Managing your existing loan
Want to pay off your loan early, take a repayment holiday or change your Direct Debit details? You’ll find all the answers here.
If you want to repay your loan early, call us free on 0800 096 0543 or write to us at Customer Services, Premier House, City Road Chester CH88 3AN. We’ll let you know:
- How much you’ll need to repay to settle your loan early
- When you should pay the settlement amount by
- How much interest you’ll save by repaying your loan early
- The payment details you need to settle your loan
The settlement date
This is the date our repayment quote is valid to. If you think you won’t be able to pay off your loan by that date, let us know and we’ll give you another early repayment quote. Once we have generated your settlement figure we cannot produce another until the valid to date has passed.
No additional charges for early repayment
There’s no charge for repaying your loan early but your settlement figure will include up to 58 days interest, in line with the Consumer Credit (Early Settlement) Regulations 2004.
Making payment to pay off your loan
There are two ways you can make payment to settle your loan:
- Online banking - use sort code 12-60-54 and account number 08110051. Quote your agreement number as the reference.
- By cheque - payable to 'Sainsbury's Bank' with your name and loan agreement number on the back. Send it to:- Sainsbury's Loans, Customer Services, Tower House, Charterhall Drive, Chester CH88 3AN
Keep on making your payments
You need to keep making your monthly payments until you’ve settled your loan. If you overpay, we’ll send you a refund within 16 days of you repaying your loan.
Request an early settlement
You can request an early settlement by using our online contact form. Please note that we will send you written confirmation in the post detailing your settlement figure. Please allow up to 5 days for this to arrive. Please fill in your details on the form, making sure you select 'borrowing' and then 'loans'. Please put "Early Settlement Request" in your message.
If you need to borrow more, just give us a call on 0800 096 0543 and we'll be happy to discuss it with you. We’re open Monday to Friday 8am–10pm, Saturday 8.30am–6.00pm and 9.30am–5.30pm on Sundays. Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.
You are not able to take a payment holiday, except in the first 2 months of your loan and only if you select this during your application. You should be aware that extra interest will be added to your loan during the payment holiday.
You’ll need to give us at least 10 business days before your next payment is due. Your payment date can be moved by up to 29 days in total and from one calendar month to another. Please call us if you want to change your payment date on 0800 096 0543. We're open Monday to Friday 8am-10pm, Saturday 8.30am-6pm and 9.30am-5.30pm on Sundays. Telephone calls may be recorded for security purposes and monitored under our quality control procedures. Calls are free from a landline and from a mobile when calling from the UK.
If you want to pay more than your required monthly repayment, or an extra payment, let us know in advance. We’ll apply this to your loan to reduce the total amount of interest you pay and may reduce your loan term. If you don’t tell us in advance any extra payment will change the period over which you repay the loan but it won’t affect the rate of interest or the total amount you pay.
There are two ways to make an overpayment:
- By cheque − payable to 'Sainsbury's Bank' with your name and loan number on the back. Send it to:- Sainsbury's Loans, Customer Services, Tower House, Charterhall Drive, Chester CH88 3AN
- Online banking − use sort code 12-60-54 and account number 08110051, and quote your agreement number as the reference.