Late payments, arrears and default
If a note is not repaid on time, CashSouk updates its servicing status automatically using the Malaysia calendar. Default is never automatic.
Day counts
Platform defaults (CashSouk can change these in finance settings, and a note can use different values):
- Grace period — 7 days after the due date. During grace the note is overdue and no Ta'widh or Gharamah applies.
- Arrears — starts after grace plus the arrears threshold (default 14 days after grace, so 21 days after the missed due date with standard settings).
Read the dates on the note if they differ from these defaults.
Status sequence
- Current — not yet due.
- Overdue — past the due date, still inside the grace period. No late charges apply yet.
- Late — grace has ended. Indicative Ta'widh (compensation) and Gharamah (charity penalty) may appear. They are estimates until CashSouk settles the note.
- Arrears — past the arrears threshold. CashSouk emails an arrears notice. The note is eligible to be marked as default.
- Default — CashSouk has confirmed default. You receive a default notice. On Financing the note shows as unsuccessful.
Reminders and letters
You receive a repayment reminder 7 days before the due date and again the day before. Arrears and default notices are PDFs emailed to your organisation and listed under the note documents.
What you should do
Arrange repayment as soon as the note is overdue. Report the payment from the note. If CashSouk waives any late charge, the reason is shown on the note.
If leftover late charges remain after settlement, pay them from the late-charge card. The button is currently labelled Pay with FPX. Checkout opens CashSouk's payment gateway for Malaysian online banking (FPX). The checkout window is branded by the gateway provider (currently Curlec / Razorpay).