Common use of Missed Payments Clause in Contracts

Missed Payments. If you miss your minimum payment we’ll add a late payment fee to your account. You can miss your minimum payment by not making a payment, by only paying part of your minimum payment or by making your payment late (after the payment due date). If you miss a payment, the following will also apply to your account. • You’ll lose any promotional rates. • You may not be eligible for offers or promotions. • We may take the payment from any other Barclays accounts you have. • Your records with credit-reference agencies may be affected, meaning it may be harder or more expensive for you to borrow in the future. If you’ve missed a payment, your next statement will ask for the overdue amount as well as your next minimum payment. This will apply unless we do not require payment of the overdue amount at that time. If you’re having difficulty making payments, or if you think you’re likely to struggle making payments in the future, please get in touch with us as soon as you can. Missing payments could lead to legal action or insolvency proceedings – such as bankruptcy (although we rarely need to take these actions). We may also sell your debt on to another organisation. If you have other accounts with Barclays, we may use money in those accounts to pay us. If we offer you a payment holiday you will not need to make any minimum payments during that period, but you will still be charged interest on your account.