Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk

Collections Information - Ferratum.co.uk

Dear Customer,
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.

Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you

Responsible Lender

We understand that sometimes our customers will fall into financial difficulties. That is why we have a Team of Collections Advisors on hand to help you if you are struggling to pay. Please be mindful of the fact that paying later than the agreed due date will increase the amount you pay back. However, interest is capped so you won't ever pay more than double the amount of the original loan.

You can download an income and expenditure form by clicking here. It makes easy for us to put together an affordable payment plan in order for you to repay your debt.

If you are experiencing financial difficulties you may prefer to speak to a third party. There are advisory organisations who can help you. You do not have to pay for help and advice.

Ferratum recommends the following websites:




Find details about your loan by logging into My Account here


What happens if I fail to make my payment on the due date?

Interest will continue to be charged and capped at double the amount of the original loan. 

Will Ferratum freeze my interest if I can’t afford my payment?

No, interest will continue to be added and capped so you will never repay more than double the amount of the original loan. 

Can I set up a repayment plan?

Yes, of course you can! Please tell us via SMS on 07860020302 how much you can comfortably afford and on what dates of the month you would like to pay.  You can also:

  • Text PLAN 1 to pay the full amount on your next payday
  • Text PLAN 2 or PLAN 3 to 07860020302 – to split your microloan into 2 or 3 payments due to financial difficulty


  • TEXT MONTHLY PLAN or WEEKLY PLAN and the AMOUNT and the DATE – for us to set up a plan for you!

We will always send you a text to confirm the dates and the amounts

If you are having financial difficulties, we need to make sure that your plan is realistic for you and will not fail. Please be aware that interest will continue until you reach the price cap and then it will stop. This means that the debt can’t spiral out of control, but it will be more expensive if you stretch it out over a much longer period. 

We recommend paying loans or arrears back over a maximum of 2 or 3 months if possible. This makes things cheaper for you and doesn’t damage your credit rating so much. Please note for the loan to be handled internally by Ferratum we ask that you pay no less than £10. If the offer of payments is lower than this then we may pass your loan to an external debt collection agency for them to manage it on our behalf.

Please text us on 07860020302 or call us on 0151 808 1372 if you would like extra information.

Do Ferratum report to a credit reference agency regarding my late payment?

Yes, we report in real-time to TransUnion. Not paying on time may affect your credit rating.

If I pay late does it mean that Ferratum will not lend to me again?

Ferratum appreciates that sometimes life gets in the way of making the payment on time. Paying late does not mean you will be barred from applying again but we do encourage you to pay within 70 days of the due date where ever it is possible.

Can I change my due date before it falls in to arrears?

On the day we set the loan up we send a text message asking if we have got the date right and giving you the opportunity to change it. We also send a similar message 3 days before the due date. Basically we can change the date twice for you if we are given sufficient notice. Interest continues in all cases.

Do you pass or sell my details to a 3rd party if I can’t pay my loan?

Yes we do enlist the help of outside agencies to collect late payments if we have been unsuccessful in making a payment arrangement with you.

If you are behind with payments and have received an arrears notice here is some important information provided by The Financial Conduct Authority (FCA) to help you

Information Sheet: Arrears

Information Sheet: High Cost Short Term Loans

Information Sheet: Default