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

FAQ’s – Post contract and repayment questions

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Q. I just took out a loan for £200 and I want to top up to £300.

A. The loan amount that you have applied for cannot be changed once our loan terms have been accepted and the amount that you agreed has been issued.

But once this loan is fully repaid, you are free to re-apply for a different amount. Please be aware however that every loan application that we consider must be affordable for this to be accepted by our underwriters, and there is no guarantee that if you were approved for £200 that you will be approved for £300.

Q. I want to pay my loan off now? How can I do this?

A. Not a problem, we can help you to do this now. Please can call us on 0203 476 5171.

You will only be charged interest for the number of days that you have had the loan.

Q. I wish to repay my loan early, how do I do that online?

A. There is not yet a facility for you to repay online although this should be available shorty on ‘My Account’. So please call us on 0203 476 5171.

You will only be charged interest for the number of days that you have had the loan.

Q. What happens if I am late paying?

You will be charged default interest at a rate of 0.5% per day on the loan amount that remains outstanding up to the cap described below.

If you miss any payment we will charge you a one-time default fee of £15 in respect of the first missed payment. However, the total default fees payable under the agreement will not exceed £15. We will not apply any default charge where there is a payment arrangement already in place which we have agreed with you.

You will never pay back more than 100% of your original loan amount. That means if you took out a £100 loan, you will never repay more than £200 in total.

Q. Can I repay by giving you my details via LiveChat?

A. ‘LiveChat’ is not the most secure platform for financial transactions so it is safer for you to call us on 0203 476 5171.

Q. My financial circumstances have changed and I can’t repay the loan right now. What should I do if I can’t Pay?

A. The most important is to be in contact with us. Together, we will find a solution to any problem. Please call us as soon as possible on 0203 476 5171 or send us an email at customercare@fernovo.com.

We have also attached a link to the FCA arrears factsheet to provide you with some useful sources of free and independent financial advice and help if you are experiencing financial difficulties. You can find it here.