Struggling to make a business loan repayment?

Have you missed a repayment on a loan recently or are you struggling to keep up with loan repayments? Given the current fuel crisis and the impact on cost of doing business many companies – particularly in the agri, contracting and transport sectors – may be finding it difficult to keep up with loan repayments.

Missed repayments have a negative impact on your ability to secure credit in the future. It is vital that you discuss how you plan to address any missed payments with your lender and to understand that a missed payment may be reported to the Central Credit Register (CCR). Lenders have different arrangements with borrowers and there are grace periods and break periods that can be applied to ensure a missed payment is not noted on your CCR.

You can check out your credit history (personal and business) on the CCR which can be done free of charge at any time. Their website provides guidance on how to do so, and what to do if there are errors on your report.