Frequently asked questions
COVID-19: SUPPORTING OUR CUSTOMERS
If you are experiencing temporary payment difficulties caused by COVID-19 (Coronavirus), we can put in place a 3 month Payment Freeze on your account.
You will not need to make payments towards your loan during the Payment Freeze period. After the Payment Freeze you must continue to make the monthly repayments for your loan. Please read the FAQs below for more details about how Payment Freeze work.
If you are not up to date with your monthly repayments or you are experiencing longer term financial difficulties, a Payment Freeze will not be suitable for you, but we can help. See our FAQs below.
Payment Freeze FAQs
WHAT IS PAYMENT FREEZE?
If you are experiencing temporary difficulties in making your payments due to COVID-19, a three month Payment Freeze is available. You would not need to make a payment to us during this period.
WHO IS ELIGIBLE?
A Payment Freeze is available to customers who are currently experiencing temporary financial difficulties relating to the current COVID-19 situation, are up to date on their payments, and are not on another payment holiday. If you are experiencing longer-term financial difficulties please contact us on 0333 414 1050.
HOW DO I APPLY FOR PAYMENT FREEZE?
Eligible customers can enrol for a Payment Freeze by accessing their online document portal. It is a new feature that we have built in response to COVID-19.
Payment Freeze is available to all customers who are up to date with their payments and are not currently on another payment holiday.
WILL MY CREDIT RECORD BE IMPACTED BY THIS PAYMENT FREEZE?
Your Payment Freeze will not be treated as a missed payment by credit reference agencies, so it will not negatively impact your credit rating.
WHAT HAPPENS AT THE END OF THE PAYMENT FREEZE?
You will need to start making your monthly payments again and the term of your loan will be extended as per the new payments schedule we send you. Please contact us if you are experiencing longer term financial difficulties and we can discuss your options with you at that time.
WILL THE PAYMENT FREEZE CHANGE MY TERMS AND CONDITIONS?
Yes, we will change the terms of your loan agreement so you will not need to make payments during the 3 month Payment Freeze period. The payments will be added to the end of your loan term. This means your loan term will be longer. We will provide a new payment schedule when we confirm the Payment Freeze.
WILL I NEED TO UPDATE MY DIRECT DEBIT OR STANDING ORDER?
Please continue to make your monthly payments in the usual way until we have been in contact to confirm the Payment Freeze.
Once we have confirmed that a Payment Freeze has been applied to your account:
- If you pay by Direct Debit, you don’t need to do anything else. We will automatically suspend your Direct Debit and restart it when your Payment Freeze comes to an end.
- However, if your payment is due within three working days of you starting your Payment Freeze, we may have already attempted to collect your payment.
- If you pay by standing order, please cancel this until the end of your Payment Freeze or your bank will continue to send these payments to us.
- If you pay any other way, you will not need to make a payment to us using this method until your Payment Freeze has come to an end.
WILL I HEAR FROM YOU DURING MY PAYMENT FREEZE?
We will continue to send your annual statements and any other regulatory letters during the Payment Freeze. We recommend you continue to read these carefully. You may also receive alerts about your account from time to time.
DO I NEED TO CONTACT YOU DURING THE PAYMENT FREEZE PERIOD?
You do not need to contact us during your Payment Freeze unless your situation changes.
I HAVE A MARBLES CREDIT CARD – HOW DO I CONTACT YOU ABOUT A PAYMENT FREEZE FOR THIS?
If you are concerned about making repayments on your credit card account, please login to your credit card Online Account Manager, or check your mobile app, where you can find more information about deferring payments for 3 months.
About your loan application
Can I apply for a loan?
This product has been withdrawn from market and we no longer accept applications for new loans.
Can I apply for an additional loan?
This product has been withdrawn from market and we no longer accept applications for additional loans.
IS THERE ANY IMPACT TO MY EXISTING LOAN WITH THE PRODUCT BEING WITHDRAWN FROM NEW BORROWING?
No. There is no impact to your existing loan and your credit agreement remains in place as now. You should continue to make your monthly payments and any Direct Debit you have set up will continue to operate unchanged.
Our Customer Service team remain in place to support you as needed and you will continue to be able to access your loan documentation through our online portal.
The only change is that you will not be able to take any additional loan borrowing in the future.
IS THERE ANY IMPACT TO MY MARBLES CREDIT CARD WITH MARBLES LOANS BEING WITHDRAWN FROM NEW BORROWING?
No. This has no impact on your Marbles credit card, if you have one, this will continue to operate as it has always done.
WILL YOU TELL CREDIT REFERENCE AGENCIES (CRAS) THAT I HAVE A LOAN?
Any existing loans will continue to be reported monthly to the Credit Reference Agencies until completion.
About our loans
How is interest calculated?
Interest is calculated daily on your outstanding balance, at the fixed interest rate shown in your credit agreement, from the date we send the money to you until you repay your loan in full. Interest will be applied to your account monthly on each payment date.
This means that if, for any reason, you miss a monthly payment, interest continues to accrue on your higher outstanding balance. As a result, the total amount to repay will be higher and you may pay interest on interest.
Are there any late payment fees?
We do not charge any late payment fees.
However, making late payments does mean that you will pay more interest.
Will my payment amounts ever change?
Your monthly payments are equal because, when you take out your loan, we work out the total amount you will need to repay and spread it evenly across the term. When we work out your monthly payment amount, we assume you will make your monthly payments in full and on time every month. This means that if you pay more in any month, the monthly payment amounts may change.
What is an APR?
APR stands for Annual Percentage Rate and it represents the actual yearly cost of funds borrowed over the term of the loan expressed as a percentage. It can be used to compare the cost of different loan offers from different loan providers. Generally, the APR reflects not only the interest rate but also any fees and charges that you pay to receive a loan.
About managing your loan
Is there a real person I can talk to?
How can I make my monthly payments?
When you completed your application you agreed to us setting up a Direct Debit from the account we send the loan to. We strongly recommend that you maintain this Direct Debit. Provided you have enough money in your bank account every month, the Direct Debit will collect your payments in full and on time. This will avoid any additional interest and the potential of falling into arrears. Failure to make payments on your loan could affect your credit rating and may make it more difficult to get credit in the future.
If, during the course of your loan term, you need to make a payment in another way please call us.
Can I make additional payments or pay off my loan early?
You may make additional payments or settle your loan in full at any time. To do so, you should contact us by phone or email. In the case of full payment, we'll tell you how much you have to pay to settle your loan and how to do that.
If you make an additional payment, you must continue to make your monthly payments as they fall due. Provided that you make all other monthly payments in full and on time, the additional payment will reduce the final monthly payment amount. Depending on the amount you repay early, it may also reduce other monthly payments, which means that your loan would be repaid in full at an earlier date.
How can I keep track of my loan?
Information about your loan will be posted to your online account, including statements which are posted to your account annually. You can also request a statement of your account at any time. We’ll email you to let you know when a new document is available to view and download.
IF I OPENED A SECOND LOAN WERE THE TWO LOANS COMBINED INTO ONE?
If you opened a second loan, each loan is governed by a separate credit agreement. This means that each loan has a separate repayment schedule with potentially different interest rates, monthly repayment amounts and payment dates. For each loan you have with us, you can expect to receive separate annual statements and you will need to make separate monthly payments.
What if I don't keep up with repayments?
We know that financial difficulty can occur at any time and we’re committed to understanding your situation and doing what we can to help.
If you find that you’re struggling to afford your monthly payments, please call us as soon as possible. Our team will work with you to find an affordable and manageable solution.
We report missed payments to credit reference agencies. This may have a negative impact on your credit rating which may make it more difficult or expensive to get credit in the future.
If you continue to miss your monthly payments, we may sell or transfer your loan to a debt recovery company and legal action may be taken against you to recover the debt. This could result in a court order being obtained and you incurring legal costs.
If you miss a loan repayment and you have another credit product with us, we may suspend your right to use that other credit product, reduce your credit limit and decline to issue you with a new card when you are due a replacement.
If you are experiencing financial difficulty, we would encourage you to get some free, independent advice from your local Citizens Advice Bureau, National Debtline on 0808 808 4000, Step Change Debt Charity on 0800 138 1111, or online at: www.moneyadviceservice.org.uk.
Do I need to pay any fee to settle my loan early?
We do not charge early settlement fees but we do defer your settlement date by 28 days. This means we include an additional 28 days’ interest in your settlement amount.
What happens if I don't pay the settlement amount within 28 days?
If you do not pay the settlement amount we have quoted within the 28 day window, we will calculate a new settlement quote (which will include a further 28 days’ of interest).