In the case that a payment is missed, TMP will use SMS and Email channels to get in touch with the customer for an update. Collections efforts are carried out frequently and increase in frequency if a customer is to miss more than one payment.
In line with FCA guidance and regulations, TMP is required to show forbearance to customers in financial difficulty. Typically, once we have received correspondence from the customer, you can expect the instalment to be moved to a later date (if eligible), or a repayment plan to be offered to the customer. For the most vulnerable customers, a payment holiday may also be offered.
For the small group of customers who fail to respond to our communications entirely, their credit file will be defaulted and they will eventually be passed onto a debt collection partner.