If you’ve paid more in interest, fees and charges than you have towards the amount you’ve borrowed over an 18-month period, the Financial Conduct Authority (FCA) considers your account to be in ‘persistent debt’.
This can happen if you’ve been making minimum or low monthly payments for a long time. And it means it could take several years – and cost you more in interest and charges – to repay what you’ve borrowed.
If your account is in persistent debt, we’ll get in touch to offer support and suggest increasing your payments if you can afford to.
Find out how we’ll contact you if you’re in persistent debt.
