Implications of Non Payment
If you are unable to pay your loan repayment on time, you must inform us at your earliest convenience to avoid unnecessary fees and interest. We work within guidelines set by the Financial Conduct Authority to ensure that customers are treated fairly.
We will aim to contact you by phone, letter or email in order to arrange payment or discuss a solution to meet your circumstances. We will request documentation to confirm proof of affordability and based on the information provided to us we will review the options available to you. (These include, extensions and repayment plans) Please read the charges section of our website before finalising your loan.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
We will contact you by phone, letter and/or email in order to rearrange payment. Non-payment may result in charges and/or raised interest and may affect your credit score. Continued non-payment may result in your debt being passed to a collection agency, which could add further charges.
If you wish to renew your loan, you should contact us in advance of your repayment date. We will charge the same rate of interest and fees for another month on the entire amount owed. In the event of non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account.