Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Responsible Lending

Implications of Non Payment

If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Some lenders may pursue you by legal means in the event of repeated non-payment. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and may affect your credit score. Please read the charges section of the lender’s website before finalising your loan.

Collection Practices

Continued non-payment may result in your debt being passed to a collection agency, which would add further charges. You should check with your lender on their collection practices.

Late Payment

Should you feel that you will be unable to make your agreed repayment on the specified date it is essential that you contact the lender in advance. Lenders may issue a charge for late payments. The amount of the charge will differ by lender so please ensure that you read the terms and conditions before entering into any loan agreement. Late repayments can also have a negative impact on your credit file.

Renewal Policy

If you wish to renew your loan, you should contact your lender in advance.

Please note: You must always consider if a loan is correct for your circumstances. If you are feeling that your financial commitments are mounting up and that you are struggling to keep up with repayments each month, the following organisations could be of help: The Money Advice Service or Step Change