MONEYZEN aims to keep debt to a minimum, but we cannot completely rule it out. As a result, from time to time, some borrowers may find themselves in a situation that adversely affects their ability to pay and the loan repayments may be delayed.
The MONEYZEN portal has developed a comprehensive debt proceeding scheme, which is applied in case of all late payments. Debt proceeding includes communication with the debtor – before the payment deadline we inform the borrower of the approaching payment deadline and send the reminder in case of payment delay. MONEYZEN uses reminder messages, e-mails and letters; other obligatory proceedings include phone contact or meeting with the debtor, publication of the debtor’s details in the payment default register and, as a last step, court proceedings. Similar debt management procedures are used in credit institutions and other financial companies.