What happens if you can’t pay? Will guys come and remove the system from your property?
Since the normal provisions of the NCA apply this means that, at present, these are regular loans and credit providers have the “usual” remedies open to them if consumers default.
‘credit providers have the “usual” remedies open to them if consumers default’
If your situation changes and you can’t make payments then the credit provider can start their collections process. This means they will pester you with sms, letters and phone calls. If that doesn’t work they will begin to look at legal action.
In such a case they will send you a scary Section 129 letter and then see if you enter debt review. If you do not then they will probably proceed to court to get a judgment. If you do not fight or catch up the missing payments they can then get a judgment and try to collect on that.
Even if at some point assets are attached there would be a chance to catch up missed payments or make a plan with the credit provider.
For those who do apply for debt review the credit would fall under the debt rearrangement and they can stress less about losing their assets.
