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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/or raised interest and may affect your credit score. Please read the charges section of the lenders website before finalising your loan.

Warning: Late repayment can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/en

Collection Practices

Most lenders 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 would add further charges.
 

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. The lender may offer to extend or renew your loan, please be aware that this will result in additional interest being charged. 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.

Warning: Late repayment can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/en

Renewal Policy

If you wish to renew your loan, you should contact your lender in advance. Most lenders will charge the same rate of interest and fees for another month on the entire amount owed. In the event of late or non-payment, a loan renewal/extension could be automatic and further interest and/or charges may be added to your account. Please think carefully before extending or renewing a loan as this could result in your repayment(s) increasing significantly.

Representative Example

Amount of credit: £1,000 borrowed for 18 months. Repayment of 17 Months at £87.22 and final repayment of £87.70 The total amount repayable is £1570.44. Interest amounts to £570.44, with an annual interest rate of 59.97%
Representative APR 79.5% (variable)