Managing your loan
Managing your loan well could improve your credit rating and help you to borrow more in the future.
Here are some useful things to know about Morses Club to help you with your loan management. If you follow these steps and manage your loan well, you may be able to borrow more in the future.
Make your repayments on time
You will arrange a date and time each week with your Customer Service Representative to collect your repayments. It is important to pay these on time to avoid going into arrears. If you make your repayments on time, then it will increase your chances of borrowing in the future and could improve your credit rating.
Ways to pay
Make the repayments in full
Continually meeting your repayment amounts may increase the chances of you being approved for future credit. If you frequently pay lower than the set amount, then your account may go into arrears. Talk to your Customer Service Representative if you cannot make your full repayments.
Missing or late payments - what to do
If you miss a payment the first thing you should do is talk to your Customer Service Representative. We know that sometimes life can get on top of you, and we do not charge for missed or late payments. Try to talk to your Customer Service Representative in advance if you feel that you may have to miss a payment, and they will help you to arrange a more manageable repayment plan. Websites like Stepchange and Citizens Advice are also good places to look if you are struggling to manage your debt.
Charges and interest
We don’t charge any missed or late payment fees and will always try to help you work out an individual payment plan, if you find yourself in financial difficulty. Our interest is fixed - so your repayments will not go up and you know exactly what you will pay back each week.
Paying your loan off early
If you make overpayments on your loan you can request this to be applied as an early partial settlement, of which you may be entitled to an early settlement rebate. You should talk to your Customer Service Representative if this is something that you are interested in.
What happens if I miss a payment?
If you need to miss a payment you should try and let your Customer Service Representative know in advance. You are able to make one-off repayments to bring your account up to date. If you frequently miss repayments your local Customer Service Representative will be in touch to work with you towards an alternative payment.
Can I change the time my Customer Service Representative calls?
If you want to change the date or time your Customer Service Representative calls round you should discuss this with them directly. They will always try to visit at a time that suits you and can be flexible with this when required.
What happens if I want to settle my account early?
We do not charge an early settlement fee if you would like to settle your account early. If this is an option for you then you should speak to your Customer Service Representative.