Originally Posted by
WingingIt
From an email with Harmoney when I asked how the arrears process
"If a loan falls into arrears we immediately begin following a defined collections process, contacting the borrower via telephone, email, and text message to request that they make their payment. Keep in mind, this is not unusual in New Zealand, as the credit bureaus do not penalise borrowers for late payments, whereas, in the US or Europe it hurts their credit record. Also, there's a 3-5 business day processing delay from the due date to when the funds post to your available cash."