In this section you’ll find all you need to know about how our storecard and loan products work, your responsibilities as a borrower and how to manage your account without incurring any charges.
Interest free period
You will not be charged any interest on your account if you pay the full amount of the 'new balance' as shown on your monthly statement, by the 'payment to reach us by' date, also detailed on your statement. If you choose not to pay the total new balance by this date we will charge interest each day on the whole of the amount you owe us. We will charge interest from the date of the transaction until the date that the whole amount you owe us is repaid. We will add the interest to your account on the day we produce your statement.
Every month by the 'payment to reach us by' date shown on your statement you must make at least the minimum payment (unless your account balance is zero). Any default fees you may have been charged may also be included if you opened your account on or after 1st January 2011.
Allocation of payments
Any payment that you make which is insufficient to repay the full balance on your account will be applied to cover any insurance premiums due as a priority. Payment will then be allocated to pay any higher interest rate balances off first, before any lower interest rates. When payments are allocated to each different balance they will be applied in the following order: default fees and charges, interest and then purchases.
£2.50 duplicate copy of a statement
£12.00 for late payments, cheques returned 'refer to drawer', unpaid direct debits and for exceeding your credit limit
Loans must be repaid by Direct Debit.
You will incur a default fee of £25 if you do not make your monthly payments on the due date.
If you do not make your payments in full when due then the size of your debt will increase as default fees are incurred and the number of payments will increase to cover the default fees.
£12 will be charged for unpaid direct debits.
Charge for using a specific payment method.
We do not allow regular or partial payments by credit card. If we allow you to settle your loan early in full by credit card we may make a charge. We will notify you of any charge before accepting payment.
You will also have to pay any other reasonable costs we incur or loss we sustain as a result of your breach of your Agreement. We may make extra charges for handling your account from time to time. You authorise us to add these charges to your account. You must write and tell us immediately if you move home. If you do not tell us you will be liable for our reasonable costs in tracing you. We may add these costs to your account. We may vary charges and add new ones to reflect changes in our costs in a reasonable and proportionate manner.