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What happens if I miss a payment?
What happens if I miss a payment?

Worried about missing a payment? Find out what happens if you don’t pay on time and what you can do about it

Updated over a week ago

We’ll automatically try to take payments on the due date from your linked debit card. If this fails, we’ll try again the next day.

If we can’t take the payment, your account will temporarily be placed on hold. This means you won’t be able to make purchases during this time. Don’t worry, once the payment’s been made, your account will automatically be reactivated with no fuss or action needed from you.

Does Zilch charge late fees?

At Zilch, we lend responsibly. That’s why we never charge late fees for missed payments. Rest assured that if you’re unable to make a payment on time, you won’t accrue any charges – that’s absolutely zero. It’s important to know that late payments may affect your credit score.

Will a missed payment affect my credit limit?

Yes, we might adjust your credit limit when you miss a payment. This allows us to be sure that we’re not lending more than you can comfortably afford to pay back.

Will a missed payment affect my credit rating?

Zilch does report to credit reference agencies, which means missed payments might affect your credit score and make it difficult or more expensive to get credit in the future.

What can I do if I think I’ll miss a payment?

Things don’t always go to plan. If you think you won’t make a payment on the due date, you can snooze it for four days. You can do this simply by selecting the purchase from the Upcoming or Purchase tab in the Zilch app.

What can I do if I can’t afford to pay?

If you’re worried you can’t make a payment, we’re here to help. Get in touch with the Zilch Customer Support team, who are on hand with financial advice.

There are a few options they’ll take you through, including:

  • Arranging a new payment plan

  • Changing the way you make payments

  • Changing the due date of your payments

They’ll be able to give you guidance and help you find the best option for you.

If you’re worried about your finances, you don’t have to struggle alone.

We’ve partnered with StepChange, a debt management charity that gives free impartial advice. You can also contact one of the organisations below.

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