When you take out a loan with us, we will in the first instance collect repayments by Direct Debit as per the mandate you will have signed. However, should a contractual payment not be received we may with your permission collect a payment from your nominated bank account by Continuous Payment Authority (“CPA”). We will collect the repayment due, including interest and any applicable charges, by CPA on the agreed date.
If at any time during the term of your loan, a repayment transaction fails, then we will follow our arrears process and contact you to discuss how the account may be brought up to date.
We urge you to contact us as soon as possible to explain any repayment difficulties and avoid incurring unnecessary charges. If you are experiencing financial hardship we will show forbearance and work with you to agree an alternative resolution. If we cannot contact you or you unreasonably refuse to agree an alternative approach we will continue with our collection procedures which may, after every avenue has been exhausted, include legal action.
We will not collect any payments by debit card without first obtaining your permission to do so.
You may cancel the CPA that you provide us with when you enter into a loan agreement by contacting your bank directly, or by contacting us. If you do cancel, you will still owe any outstanding debt and will need to provide us with an alternative method of repayment on the agreed payment date to avoid going into default and incurring unnecessary default charges.
To cancel this CPA you may contact your bank directly. Alternatively, you may ask us to cancel it by email to customerservices@cambrianfunding.co.uk Please be aware that, if you do cancel, you will still owe any outstanding debt and you will need to find an alternative method of payment on the Payment Date to avoid going into default.
In the event that the date or dates set out in this Agreement should fall on a Saturday, Sunday, or a public holiday, then payment may be taken on the next available business day.
Should you dispute a payment collected within the terms of the CPA you can do so by contacting the customer services department by telephone on 0333 242 2520 email customerservices@cambrianfunding.co.uk. We will investigate the disputed payment and any refund will be paid within 5 working days.
Cambrian Funding is a new, innovative loan provider with a real focus on providing affordable loans to customers who have experienced financial difficulties in the past.