All Collections
Repayments
What if I miss a repayment?
What if I miss a repayment?
Stephanie avatar
Written by Stephanie
Updated over a week ago

It's important for you to be aware of the consequences of missing a repayment.

If you miss an instalment we'll notify you and ask you to bring your account up to date. Until then, we'll put a hold on all top-ups.

If you have a balance with us and miss a subscription payment or contractual repayment on this balance, as you have agreed upon accepting the top-up, we will report that event as a missed repayment to the Credit Rating Agencies – including Experian, TransUnion and Equifax. This will negatively impact your credit score.

We will report such missed repayment(s) for the month when it occurred. Therefore, if you settle missed repayment in the following month, it would still show up on your credit file as a missed payment for the current month. That is why it is important to ensure you adhere to your repayments on time and get in touch as soon as possible in cases of any issues. We would not able to remove the missed payment record if you caught up with the payments or entered into alternative arrangements in the followings months.

Even if you enter a custom repayment plan, the missed payments records would stay on your credit file until the entire outstanding amount is settled. For example, if you have missed 3 repayments and entered a custom repayment plan, your credit file would continue having 3 missed repayments marked until you clear the outstanding balance. If you, however, continue missing repayments even under the custom repayment plan, we would report a default on your credit file.

Therefore, if you would like to avoid adverse records on your credit file, including up to the default, please do adhere to the repayment schedule agreed when you accepted a top-up; or if you entered a custom repayment plan – agree on the reasonable timeframe to settle it and avoid having a negative record on your credit file for longer than necessary.

If you continue to ignore our messages to pay the missed instalment, we'll issue a default notice. If you default, we'll charge a £12 default fee and report this to credit agencies and – and such record will remain there until the entire outstanding amount is settled. We'll also cancel the credit agreement. Please note a default will be discoverable on your credit record for six years and will affect your ability to obtain loans and credit cards.

If you still fail to pay the missed instalment we'll proceed to take legal action and register for a County Court Judgement (CCJ). We'll also charge a £24 CCJ fee. Please note a CCJ will be on your credit record for six years.

If you fail to honour the CCJ, we'll proceed to engage a bailiff and take enforcement action.

We don't want any of the above to happen. Please contact us if you're having difficulty with an instalment. We'll come up with some options for you.

Did this answer your question?