Managing your loan

Loan Repayments

To help you manage your loan we offer 2 ways of repaying your loan:

• Provide us with a Continuous Payment Authority (CPA) under the loan agreement
• Monthly by Direct Debit from your bank account

You can now also manage your loan and keep track on your repayments with our app, click here for more information.

What is CPA?

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.

Repayment dates

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.

Your credit history

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.

What do I do if I experience financial difficulty?

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.

Missed repayments

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.

Change in circumstances

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.

Please call us on 020 8819 3767, if any of the below details change:

Personal or contact details

• Name
• Address/Phone Number/Email Address

Financial status

• Employment Status: New Job / Made redundant / Lose your job
• Change in Benefits
• Change in salary: increase or decrease
• Number of dependents

Summary of Borrowing

What is Summary of Borrowing?

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

Am I eligible for a Summary of Borrowing?

A Summary of Borrowing is issued for loans with:

• An APR of 100% or over
• A loan term of 12 months of less
• An amount borrowed less than £1,000. You will be eligible if your loan meets these criteria and you can answer yes to any of the below;

Have you settled your loan?

• Was your account closed as a result of default or forbearance?
• Is your account in default and three months have passed since a payment was missed but we have not closed your account?

How do I request my Summary of Borrowing?

If you’re eligible then you can request your Summary of Borrowing by sending an email to summaryofborrowing@oakam.com or by calling us on 020 8819 3767.

How will I receive my Summary of Borrowing?

If you’re eligible you’ll be able to receive your Summary of Borrowing via your registered email with us or by post.