Occasionally, circumstances can change and you may find yourself in a place of financial hardship or difficulty. At The Money Platform, we are always here to help, so please get in touch with us as soon as possible if you find yourself in a similar position.
A repayment plan may be offered to help you manage the situation better, allowing you to get back on your feet, whilst also maintaining your commitment to repay the loan. Payments can be made either monthly or weekly.
If you choose to proceed, the interest on your loan will be frozen from the date of your first contribution into the plan. Unfortunately, we are unable to freeze interest until this payment is made.
As stated previously, customers are able to make smaller payments to clear the outstanding balance on their loan. Our minimum payment amounts are £50 per month or £10 per week. For customer’s who may not be able to meet these requirements, an income expenditure form can always be completed, should you wish to pay less.
Furthermore, it is important to note that repayment plans will show up on your credit file as an Arrangement to Pay. The impact of this mark on your file may affect your ability to obtain credit in the future, so it is important that you only set up a repayment plan as a last resort.
Finally, it is important to know the difference between an Arrangement to Pay and a default. An Arrangement to Pay simply tells lenders that you have arranged to pay a different amount to the original agreement. Whereas, a default tells lenders that you have missed payments for a long period of time.