Frequently asked questions
How can I make a payment?
The easiest way to make your monthly payments to us is to set up a standing order with your bank. You can then relax knowing that your payments are being sent from your bank to ours each month. You can also go to your bank or make an on-line payment. Whichever suits you best.
Can I change my payment date?
Yes, no problem just let us know a more convenient date and we will change it.
How can I update my personal details?
If any of your personal details change please let us know and we can update your file for you. This is important to ensure we can reach you if we need to.
My circumstances have changed, what can I do?
If your circumstances change, whether permanently or just temporarily, making your monthly payments may become difficult. At times like this you might find yourself worrying or maybe even burying your head a little but let us try and help. We could change your payment date to one that better suits you, change your payments to smaller weekly amounts or arrange a payment plan if it helps. Call us, let us know and we will do all we can to take the pressure off you. We really are here to help.
How can I bring my account up to date?
Manual payments can be made into our bank using our bank details and your account reference for payment, or online. It is always best to inform us that you are doing so to ensure we are aware of the payment to be made. You can also contact your bank to change the Standing Order or even do it yourself on-line.
Can I pay off my loan early and are there any penalties?
Of course you can, when you are ready to do this just let us know and we will arrange for a redemption figure to be sent out to you. The maximum we will ever charge you as an Early Repayment Charge will be 2 month’s interest on the loan balance outstanding.
Can I make over payments to my loan?
We are all about flexibility so if you think you might be in a position to make lump sum payments to your account or would like to increase your contractual monthly payment you can do so safe in the knowledge that you are not being charged for this. Making overpayments or increasing your payments will reduce the loan term and you will pay it back sooner. You can make lump sum payments manually or simply increase the Standing Order with your bank. Please let us know in advance if this is something you would be interested in doing.
When will I receive a statement of my account?
We will send you a statement once a year on the anniversary of your loan commencing. This statement will include all payments due and made and any charges/costs that may have been applied to your account. It will also show the interest charged during each 12 month period and the balance out- standing.
We truly believe that the fair treatment of our customers will produce the best results for you and us.
If you think that you might have difficulty in making your monthly payments, please let us know as soon as possible. The sooner we are aware of your situation the sooner we can try and help. Our team is here and will always treat you considerately and fairly.
If it is something we cannot help you with then you could contact one of the following who might be able to advise you further:
You could also check to see if you are entitled to any state benefits or tax credits which could help you to increase your income at this address www.direct.gov.uk
How can I make a complaint?
This is something we very much hope you will never need to do but if for any reason you are not completely satisfied with our service please contact us in writing, by phone, fax or email to:
Loan Logics Limited, Waterside House, Falmouth Road, Penryn TR10 8BE
We work to resolve any complaint within 48 hours but if for some reason this is not possible we will always let you know why we haven’t been able to, within 3 working days. We will respond to the complaint in full within 4 weeks. If we have not been able to respond by this time, we will write to you to let you know. We will always keep you up to date with the progress of your complaint and normally within 8 weeks send our final response.
If in the unlikely event, we have not resolved your complaint to your satisfaction you can also contact the Financial Ombudsman Service:
The Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14 9SR
It may be helpful for you to get a copy of their explanatory leaflet ‘Your complaint and the Ombudsman’. This can be found at www.financial-ombudsman.org.uk You should refer your complaint to the Financial Ombudsman Service within 6 months of the date of our final response.