Financial Difficulties
We understand that your circumstances may change, and you may be struggling to repay your loan. It is important if you're experiencing financial difficulties that you let us know as soon as possible so that our experienced and friendly team can help to assess your circumstances and discuss the range of forbearance options available to help.
If you haven't missed your repayment yet, but you're worried that you might, get in touch with us as early as possible. Engaging early can help take a lot of the stress out of the situation.
If you've already missed one or more loan repayment, you may not be sure what to do, but ignoring it will only make it worse.
A late or missed payment can stay on your report for six years. Your ability to get credit, or to see offers with lower interest rates or higher limits, depends on how often you miss a payment.
Getting in touch
Get in touch with us by:
- Telephone 0800 774 7740
- Email info@carcashpoint.com
Our promise to you
If you are struggling to repay your loan, we promise to:
- never ask you to pay more than you can't afford
- work with you to understand your situation
- help by offering a range of options for you to choose
- provide you tailored support, to meet your needs and take the stress out of the situation
Options we can offer
If you get in touch, we can work with you to assess your circumstances and offer a range of options tailored to your needs and help to take the stress out of the situation. Amongst the options we may offer include:
- Extra time to pay
- Time to seek help
- Reduced repayments for a temporary period
- Signposting to sources of agencies who can help
Impacts of missing payments
Ignoring a debt problem is never sensible. Failing to make loan repayments on time or missing them entirely may negatively affect your credit file and consequently, may impact your ability to obtain credit or a mortgage in the future. Your vehicle may also be repossessed if you do not keep up repayments on your loan.
This is why early engagement is key. The longer a debt is left, the more damaging the record is likely to become.
You must be aware that if we accept lower repayments from you, it is likely to impact your credit file as this may be considered as 'falling behind with repayments' and consequently passed to credit reference agencies.
Credit Reference Agencies
You can check what information credit reference agencies have about you by contacting the following organisations:
- Equifax plc - www.equifax.co.uk/Products/credit/statutory-report
- Experian Limited - www.experian.co.uk/consumer/statutory-report.html
- TransUnion (formerly Callcredit plc) - www.transunion.co.uk/consumer/consumer-credit
When we contact you
If you miss a scheduled payment, we will send you reminder emails, and SMS text messages. You may also get phone calls asking you to bring the payments up to date.
A late payment fee of will be applied to your account in the event that your loan repayment is late and has not been received in full by the 4th day.
If we have no contact from you or we are unable to agree an affordable repayment schedule, we may pass your loan account to an authorised third-party collection company to contact you on our behalf.
You should not ignore these emails, messages, or calls from us. We're contacting you to see how we can help. Ignoring the debt will only make the problem worse and is more likely to negatively impact your credit file.
Formal notices
In certain situations, we are required by law to send you formal debt notices, these include:
- A Notice of Default Sums
- A Notice of Sums in Arrears
- A Notice of Default
A Notice of Default Sums
Where we charge a fee (for example a late payment fee), and it becomes payable, we must send you a notice of default sums (NoDS). This is not a default but relates to charges (default sums) which are added in connection with a breach of the agreement, but in addition to any accumulated interest. This notice will be emailed to you.
A Notice of Sums in Arrears
We are obliged to send this notice when you have missed at least two repayments and a sum is now due. This Notice of Sums in Arrears (NOSIA) will be emailed to you, and it will be accompanied by the FCA's information sheet. The NOSIA does not itself affect your credit score, but the fact you have missed two payments will be recorded and is likely to impair your credit file. If your account remains in arrears, we will issue you with subsequent notice (SNOSIA) every 6-months until the account is up to date.
A Notice of Default
A default notice is a formal warning you that you are seriously behind on your repayments. The notice will be sent by postal letter and will include the FCA's information sheet. It will provide you with at least 14 days to remedy the breach (by making payment). After which time, if the arrears have not been cleared, we will report the default to the credit reference agencies, and this will adversely impact your credit file.
Free and impartial debt advice
Money Helper provides consumers with free money guidance and debt advice.
www.moneyhelper.org.uk
0800 138 7777
National Debtline offer free and independent advice and fact sheets on bankruptcy, IVA, DROs etc.
www.nationaldebtline.org
0808 808 4000
StepChange is a UK wide charity assisting consumers with free debt advice, budgeting, and solutions.
www.stepchange.org
0800 1381111
Citizens Advice provide free, confidential advice to assist with debt and money worries, benefits, work, and legal problems.
www.citizensadvice.org.uk
03444 111 444
Christians Against Poverty is a charitable organisation offering consumers free help getting out of debt, budgeting, making their money go further, or help finding a job.
www.capuk.org
0800 328 0006
Other Help Available
If there is something particular about your situation that impacts your ability to manage your loan - whether temporary or permanently such as physical/mental health conditions, a disability or personal circumstance, please get in touch.
Our customer care team is trained to help and support you and your particular needs. Where your situation requires more specialist support, we can put you in touch with charities and organisations who support you through the difficult circumstances.
National Bereavement Service - offer help with the practical side of bereavement informing people of the actions they need to take.
www.nationalbereavementservice.org
0800 0246 121
Age UK - information and advice for the elderly on anything from health to housing.
www.ageuk.org.uk
0800 169 2081
The Trussell Trust - for foodbanks, providing emergency food and support to people in crisis.
www.trusselltrust.org
017220 580 171
Samaritans - for anyone who needs to talk to somebody anytime they like, in their own way, and off the record - about whatever is going on. They don't have to be suicidal.
www.samaritans.org
116 123
Macmillan - practical, medical and financial anyone affected by cancer and someone who'll listen you just want to talk.
www.macmillan.org.uk
0808 808 0000
Mind - advice and support for anyone suffering from mental health issues (e.g depression, anxiety, bi-polar, suicide ideation, schizophrenia, psychosis).
www.mind.org.uk
0300 123 3393
Send a text to 86463
Carers UK - advice, information and support for anyone looking after someone in a caring capacity.
www.carersuk.org
0808 808 7777
Alzheimer's Society - advice, support and information about dementia.
www.alzheimers.org.uk
0300 222 1122
Victim Support - help people affected by crime or traumatic events get the support that they need.
www.victimsupport.org.uk
0808 1689 111
