Will my Direct Debit still be taken if I make an extra payment or settle my personal loan?

I've just settled my loan, but my monthly repayment is due, will this still be taken?

If you’ve recently settled your loan early and it was more than 2 - 3 working days before your monthly payment is due, your monthly Direct Debit would be included in your settlement.

When getting your settlement quote, you’ll get a few key bits of information to look out for including the amount you need to pay to settle your loan and if your monthly repayment will still be taken and when.

I've made an extra repayment, will my monthly payment be taken?

Yes, an extra repayment doesn’t replace your monthly Direct Debit.

How is my loan affected by making extra repayments?

We'll deduct the amount you've paid from your loan total. Your loan term will remain the same afterward, but your monthly repayments will be slightly less -- the higher your extra payment, the more your monthly amount will be reduced.

You can read up on what an extra repayment is and how it impacts your loan here.

If you need any help or need to get in touch, please reach out to us.

Why has my Direct Debit been taken even though I’ve already settled my loan?

This can happen for a couple of reasons.

In some cases, your monthly repayment will be factored into your settlement quote. If you check your quote, you’ll see a breakdown of the amount you need to pay to settle your loan, plus the fact your next monthly payment will be taken before your loan is fully settled.

However, due to the time it takes for Direct Debits to complete, there are some instances where your repayment may already have started processing when you settle your loan. If this happens, you’ll automatically be refunded for the repayment amount, so there’s nothing you need to do. But please note, it can take up to ten days for the money to reach your account.

If you need any help or need to get in touch, please reach out to us.