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Manage your loan

Once you’ve accepted your loan agreement online, RateSetter will set up the direct debit for your monthly repayments.

Managing your loan repayments

One of the advantages of taking out a P2P loan from RateSetter is that you are in control at all times. You’ll have online access to all your loan details so that you can manage your loan and repayments easily, and always know where you stand.

If you want to check your loan at any time, just log in and go to My giffgaff. Once you’re in there, click on "My loans" to access your loan dashboard.

From your loan dashboard you can:

  • Check your outstanding loan amount
  • Make additional loan repayments
  • Increase your monthly instalments
  • Repay your loan off in full

Cancelling your loan

You can cancel your loan online within 14 days of accepting your loan agreement online. You'd then need to repay the full amount of the loan within 30 days so that you get the borrower fees refunded. Any interest due for the period before you pay back the full loan amount is non-refundable.

If you change your mind after the first 14 days you can still decide to cancel your loan, you just need to check RateSetter's target terms and conditions and the terms of your loan agreement, which you can find via your loan dashboard in My giffgaff.

What happens if I miss a loan repayment?

We always recommend that you get in touch with RateSetter as soon as possible if you think you’re going to struggle to make one of your monthly repayments. This way they can try and help you find a solution.

If you do end up missing a monthly payment, then RateSetter will try to take the direct debit from your bank account again, usually about a week later. If that doesn’t work, they’ll get in touch with you by phone or email to ask for the payment. At this stage, they will charge you a single £10 fee to cover their costs.

If RateSetter can’t get hold of you and you still don’t manage to make the repayment, then they’ll work with their debt collection agency to help sort out the repayment. Unfortunately, this costs them money so they will charge you for it.

The money they are collecting is other people’s money, people who invested their savings by lending it to you. RateSetter is acting on their behalf, so they take recovering their money seriously.

If RateSetter still doesn't receive your payment, then there's a chance you may go into what’s called ‘default’. To make sure you know this is going to happen they will give you at least 28 days’ notice before your loan defaults. Defaulting means that you’ve officially failed to keep up a credit repayment, and it’s a bad thing for your credit file – it will most likely cause you problems with borrowing credit in the future.

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