Responsible Lending

Late or Non-Payment

If you find yourself in a position where you are struggling or unable to make a payment on time, each lender has their own policy relating to fees and interest, and how they recover any outstanding amounts from you. Some lenders may use legal means to collect outstanding debts from you if there has been repeated non-payment. Most lenders will initially contact you by telephone or write to you to rearrange payment. It's really important that you are aware that not keeping up with repayment may result in additional charges and could affect your credit score. Please read the fees and charges section of the lender's website before finalising your loan.

Collection of Outstanding Debt

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

Late Payment

If you find yourself in a position where you are struggling or unable to make a payment on time, it is essential that you contact the lender in advance. Lenders may issue a charge for late payment. The amount of any additional charge will differ by lender so please read the fees and charges section of the lender's website before finalising your loan. It's really important that you are aware that not keeping up with repayment may result in additional charges and could affect your credit score.

Extending or Renewing Your Loan

If you wish to extend or renew your loan, please contact your lender.

You should always make sure that a loan is appropriate for your circumstances. If you are feeling that you are struggling to keep up with repayments, the following organisations may be able to help:

https://www.moneyadviceservice.org.uk/en or https://www.stepchange.org