When you sign up with us, you provide details of your debit card and agree that we can take payments from that card to repay your loan. This is called a Continuous Payment Authority. We will never take more money than we are owed by you and will always tell you at least a day before the payment is due, that we intend to take a payment. The amount we try to take will be the full instalment that is due, which may include unpaid interest and charges. However, if you specifically ask us to, we may take smaller amounts.
If there is not enough money in your account to pay your loan when it is due, we will contact you and let you know, and if appropriate, try to take the payment at a later time.
We will only ever try to take the payment, using the Continuous Payment Authority, a maximum of twice for any loan. If we are not able to obtain payment from your card after the second attempt, it will be your responsibility to arrange payment to us.
We will always send you a message to confirm that your payment has been received. Payments to us will appear on your bank account as “MYJAR”.