What happens if I miss my membership payments?

Erika
Erika
  • Updated

We understand how important it is for you to build and maintain a positive credit score, and we're here to support you every step of the way. If you happen to miss a membership payment, don't worry, we're here to help you get back on track.

 

In the case of a missed payment, your benefits will temporarily be adjusted to the Lite Membership plan. However, we're committed to resolving this quickly. Over the next week, we'll make another attempt to process your missed payment. Alternatively, you can log in and manually make the payment – just look out for the alert with a link to retry the payment.

 

If you're using Loqbox Save, and have sufficient funds, we'll take the missed membership payment from your savings pot. This step is designed to shield you from having missed payments reported to credit reference agencies, which could impact your credit scores for up to six years. While this ensures your credit score is protected, it will slightly affect the final balance you can withdraw when your Loqbox Save term ends.

 

We understand that financial situations can change, and we're here to support you. If you're facing challenges in keeping up with your membership payments, please don't hesitate to reach out to us at support@loqbox.co.uk. Remember, your membership will continue with the following week's payment unless you let us know otherwise. We're here to work with you and find the best solution so you can enjoy a happier, healthier relationship with money.