Terms and Conditions
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Last Updated: 23rd April 2025
Terms and Conditions
10. What happens if you miss a monthly repayment
The first time your monthly Direct Debit attempt is unsuccessful, then we will update your repayment plan to the minimum monthly repayment and retry the Direct Debit.
If the Direct Debit retry is unsuccessful, we will notify you and ask you to login to your Fairlo Account to make a manual repayment.
If technical issues prevent you from making a repayment, you must contact us immediately. We will not charge late interest if the failure to pay was caused by a technical failure of our systems.
10.1 Consequences of missing repayments
Interest Charges will continue to accrue on the Outstanding Balance from any missed repayments, meaning you will owe more interest than stated your Repayment Plan.
Missing your minimum repayment could have severe consequences. This could include the withdrawal of your credit line, referral to our collections team (who may issue legal proceedings), or refer your debt to an external debt collection agency (which may attempt to contact you regarding the balance, or instigate legal proceedings).
Missed repayments may be reported to credit reference agencies which could make obtaining credit more difficult and/or more expensive due to the impact on your credit record.
Last Updated: 23rd April 2025
10. What happens if you miss a monthly repayment
The first time your monthly Direct Debit attempt is unsuccessful, then we will update your repayment plan to the minimum monthly repayment and retry the Direct Debit.
If the Direct Debit retry is unsuccessful, we will notify you and ask you to login to your Fairlo Account to make a manual repayment.
If technical issues prevent you from making a repayment, you must contact us immediately. We will not charge late interest if the failure to pay was caused by a technical failure of our systems.
10.1 Consequences of missing repayments
Interest Charges will continue to accrue on the Outstanding Balance from any missed repayments, meaning you will owe more interest than stated your Repayment Plan.
Missing your minimum repayment could have severe consequences. This could include the withdrawal of your credit line, referral to our collections team (who may issue legal proceedings), or refer your debt to an external debt collection agency (which may attempt to contact you regarding the balance, or instigate legal proceedings).
Missed repayments may be reported to credit reference agencies which could make obtaining credit more difficult and/or more expensive due to the impact on your credit record.