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What is my minimum payment?

Your minimum payment is the amount you must repay each month to avoid any default charges and to be able to continue to use your Polar Credit account to borrow additional funds if you need them.

Your minimum payment consists of the interest for the statement period, any default charges, any transaction charges, any amount that remains overdue from the previous statement period and the higher of £10 or 5% of your outstanding capital. The interest for the statement period is the amount of interest that has accrued on any credit that you had outstanding since your previous statement. You can find the specific amount under the Account section once you have logged in to My Account.

Your minimum payment is payable on the same day each month until the balance under the agreement is repaid in full and you can find your minimum payment in the Account section of your Polar Credit account.

We will collect your minimum payment using a continuous payment authority. Once your balance is repaid in full, you won’t have to make any further payments towards your Polar Credit Line unless you use the account to borrow money again.

If you only make the minimum repayment each month, it will take you longer and cost you more to repay your balance. Even if you can't make the full payment, we strongly encourage you to pay off as much as you can over and above the minimum payment due at the time of your repayment to help reduce the total amount you owe.

If you had a change of circumstances and need to discuss your options, please contact us at your earliest convenience. There are also several free and unbiased debt advice services you can contact, such as StepChange (www.stepchange.org) or National Debt Line (www.nationaldebtline.co.uk).