Loan repayments for all our loans are taken from your Member Savings Account one month after your loan is advanced and each month thereafter until the loan is fully repaid.
The repayment will only be taken if there are enough cleared funds in your Member Savings Account to take the full repayment and leave a minimum £1 in the Member Savings Account. We will not take part loan repayments and if no repayment is taken on the due date, the loan account will fall into arrears.
We will work with you to ensure that you always have enough funds in your Member Savings Account. However, you are responsible for ensuring that enough cleared funds are available in your Member Savings Account to meet your loan repayments.
Your regular contributions are increased at the point of borrowing automatically to accommodate the new loan repayment. For example, if you are contributing £100 each month and the new loan repayment is £150 per month, the new contribution will be £250 per month. You are free to amend your regular contributions as long as you save enough to your Member Savings Account to meet the minimum £10 regular contribution value and cover your loan and any other commitments you may have with us.