Persistent Debt
The Financial Conduct Authority (FCA) require us to monitor all credit accounts in line with their Persistent Debt guidance which aims to help customers avoid long term debt. We will get in touch with you, if by their definition, you are in Persistent Debt.
This means that you have paid more towards interest, fees and charges over the previous 18 month period, than you had paid towards reducing the amount you borrowed.
If your account remains in Persistent Debt for a period of 36 months, we are required to inform you that you must take action to repay your Persistent Debt balance within a reasonable period of time.
Can you afford to pay more?
Increasing the amount you pay could help you save money and clear your balance sooner.
Make extra payments when you can
Continue to make your minimum payment each month, but also make additional payments when possible.
Set up a Direct Debit
If you haven't already, set up a Direct Debit so you never miss a payment and get charged a fee.
How can I change what I pay?
Once you've worked out what you can afford to repay each month, you can choose to either:
Increase your monthly payment to an amount you can afford.
Continue to make your minimum payment each month, but also make additional payments when possible.
You can make a payment anytime in My Account or by giving us a call and using our automated payment service, click here for details.
FAQs
Get in touch
If you're concerned and would like to discuss your options, please contact us, click here for details. Lines open Monday to Friday 8am - 8pm and Saturday 8am - 6pm (Excluding bank holidays).
Alternatively, if you're experiencing significant or potentially long-term financial difficulties, it may be beneficial to contact a debt advice service. StepChange Debt Charity offers free, impartial and confidential advice; you can visit their website at www.stepchange.org or you can call them, click here for details.