Lombard Direct is one of the United Kingdom’s major loan companies, providing funding for thousands of UK customers for a range of purposes. The company is no longer accepting any applications from new customers. However, existing Lombard Direct customers are still able to benefit from the same level of service through their current loan account agreements.
Understanding an existing loan agreement
Customers who have previously taken on a loan with Lombard Direct should be fully aware of the terms and conditions of their agreement, especially in regards to the Annual Percentage Rate.
The Annual Percentage Rate
The Annual Percentagr Rate is the percentage a customer must pay back on top of their loan from a specified date. It is used nationally in the UK’s finance sector and is useful for customers looking to compare different offers.
Lombard Direct regrets that it is not in a position to provide payment holidays. This is because the company’s payment terms are calculated at a fixed rate, which does not permit flexible payment methods.
Paying back a Lombard Direct loan early
Customers hoping to pay back their loan before the agreement date will be able to do so, at a charge equivalent to one month’s interest.
Making an overpayment
Existing Lombard Direct customers will not be able to make an over-payment because of the company’s fixed payment terms.
Customers who have missed an important deadline for a payment should contact Lombard Direct as soon as possible. Failure to do so could reduce a customer’s credit rating.
Insufficient funds to make a repayment
People who are experiencing financial difficulties should also contact the company as quickly as possible if they cannot pay their next installment. Payments can be recovered based on circumstances such as sickness or unemployment under the terms of the Loan Payment Protection plan.
Managing a loan account – changing an address or a name
Customers should notify Lombard Direct if they change their address or name. The company regularly conducts security checks, which can only be carried out if it has all of the relevant up-to-date information from its customers.
Finding how much money is left to pay
Customers can receive information about their outstanding balance by contacting the company by phone. However, they must pass a security check before they can discuss their loan agreement directly.
Applying for another loan
Lombard Direct will not be processing any further loan applications from former customers.