What should I do if I'm struggling to pay?
If you’re starting to struggle financially and worried about being able to make your repayments on time, please get in touch with us as soon as possible — the earlier you let us know, the more options we have available to help. We can look at adjusting your minimum payment to something more manageable. It’s also important to let us know if your wider financial circumstances change — for example, if you lose your job, are off work for an extended period, or your income reduces.
Please don’t wait for things to get out of control. We’re here to help you address the problem now and may be able to offer a solution such as breathing space or a new repayment arrangement.
If you have multiple debts, it can be difficult to know which to pay off first. We believe you should make sure you can pay your priority bills first – for example your mortgage and utility bills. Once you have those sorted, then look at the remainder of your bills.
It may be useful to get free advice from an independent third party such as Money Advice Service, StepChange or Citizens Advice
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What happens if a payment fails or can’t be collected?
If we’re unable to collect your payment on the due date, for example, due to insufficient funds, the payment will fail and your account will be one payment behind. We may attempt to collect the payment again up to twice during the following 7 days, ...
What happens if my account falls into arrears?
If you miss a payment, we’ll ask you to bring your account up to date as soon as possible. If your account falls further behind, you won’t be able to make new drawdowns, any active instalment plans may be cancelled and their balances transferred to ...
Will a missed payment affect my credit record?
Yes, it can. If you miss a payment, we may report this to credit reference agencies, which could make it harder for you to obtain credit in the future — for example, for a mortgage, loan or credit card. The best way to protect your credit record is ...