Why has my repayment amount changed?
Updated 6 months ago
Your Direct Debit amount can change month to month for a few reasons. Here are some scenarios that can cause this to happen
I recently changed my repayment day
Your next monthly repayment will be slightly higher or lower than usual. This is to adjust for the change in interest payable caused by the change in number of days from your original repayment day to the new day. It's OK, this is a one-off! Your repayments will return to normal the following month.
I recently paid extra towards my loan
Doing this will reduce your monthly repayment amount going forward. (The term of your loan will stay the same.)
I’m on a Breathing space
If you’re on a breathing space hold but are still making regular Direct Debit repayments your monthly amount will change as we do not charge interest during this period.
I haven’t changed anything, but my Direct Debit has changed by a penny
For your loan to be fully paid off at the end of the loan term, your monthly repayment amount can fluctuate by 1p. This is caused by how we round the repayments when breaking them up into monthly instalments.
Whatever the cause, we’ll give you a heads up three days before your Direct Debit is taken if your repayment amount changes.
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