{"id":82,"date":"2017-08-13T07:32:35","date_gmt":"2017-08-13T07:32:35","guid":{"rendered":"http:\/\/demo.acmethemes.com\/medical-circle\/?page_id=102"},"modified":"2026-10-10T11:23:44","modified_gmt":"2026-10-10T11:23:44","slug":"is-there-any-online-appoint-form","status":"publish","type":"page","link":"https:\/\/somasacco.co.ke\/?page_id=82","title":{"rendered":"What happens if I default?"},"content":{"rendered":"
What can happen if you default?<\/div>\n
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    Penalties and additional interest: Late-payment charges may apply according to the loan agreement.<\/p>\n<\/div>\n<\/div>\n<\/li>\n

  2. Recovery from your deposits: The SACCO may offset eligible deposits against outstanding arrears, subject to its agreement and applicable rules.\n
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    SACCO SOCIETIES REGULATORY AUTHORITY (SASRA)<\/div>\n<\/div>\n<\/li>\n
  3. Guarantors may be affected: If you used guarantors, they may be called upon to meet the guaranteed amount in accordance with their undertakings.<\/li>\n
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    Credit reference consequences: Your default may be reported to a Credit Reference Bureau where legally permitted and applicable procedures are followed.<\/p>\n<\/div>\n<\/div>\n<\/li>\n

  5. Legal recovery: The SACCO may pursue the outstanding debt through lawful recovery procedures.<\/li>\n<\/ol>\n

    What should you do if you cannot repay?<\/h2>\n
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      Contact the SACCO’s credit office as early as possible.<\/p>\n<\/div>\n<\/div>\n<\/li>\n

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      Explain your financial situation and ask whether rescheduling or restructuring is available.<\/p>\n<\/div>\n<\/div>\n<\/li>\n

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      Do not ignore repayment notices.<\/p>\n<\/div>\n<\/div>\n<\/li>\n

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      Request an updated loan statement showing the outstanding balance, interest and penalties.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n

      For Soma SACCO members: The exact penalties, recovery process and options available depend on the SACCO’s approved loan policy and the terms of your loan agreement.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      What can happen if you default? Penalties and additional interest: Late-payment charges may apply according to the loan agreement. Recovery from your deposits: The SACCO may offset eligible deposits against outstanding arrears, subject to its agreement and applicable rules. SACCO SOCIETIES REGULATORY AUTHORITY (SASRA) Guarantors may be affected: If you used guarantors, they may be…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-82","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=\/wp\/v2\/pages\/82","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=82"}],"version-history":[{"count":2,"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=\/wp\/v2\/pages\/82\/revisions"}],"predecessor-version":[{"id":411,"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=\/wp\/v2\/pages\/82\/revisions\/411"}],"wp:attachment":[{"href":"https:\/\/somasacco.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=82"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}