To help you manage your loan we offer 2 ways of repaying your loan:
You can now also manage your loan and keep track on your repayments with our app, click here for more information.
A CPA is an instruction by you to your bank, which will allow Oakam to automatically withdraw funds from your bank account using the debit card that you have registered with us.
Please let us know when you change your registered debit card in order to continue making successful loan repayments.
We will aim to match your preferred repayment day or date, but please be aware that it is your responsibility to make sure there are sufficient funds in your account and that all repayments are made on time.
Over the term of your loan, we will report the status of your account, good or bad, to Credit Reference Agencies. If you have a good repayment performance with us, this may improve your credit history; however a poor repayment performance may affect your credit history negatively and make it harder to get credit in the future.
We understand that our customers experience unexpected changes from time to time, which may make paying back the loan difficult. It is important to be honest with yourself and to inform us if you find yourself in a financially difficult situation, as we will always aim to provide support to you.
If you ever think you may miss a repayment, please contact us immediately on 020 8819 3767, so that we can work out a solution together.
If you miss a repayment and do not tell us, we will try to make contact with you to inform you that your account has fallen into arrears and to find out why the repayment was missed.
If you cannot make your repayments do not take out additional loans as this will put you into a debt cycle and will make it even harder for you to get back on track. Instead, you may want to contact organisations offering free debt advice. Also some unions and employers offer confidential counselling services to employees.
It is important that you let us know if there are any changes to your circumstances, both in terms of your personal details as we may need to contact you, but also if your financial circumstances change. If this is the case we may review your current loan terms to accommodate those changes if necessary.
The Summary of Borrowing is a document stating details of the charges for the most recent loan and also for loans over the last 12 months
A Summary of Borrowing is issued for loans with:
You will be eligible if your loan meets these criteria and you can answer yes to any of the below;
If you’re eligible then you can request your Summary of Borrowing by sending an email to firstname.lastname@example.org, calling us on 0203 393 1093 or popping into your local store.
If you’re eligible you’ll be able to receive your Summary of Borrowing via your registered email with us, by post or you can collect in-store.