Terms and Conditions

You are responsible for repaying the Outstanding Balance on your Account under your Agreement.

There are two ways to repay your Outstanding Balance:

1. Regular Monthly Repayments in accordance with your Repayment Plan; and
2. Additional Repayments

All payments must be made in UK pounds sterling from your Nominated Account.

9.1 Regular monthly repayments

Your regular Monthly Repayments will be taken via Direct Debit from your Nominated Account as per your Repayment Plan.

Any Additional Repayments do not replace your regular monthly repayments.

If you have an Outstanding Balance of zero then no repayments are due.

9.2 Additional repayments

You can make Additional Repayments from your Nominated Account for part or all of the Outstanding Balance. They can be made as often as you would like with no fees or charges. You can do this from your Fairlo Account at www.fairlo.co.uk.

Any Additional Repayments do not replace your regular monthly repayments which will still be due in accordance with the Repayment Plan.

Any repayments made from an account different to your Nominated Account will be immediately returned to the account they came from.

We would always encourage you to repay your Outstanding Balance as early as possible to reduce the total cost of credit, however you should ensure that this is sustainable and won’t cause you to have financial difficulties.

If you settle the full outstanding balance, then you will also pay the interest which has accrued since your last regular Monthly Repayment to the date of the Additional Repayment.

If you repay more than you owe, the excess amount will be immediately returned to your Nominated Account.