Important information about loan repayments

At Stevenage Credit Union, we work hard to keep our costs as low as possible so that we can continue to offer affordable loans and savings services to our members.

Recently, we've seen an increase in Direct Debit payments being returned because there aren't enough funds available in members' bank accounts on the agreed payment date.

Whenever this happens, GoCardless, the company that processes our Direct Debits, charges the credit union a fee. Unfortunately, these costs add up, so from now on we will pass this charge on to the member whose payment has been returned.  This charge will be £3.60. 

This helps us:

• Keep unnecessary costs down for the benefit of all our members.

• Encourage members to ensure funds are available on the agreed payment date, helping to avoid extra charges.

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How the charge will be applied

• If you have enough money in your savings account, the charge will be deducted from your savings.

• If there aren't enough savings available, the charge will be added to your outstanding loan repayment when we resubmit the Direct Debit.

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The easiest way to avoid this charge is to make sure there are sufficient funds in your bank account on your repayment date.

If you're worried that you may not be able to make a payment, please get in touch with us as soon as possible, preferably before your payment is due. We understand that circumstances can change, and we'll always do our best to work with you to find a solution.

Please don't cancel your Direct Debit. If you do, an administration charge of £2.00 will apply to set up a new Direct Debit instruction. If you're experiencing financial difficulties, speaking to us first gives us the best opportunity to help. 

These will take effect from 17th August 2026.