If your circumstances change and you experience financial difficulty, please contact us as soon as possible. At The Money Platform, we will always try to work with you to find a suitable solution.
In some cases, we may offer a repayment plan to help you manage your loan more comfortably while continuing to repay the balance. Payments can be made either monthly or weekly. If you proceed with a repayment plan, interest on your loan will be frozen from the date of your first payment into the plan.
Our standard minimum payments are £50 per month or £10 per week. If you are unable to meet these amounts, you may complete an income and expenditure form, which allows us to review your circumstances and consider lower payments.
Please note that entering a repayment plan will usually be recorded on your credit file as an Arrangement to Pay, which may affect your ability to obtain credit in the future. For this reason, it should generally be considered only when necessary.
It is also helpful to understand the difference between an Arrangement to Pay and a default. An Arrangement to Pay indicates that you and your lender have agreed to reduced or revised payments. A default, however, typically occurs when payments have been missed over a longer period without an agreed arrangement in place.