A Notice of Sum in Arrears (NOSIA) is a letter we send you when your account has fallen behind on payments – in other words, when it's in arrears. This happens when you’ve missed two or more consecutive payments on your loan account
The purpose of the NOSIA is to keep you informed about your account’s status and to give you a clear picture of what you need to pay to get back on track. Here’s what you’ll typically see in a NOSIA:
Amount in Arrears: This is the total amount overdue, which includes any missed payments.
Breakdown of Missed Payments: A list of the payments that were missed, so you know exactly where the arrears have come from.
Additional Fees or Charges: Sometimes, there may be extra charges due to missed payments, like late fees or penalty interest.
Total Amount Owed: This is the complete amount still owed on your account, including the overdue payments and any added charges.
Options to Bring Your Account Up to Date: We’ll include information on how to catch up on missed payments or how to get in touch with us to discuss your options.
A NOSIA is a reminder that some action is needed to avoid further charges or potential impacts on your credit score. If you're having difficulty making payments, please reach out to us – we’re here to help you discuss repayment options or offer guidance to help you manage your payments more effectively.
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Email us at hello@paydown.com
Call us on 0113 519 8645
Write to use at Paydown, 30 Churchill Place, London, E14 5RE