What happens if I don't repay my loan (and any other amounts due to us) on time?

If you do not repay us in full on the specified repayment date and we have not agreed to provide you with an extension to your loan, then we will start our collection procedures.

The following fees will also apply:

  1. Interest will continue to accrue on a daily basis at the rate of 290% p.a. on the outstanding balance from the agreed repayment date until the date it is paid in full.
  2. A £10 Default Fee will be charged on the first calendar day following your repayment date if you do not repay the total amount payable in full on the agreed repayment date.

If you don't repay your loan on time, there may be other serious consequences, such as:

  • We may report any non-payment or late payment to credit reference agencies which may result in an impaired credit rating. This means that you may find credit more difficult and expensive to obtain in the future;
  • We may bring legal proceedings against you to recover any unpaid amounts which you owe us.
  • We may sell the debt and we or the purchaser may apply for a county court judgement (decree in Scotland) and, in certain circumstances, we or the purchaser may apply for a charging order (except in Scotland) on any property you own. This would mean that the debt would be paid out of the sale proceeds when you sell the property;
  • Exceptionally, we or the purchaser may apply for an order to sell your property (even though your loan is unsecured);
  • An order for bankruptcy may be made against you.


Even if you can't repay your entire loan on your repayment date, we strongly encourage you to pay off as much as you can to help minimise the total amount you owe, which will continue to accrue interest at a daily rate until it is repaid in full.


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