When a loan is defaulted, the Total Amount Payable is due immediately on demand, which comprises the remaining principal and the contractual interest to the end of the loan term. In addition, we will add a Collections Charge up to a maximum of the sums set out in the Collections Charge schedule applicable at the effective date of the Loan Contract. Other charges that may be added are: (a) tracing charges (for finding the Borrower/Guarantor if it/they cannot be contacted by Funding Circle or a Collections Agent); (b) a fee if a field agent has been employed as part of the collections process; and (c) all litigation, enforcement and recovery costs and expenses, including (but not limited to) legal fees and expenses.
Are there any charges or additional interest applied on default?
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