I missed a payment—what happens next? ⚠️

If your monthly repayment fails—usually due to insufficient funds or an expired debit card—here is exactly what happens:

1. Immediate Notification (Day 1) The moment your payment is declined by your bank, we will send you an SMS and an email.

• The Goal: To make sure you’re aware of the failure so you can check your account or update your card details.

• No Fee Yet: We do not charge a late fee the moment a payment fails.

2. The 7-Day Grace Period We give you a 7-day window to rectify the missed payment. You can do this by logging into your dashboard and making a manual payment.

• Manual Payment: Simply click 'Pay Monthly Instalment' on your home screen.

• Automatic Retry: Our system may also attempt to collect the payment again automatically during this window.

3. After 7 Days: The late fee if the payment remains unpaid after the 7-day grace period has ended:

• The Fee: A £12 late fee is added to your account balance to cover the administrative costs of managing the arrears.

• Notification: You will receive a formal notification that the fee has been applied.

4. Impact on Your Credit Score We understand that life can be busy. We only report a "Missed Payment" to credit reference agencies (like Experian or TransUnion) if the account remains unpaid at the end of the calendar month.

• Fixing it early: If you pay within the grace period (or at least before the month ends), your credit score is generally protected from a "Missed Payment" marker.

What if I can't pay within 7 days?

If you know you won't be able to clear the missed payment within the week, please contact our Support Team immediately. We can often stop the late fee from being applied if we agree on a short-term support plan before the 7 days are up. Ignoring the problem is the only way it gets worse—talking to us is the way to fix it.