Time limits for paying back budgeting loan U/C

krafty77

Good morning everyone,

Last year when I applied for a budgeting loan on U/C the full amount £348 I was given the minimum amount of time to pay it back which was 4 months which was basically brilliant for me in case I would have an emergency come up. I couldn't wait a year.

Anyway I applied for another one last year November I pay my last payment back on the 5th November which is great, but I did ask for it to be paid back on the 4 month repayment option that I always chose, but for some unforeseen circumstances I was told that it was a mistake made on there part that I have 12 months to pay it back. I was like you except it's your mistake so change it to 4 months, apparently once you have taken the loan they can not change it. Terrible very unprofessional in there part.

But does anyone know what is the shortest repayment option is ie 4 months to 24months is it your choice is you want to pay it back earlier or is it a certain criteria or how much you can afford..…

Any help or advice on this I would be very grateful & thanks in advance.....🙏

Morgan_Scope

Good afternoon @krafty77.

You should be able to speak to UC and pay off the budgeting advance early or in one go. The initial agreement they make is regarding their automatic deductions but you are still able to make repayments earlier if that is more suited to your finances.

krafty77

Hello, Morgan _Scope,

Many thanks for your comment it was very helpful. I will try leaving a message in my journal to see if I can get some answers.

Many thanks 👍