can help you Go Forward.
So if your account's up to date, that's fantastic and we want to make sure that your account stays up to date. If you've got arrears in your account, we want to make sure that those arrears don't get any worse; and if you're in default then we're here to help you get it paid and get you back on track. Similarly if you're in hardship, which is a specific category of events, then we can help you manage that temporary change as well.
So at times during the year, or specifically around Christmas, it can get tempting to reschedule or ignore your obligations and dishonour payments. Now that can come at a cost and you might not realise today but incurring additional charges on your loan or demonstrating a poor repayment history is going to cost you more money in the future. So really we want to try to avoid that outcome and it's critical in terms of keeping your account to date or managing your account that we stay in touch with each other and we can communicate with each other so that we understand where you're at as a borrower.
The key to that communication is contacting us via our website, via email or over the phone. So we encourage you to get the new year off to the best start you can by managing your repayments over this Christmas period and throughout the year itself. Again, communicate with us - now ideally you might've planned for this change in advance and you've got some savings in the bank, but if you haven't we're here to help you Go Forward and the best way for you to do that is to communicate with us if you need to.