We request your Direct Debit payment two working days before the date your repayment is due to be made. Once the Direct Debit has been requested from your bank we’re unable to cancel it.
If you don’t have enough money in your bank to make the payment, the Direct Debit will be returned unpaid the following day. We’ll attempt to take the payment again in 3-5 working days.
You’ll receive an email from us to let you know that the payment has been missed and that we are going to try to take it again.
If you need to stop the Direct Debit (or the retry) because your bank charges a fee for unpaid Direct Debits, you should speak to your bank.
If you do cancel a Direct Debit with your bank, you’ll need to contact us so we can work with you to make other repayment arrangements. We can support you to help make sure you don’t get behind on your loan and damage your credit file.
Once a Direct Debit is being processed, any changes you make to your repayment date or to the amount you want to pay, will only become effective for your next repayment.