What happens to my payment method when my loan is finished?

When your loan is fully repaid, your repayment amount will automatically be adjusted.

What happens next depends on whether you also pay into savings as part of your monthly payment.

You do not usually need to cancel your payment method yourself.

If you pay loan and savings together

Some members have a single monthly payment that covers:

• Loan repayment

• Savings contribution

For example:

If your Direct Debit is £100 per month
£50 goes to your loan
£50 goes to your savings

When your loan is finished:

• The loan repayment amount will stop

• Your payment will automatically reduce to the savings amount only

In this example, your Direct Debit would reduce to £50 per month.

You do not need to contact us for this change to happen.

If you only pay your loan

If your monthly payment is for loan repayment only and you do not contribute to savings:

• Your repayment method will automatically be cancelled once the loan is cleared

No further payments will be taken.

Will I be notified?

Yes.

Around the time your loan finishes, you will receive a text message confirming the change to your repayment amount or advising that your payment method has been stopped.

What if I want to change something?

If you would prefer to:

• Stop saving

• Increase your savings

• Continue paying the same amount

• Change your payment method

Please contact us as soon as possible and we will arrange this for you.

Important

You do not need to cancel your Direct Debit manually unless we advise you to do so.

Cancelling it yourself before your final payment has been processed may cause delays or leave a remaining balance.

Still need help?

If you are unsure whether your payment includes savings, or you would like to change your arrangements, please contact us and we will review your account.