What happens to my payment method when my loan is finished?
Your payment changes automatically, so you don't need to cancel anything
When your loan is fully repaid, your payment changes automatically. You don't usually need to do anything.
If your payment covers your loan and your savings
Some members have one monthly payment that covers both. For example, a £100 Direct Debit might be £50 for the loan and £50 for savings.
When your loan is finished, the loan part stops and your payment reduces to the savings amount. In this example, your Direct Debit would reduce to £50 a month.
If your payment is only for your loan
Your payment method is cancelled automatically once the loan is cleared, and no further payments are taken.
Will I be told?
Yes. Around the time your loan finishes, we'll send you a text message confirming the new amount, or that your payment has stopped.
Don't cancel your Direct Debit yourself
Unless we ask you to, don't cancel your Direct Debit. Cancelling it before your final payment has been processed can cause delays or leave a balance to pay.
Want to change something?
If you'd like to stop saving, save more, keep paying the same amount or change your payment method, send us a secure message or call us on 0131 225 9901.