Here you’ll find clear answers about repayment schedules, early repayment options, late payment fees, interest charges, and everything else you need to know to manage your loan with confidence.
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Repayments and Fees FAQs #
- How Do I Set Up Direct Debit Payments?
You will be sent a link to set up a Direct Debit once your agreement has been signed. You will click the link and enter your contact and bank details. The instruction will then be set up by the banks and your payments can then be taken on the arranged date.
- How Can I Make a Payment?
Payment is made by Direct Debit each month for the length of your agreement term. You can overpay by Bank Transfer with no additional charges, please contact us for details: admin@medicred.co.uk
- What Happens if I Miss a Payment?
We will attempt to contact you using the contact information you provided in your application, or as you may have subsequently provided to us, in order to find out why you have been unable to pay and to attempt to collect the repayment from you.
If we are unable to contact you and do not receive the repayment we will attempt to collect any missed repayments on the next repayment due date along with any other amounts owed including further repayments due. If your do not rectify your missed repayment, then we may charge you a late fee of £15 for each missed repayment.
- Can I Pay Off My Loan Early?
Yes you are free to pay off your loan in full at any time. Please contact us for a settlement figure and the bank details for payment: admin@medicred.co.uk.
- Loan Fees and Charges
Customers are given full transparency on the interest rate, monthly instalments, and total cost of credit prior to formally engaging with Medicred. We aim to provide information in a clear and accessible way. If anything is unclear, please contact us. We are here to help.
