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

Why have I received a default notice when I am in a payment plan / debt management plan?

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

If more than 62 days elapse without payment, this will trigger a default notice, even if you are in a debt management plan. When you are in a debt management or repayment plan, it's very important to make regular monthly payments towards your agreed repayment schedule, failure to do so may result in a default notice being issued. 

When making payments through a third party, we appreciate that this can causes delays with payments being received and allocated to your account, but unfortunately, the notice is not reversible.

If you’ve had a default notice and wish to speak to our collections team, you can email them on collections@ferratum.co.uk or phone them on 0151 808 1372.