Making repayments Sample Clauses
The 'Making repayments' clause sets out the borrower's obligation to pay back the amounts owed under an agreement, typically specifying the timing, method, and manner of repayment. It may detail whether repayments are to be made in installments or as a lump sum, outline acceptable payment methods such as bank transfer or cheque, and clarify the schedule for when payments are due. This clause ensures both parties have a clear understanding of how and when repayments must be made, reducing the risk of disputes and providing a framework for managing the repayment process.
Making repayments. (a) Your minimum repayment must have cleared and be credited to your account by the payment date shown on your statement. Your repayments will reduce your balance outstanding only when they have cleared.
(b) If you have not checked a statement for any reason, you must still pay at least the minimum repayment shown on it.
(c) If you only make the minimum repayment each month, it will take longer to pay off your balance outstanding, and it will cost more. You can pay more than the minimum repayment at any time, including paying off your entire balance outstanding.
(d) Any refunds credited to your account will not count towards your minimum repayment. You must still pay the full minimum repayment, unless the refund reduces your balance outstanding to an amount which is less than your minimum repayment. In this case you will only have to pay the balance outstanding.
(e) If you are in financial difficulties, or we otherwise think it is the right thing to do as a responsible lender, we may:
(i) agree a reduced repayment plan;
(ii) suspend the charging of interest; or
(iii) take any other action that we think is appropriate. Any such action will not change the terms and conditions of this agreement. Instead, we agree not to fully enforce the rights we have under this agreement to collect the full amount we are entitled to for a limited period. We will always tell you how long this period is, and provide you with full details of any action we propose to take.
(f) You can make a repayment by the following methods.
(i) Debit card – you can make a one-off repayment from your debit card in Online Banking or our Mobile App, or set up an ongoing repayment.
(ii) Bank transfer – you can transfer money to your account using the sort code and account number linked to your account. These details are on your statement.
(iii) Standing order.
Making repayments. (a) Your Minimum Repayment must be credited to your Account in cleared funds by the Payment Date specified in your Statement of Account each month. Repayments will reduce your Balance Outstanding only when they reach your Account.
(b) If you have not accessed a Statement for any reason, you must still pay at least the Minimum Repayment. You can pay more than the Minimum Repayment at any time, including paying your entire Balance Outstanding.
(c) You can make a payment by the following methods: • Debit card: you can make a one-off payment from your debit card in online banking or set up an ongoing payment; • Bank transfer: you can transfer money to your Cashplus credit card account using the sort code and account number linked to your account; • Standing order: you can set up an ongoing payment from any bank account to you Cashplus credit card account;
Making repayments. 9.1 You can contact us to set up a Direct Debit to pay either the minimum payment or the full balance each month. You can cancel Direct Debit instructions up to 8pm five Business Days before the payment is due to be paid. If the payment due date falls on a weekend or bank holiday, we take the payment on the next Business Day. A Business Day is usually Monday to Friday (excluding bank holidays). For example, for some payments our Business Day is all day, every day, but branch opening hours will be the normal Business Day for payments at a branch. What do we mean by Business Day?
9.2 Your Direct Debit (or standing order) to pay this credit card may be cancelled by your bank if you don’t use the card for 12 months.
9.3 We don’t accept cash deposits as a payment method for credit cards. When making an electronic payment to your account, it’s important you use the correct sort code, account number and card details.