Continuous Payment Authority

A Continuous Payment Authority (CPA), which is sometimes referred to as a recurring payment or a 'continuous payment transaction', is where you give Snap Finance permission to take money from your debit card whenever Snap Finance believes it is owed money.

A CPA is different from a standing order or Direct Debit because the payment instruction is with us, not with your bank, and it is linked to your long card number rather than your bank account number and sort code.

Where Snap Finance has tried to process your Direct Debit repayment on or around your selected date, but has been unable to do so, Snap Finance will attempt a CPA within 3 working days of this date. After this, if your repayment has still not been processed, further CPA attempts may occur each Friday thereafter. You will be notified at least 24 hours prior to any CPA attempt being made. If your Direct Debit instruction is cancelled, Snap Finance will use the CPA to process your repayment on the repayment date for the amount due and any further CPA attempts will be made on the basis described above.

We will attempt a maximum of four CPA transactions per agreed repayment. If the total agreed repayment amount cannot be debited under these attempts for repayment, no further attempts to debit payment under CPA will be made to collect that particular payment. Remember though, it is still your responsibility to repay your loan. You can reinstate your CPA or request for your payment to be debited over the phone.

As a responsible lender, we use Continuous Payment Authority in a manner which is reasonable, proportionate and not excessive. We always strive to exercise appropriate forbearance and if we become aware that you are vulnerable or may be experiencing financial difficulties, we will stop attempting to process your repayment by CPA. You can contact us about this on 03300 104137 or email collections@snapfinance.co.uk.

The only amount that can be attempted is the agreed repayment amount or an alternative amount agreed with you. You can change the requested amount and repayment dates by contacting us at any time.

We will not apply fees for unsuccessful CPA attempt. However, if your loan is in arrears, you may incur additional interest at the rate of interest in your loan agreement and the arrears may reflect on your credit file.

You can cancel your CPA with the bank, card provider and/or with us. If you have already instructed your bank or card issuer to stop any payments and to cancel your CPA, we ask to be notified immediately to avoid us attempting payments.

You may cancel your CPA by contacting us directly:

• Office: 03300 104137
• Email: collections@snapfinance.co.uk

Please note: Payments taken prior to cancellation being received will only be considered for a full or partial refund at our discretion.You must be aware that if you cancel the CPA, you will still be responsible for paying any money that you owe under your agreement (including any interest and charges that may accrue). You should also ensure that you agree on alternative means of repayment with us to avoid your payments defaulting.