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.
Alternatively, if you're struggling to make your full repayment, please get in touch with us so we can help you.
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.
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: 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: 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.
What happens if I want to close my loan early? If you’re thinking about closing your loan early, it’s important that you get an early settlement quote first. You can get a quote by: You’ll be given a quote which includes your latest balance, plus any daily interest due to be applied. There are no fees to close your loan early, and closing your loan early will reduce the amount of interest you pay. Your early settlement quote will be valid for 30 days. If you get a quote to settle your loan, and your next repayment is due within the next three working days, we won’t be able to cancel your Direct Debit in time. So, if you were to settle your loan you’d effectively overpay your account. Don’t worry - we’ll refund any overpayments within 10 days. If you’d prefer this not to happen, we recommend waiting until 10 days after your next repayment due date to allow for this payment to clear before requesting your early settlement quote.
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: 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.
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.
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 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.
What happens if I want to make an overpayment on my loan? You can make overpayments, to reduce the interest you pay on your loan by following these simple steps. Once you've made your payment, your account will be updated within a few days. The good news is that at LiveLend we don't charge you for making overpayments, or for repaying your loan early. So you save interest and pay your loan off quicker.
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.