Can I change my monthly repayment date? 🗓️

We understand that your financial circumstances can change—perhaps your payday has moved or you want to align your outgoings with other bills. At Abound, we offer flexibility to help you stay in control of your budget.

How to change your payment date

You can update your preferred monthly payment date by contacting us or Submit a request – Abound.

Important Things to Consider

1. Give us 5 working days’ notice 
   To ensure our automated system has time to update your Continuous Payment Authority (CPA), please make the change at least 5 working days before your next scheduled payment is due. If you change it later than this, the current month’s payment may still be taken on the original date.

2. Interest Adjustments 
   Because interest is calculated daily, changing your payment date may slightly affect the total amount of interest you pay.

• Moving the date forward: If you move your payment to an earlier date, you may pay slightly less interest over the life of the loan.

• Moving the date back: If you move your payment to a later date, there will be more days between payments, which means a small amount of additional daily interest will accrue.

3. Limitations

• Once per 12 months: To maintain a stable repayment schedule, we typically only allow one change to your payment date every 12 months.

• Arrears: If your account is currently in arrears (you have a missed payment), you will need to clear the outstanding balance before you can change your future payment dates.

Can I skip a payment? 
No. Changing your payment date does not mean you can skip a month. You are still required to make one full repayment every month as per your loan agreement. If you are worried about making your next payment, please contact our Support Team as soon as possible so we can discuss how to help.