What is a Continuous Payment Authority?
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
When you apply for a loan, you choose the day of the month that is most convenient for your repayment to be collected. Ferratum can then take the payments automatically using a Continuous Payment Authority using the details of your nominated debit card.
Ferratum will send you an SMS reminder 3 days before your repayment is due. A Continuous Payment Authority will only allow us to take the agreed repayment amount and no more and will only attempt to collect the repayment a maximum of twice.
If you wish to make a payment outside of your scheduled arrangement, then please Contact us for arrangements.