Your Repayments

What happens if I miss a payment?

At LiveLend we won't charge you a fee. Ever. Not even if you miss a loan repayment. However, missing a repayment will result in you paying additional interest on your loan, and will have a negative impact on your credit score.

If you're struggling to make your next repayment, or have already missed a repayment, don’t panic. Please log in to your account, click on Manage, select Make your Payment and make your repayment by debit card.

Alternatively, if you're struggling to make your full repayment, please get in touch with us so we can help you.

I want to change the amount I repay monthly as I can’t afford it anymore, what do I do?

If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. At LiveLend, we won’t charge you for missing a repayment. However, missing a repayment will result in you paying additional interest on your loan, and could have a negative impact on your credit score.

We can work with you to make sure this doesn’t happen so if you feel you’d benefit from additional support, we’ll give you a call to understand your situation and help you find a solution that’s right for you. Get in touch with us and we’ll help you get things back on track.

Can my loan repayments be made from a different bank account?

If you’d like to change the bank account your monthly repayments are taken from, follow the steps below.

First, check we can verify your new details online:

• Log in to your account
• Click Account
• Click View my details
• Scroll down to Bank details
• Update the fields with your new bank account details

If you prefer, you can use the Current Account Switch Service which will automatically transfer your Direct Debit across. Learn more about the Current Account Switch Service.

The bank account must be:

• In your name
• Registered to your address
• Able to accept Faster Payments
• Able to set up Direct Debits

Changing your bank details won't automatically update your Direct Debit. If you need to change your Direct Debit, get in touch with us.

As a responsible lender, it’s important that we can verify your new details. If we can’t, you won’t be able to use a different bank account and we’ll continue to take your loan repayments from the bank account we verified when you took out the loan with us. If you’ll struggle to make your repayments from this account, get in touch with us so we can help.

Can you send me a reminder before my monthly repayment is due?

Yes, so that we can keep you updated on when your payments will be taken throughout your loan term, we email or text all of our customers three days before their repayment is due. 

If you want to change the way you get your payment reminders, you can update your preferences on the Account page when you’re logged in. If you’ve not selected your communication preferences, we’ll send you the reminders by text.

If you’re not receiving these reminders, get in touch with us. 

How do I change my repayment date for my loan?

We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage.

If you really need to change your repayment date, please get in touch with us.

I have missed a payment, what do I do?

If you’ve missed a payment by accident, please log in to your account, click on Manage and make a payment for your repayment amount by debit card.

If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. Get in touch with us so that we can help you.

When will my first payment be taken?

When you apply for your loan, you can choose the date you’d like your payments to be taken from your account. We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage. Depending what date you pick, your loan repayments may start the following month.

If you’ve taken a loan and forgotten what date you selected, you can log in and click Overview. Your repayment date and history will be available at the bottom of the page under Your Payments. You can also find these details in your loan documents in Messages.

I'm struggling to make my repayments, what do I do?

If you’re struggling to make your next repayment, or have already missed a repayment, don’t panic. It's important that you get in touch with us straight away so that we can help. 

We'll work with you to understand your situation and offer solutions such as a temporary reduced payment plan.

 

Can I decide what date of the month the payments leave my account?

When you apply for your loan, you can choose the date you'd like your payments to be taken from your account. We recommend you pick a date close to the day you get paid as most of our customers find this easier to manage. Depending what date you pick, your loan might start the following month.

Can I stop getting monthly payment reminders?

So that we can keep you updated on when payments will be taken throughout your loan term, we email or text all of our customers three days before their repayment is due. 

This helps you keep track of your repayments and also lets you know about any changes that may affect your repayment date or amount such as:

• If your repayment date lands on a Bank Holiday or a weekend (in this case, your repayment date will always be taken on the next working day)
• If you’ve earned at least one reward (this means your loan rate will reduce and your monthly repayments will be less)

We believe it’s our responsibility to keep you informed about your upcoming payments so that it’s easier for you to manage your money.

If you want to change the way you get your payment reminders, you can update your preferences on the Account page when you’re logged in. If you’ve not selected your communication preferences, we’ll send you the reminders by text.