ABSTRACT
DEFAULT IN PAYMENT The debtor defaulting in making the payments due under the agreement is easily the most common event to cause the rights of the parties to be actively considered. There could be several rights of the creditor which will arise in such an eventuality:
Claim the arrears. The creditor is immediately entitled to bring proceedings to enforce payment of instalments which have fallen due. The agreement may provide that interest is payable on the arrears until they are paid. If so, the rate of the interest charged must not exceed the rate of the APR payable under the agreement as a whole.
