You can request to adjust your monthly repayment amounts, and you may request to increase or decrease your regular monthly repayment via your Abound account. We must approve your request before any changes in payment amount will take effect. Our approval will be subject to a review of your circumstances:
- If you request an increase in your monthly repayment amount and this is approved, you will not be charged any additional fees. If this happens, you will pay less interest overall, the duration of the loan agreement may decrease, and the number of monthly payments may decrease.
- If you request a decrease in your monthly repayment amounts and this is approved, you will be charged a fee of £30. If this happens, you will pay more interest overall, the duration of the loan agreement may increase, and the number of monthly payments may increase.
You can adjust your repayment amount by tapping 'Adjust your loan'. We aim to process your change request within 2 working days, we may contact you to request more information so please keep an eye on your email (and your junk box). You must submit a repayment change request at least 3 working days before your payment is due for it to take effect.
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