Overpayments
An overpayment, also known as an extra payment, is when you make a payment on top of your usual monthly payment.
- You can make extra payments online between 8am to 10pm.
- You can make extra payments online up to £30,000 at a time. If you want to pay more, you can make a bank transfer.
- You can settle your agreement instead if the extra payment is more than you have left to pay.
- There are no fees and charges for making extra payments.
- You can’t make an extra payment in the 5 days before your Direct Debit is due.
Making an overpayment could mean you pay less interest. This only happens if interest was added. The amount may be small if you overpay later in your agreement. If you make an overpayment, we’ll write to you to explain what this means for your agreement.
How to make an extra payment
Log in to your online account or set up an online account, if you don’t have one already.
Go to payments and select overpayment. Follow all the steps.
How extra payments affect agreements
It depends on your agreement type.
Hire Purchase (HP) agreements
You can either:
- Reduce your monthly payment amount or
- Reduce the length of your agreement.
You’ll make this choice when you make your extra payment online.
Personal Contract Purchase (PCP) agreements
You will reduce your monthly payments if you make an extra payment.
You can’t shorten the length of your agreement with PCP finance.
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