Document No.:             1220/2204 Vol. III

Document Category:  Credits & Loans

Document Title:            Stage II Recovery Procedure 

Written By:                     Fibiyisola A. Mustafa

Date:                             May 2020


Overdue debts arise from non-liquidation of loan advances within the agreed time or for failure to settle unpaid accounts for goods & services supplied.

When a borrower defaults on an Aposhashamura loan, we make attempts to resolve the dispute by following some major steps. Here is Stage III of the Recovery Procedure.



Recovery Processes

Corresponding Action

Customer Expected Call to Action

If Borrower complies

If the Borrower fails to comply

Stage III

Step 1

Borrower’s Loan Details is pushed on ALL the Credit Registry Bureau.

Account Status will be set to ‘Delinquent’.


NB: A Delinquent account is a credit account on which a consumer has failed to make at least the minimum monthly payment by the due date. A delinquent account that is 30 days past due will spur the credit company to start contacting the consumer about bringing the account current. This kind of report takes a toll on a borrower’s credit rating & scores them below average to qualify for a loan on our platform, or any other platform





Step 2

Pre-action notice for a debt recovery proceeding 
The company will write the borrower a Letter of demand with warnings about dire consequence, if payment is not received within seven (7) days from the day the letter is written



Debtor is expected to make repayment or negotiate payments in installments

The process is completed

Stage IV is initiated