How do repayments work, and can I pay off early?

Regular repayments

Repayments are collected automatically from your nominated account on the date in your agreement. The amount, next date and outstanding balance are shown under Loans in online banking.

If a payment is going to be missed

Tell us before the date rather than after. We would far rather agree a short-term arrangement than process a failed collection. Missed payments may incur a fee and are reported to credit reference agencies, which affects future borrowing.

Overpaying

You can make an ad-hoc overpayment at any time from the loan screen. Overpayments reduce the outstanding capital, which reduces the total interest you pay.

Settling early

1. Request a settlement figure from the loan screen or by raising a ticket. It is valid for a stated number of days.
2. Pay the exact figure quoted, using the reference provided.
3. We close the facility and confirm in writing, releasing any security.

Some fixed-rate agreements include an early repayment charge. If one applies to you it is stated in your agreement and included in the settlement figure — there are no surprises added afterwards.