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Worried about using your 118 118 Credit Card after Brexit or whether you will still be able to apply for our loans or cards? All your Brexit questions are answered here.

Frequently Asked Questions about Brexit

Following a referendum vote in June 2016, the UK voted to leave the European Union (EU). The exit process has started after Article 50 of the Treaty on European Union was invoked on 29 March 2017.

There will be no changes to our products, and so there is no immediate impact to your loan or credit card terms and conditions while the UK is still a member of the EU.

The UK and EU signed the Withdrawal Agreement on 25 November 2018 regarding the UK’s departure from the EU. The UK Parliament declined to support the Withdrawal Agreement on 15 January 2019.

We are monitoring the situation while also preparing for a number of scenarios, including a ‘no-deal’ Brexit to ensure we are providing as much support to our customers as possible.

Due to the coronavirus situation we have fewer staff available on the telephone and our live chat to discuss your 118 118 Money account with you, so please bear with us. We are working hard to speak with everyone impacted by coronavirus as soon as possible. You can still use your 118 118 Money app and online account to manage your loan as normal.

I have been, or expect to be, affected by coronavirus, what can I do?

Please call us on 08000 118 222* between 8am and 5pm seven days a week, and we will do what we can to help you through this difficult time.

Together, we will assess how coronavirus has impacted your finances, to try and understand whether you are (or expect to be) in financial difficulty for a temporary period, or if you expect your financial difficulties to last longer. In both instances, our Customer Services team will be able to suggest appropriate solutions to help you through this time of great uncertainty.

If I am (or expect to be) in short-term financial difficulty as a result of coronavirus, what options are available to me?

If you are facing (or expect to face) temporary difficulties with your finances as a result of coronavirus, such as a short-term loss or reduction in income (e.g. for three months), we can provide you with a temporary payment freeze on your monthly loan repayments for a period of up to three months (the "temporary payment freeze period"). You can apply for this temporary payment freeze until 14 July 2020.

Please be aware that we may continue to apply interest to your loan account during any temporary payment freeze we provide you. This would mean that you would end up paying more, and it would take you longer to repay your loan.

If you are (or expect to be) temporarily affected by coronavirus and want to discuss this option, please contact us on 08000 118 222* between 8am and 5pm seven days a week.

If I am (or expect to be) in financial difficulty due to coronavirus, but I don’t think it will be temporary, what else can I do?

If you expect to be in financial difficulty for a longer period of time (e.g. for more than three months), or just want to understand what other options are available to you, please call us on 08000 118 222* between 8am and 5pm seven days a week, to speak with our Customer Service agents about how 118 118 Money can help you during this difficult time.

If 118 118 Money gives me a temporary payment freeze on my loan account, what does this mean for my loan?

While the temporary payment freeze is in place, you won’t need to make your fixed monthly loan payments. While you do not need to make your monthly loan payments during this temporary payment freeze period, we may continue to apply interest to your loan account during that time. If we continued to apply interest during the temporary payment freeze period, this would mean the total amount you would pay (over the whole loan term) would increase. We will confirm whether we will apply further interest and the additional cost to you, if any, when you call us. We will also confirm this to you in writing.

Once the temporary payment freeze period has ended, your fixed monthly loan payments will resume. The fixed monthly payment amount will not change, but you will need to make your fixed monthly loan payments for slightly longer, to cover those payments which would have been due during the temporary payment freeze period.

What if I can afford to pay something towards my loan during the temporary payment freeze period?

If you can afford to make any sort of payment towards your outstanding loan balance during the temporary payment freeze period, then you should do so. By making any payment(s) towards your loan during this time, it will help you pay off your loan quicker and may cost you less than if you made no payment(s) during the temporary payment freeze period.

Will this temporary payment freeze affect my credit file?

If we apply a temporary payment freeze to your loan account due to coronavirus, we will let the credit reference agencies know and they will update your credit file to reflect this. Even though you are not making your monthly fixed loan payments during the temporary payment freeze period, we will not report any additional arrears or additional missed payments to the credit reference agencies. This approach has been agreed across the industry and by the credit reference agencies.

Making no payments during the temporary payment freeze period means that your outstanding loan balance will remain unchanged, so your credit score may be impacted. If you can afford to pay something towards your loan during the temporary payment freeze period, this would reduce the potential impact on your credit score.

Once the temporary payment freeze period has ended, your monthly loan payments will resume. You will therefore need to make arrangements to meet these payments or contact us in advance to discuss your options. If you do not make your agreed monthly payments after the temporary payment freeze period has ended, or do not contact us to discuss alternative options, we may need to report this to the credit reference agencies, which would in turn have a negative impact on your credit file in the longer term.

What happens if I am still in financial difficulty at the end of the temporary payment freeze period?

If you are unable to resume your agreed, fixed monthly loan payments at the end of the temporary payment freeze period, please contact us on 08000 118 222* between 8am and 5pm seven days a week, so we can help you and to discuss your options. We have various options available to help you with longer term financial difficulties, so do get in touch.

Is there anything else I should be considering?

Please think carefully before entering into a temporary payment freeze. These measures are intended to provide help for short-term cash flow problems – i.e. if you need immediate and temporary support with your finances. If you have longer term problems or are in other financial difficulty, other options may be more appropriate, and you should contact us to discuss these further.

We won’t report any additional arrears or additional missed payments on your credit file during the temporary payment freeze period. However, interest may continue to build during this temporary payment freeze period, which would mean that you would pay higher costs on your loan in the longer term.

If you can afford to keep up your fixed loan repayments, either in full or a smaller sum, then you should do so and should contact us to discuss this further. Please don’t cancel or reduce your payments until you’ve spoken with us.

Coronavirus has caused uncertainty and distress nationwide. Sadly, fraudsters look to take advantage of people during times of uncertainty, and you may be the target of potential scams from fraudsters who want to use the coronavirus issue to make a financial gain. Please be more vigilant of scams, don’t disclose your financial details to third parties, and know that we would never ask you to provide us with login passwords, nor would we ever ask you to transfer your money elsewhere.

If you think you’ve been the victim of fraud or a coronavirus scam, please contact us urgently to report it, and also report the incident to Action Fraud.

Who can apply?

You are welcome to apply if you:

  • are between the ages of 18 and 70
  • are a UK resident
  • hold a current UK bank account and debit card
  • have a monthly net income of more than £700
  • are employed or self-employed

What do I need to apply?

We’ll need to know your:

  • mobile phone number
  • email address
  • home address
  • employment history
  • net monthly income
  • outgoings
  • bank details

What loans do you offer?

We offer loans of £1,000 to £5,000 with fixed monthly payments over 1 to 2 years.

Do you offer short-term or pay day loans?

We don’t.

How do you work out my payments?

You tell us the amount you wish to borrow and for how long; we’ll tell you the monthly amount to repay, the total amount owed, and the interest rate.

What does APR mean?

APR is the Annual Percentage Rate. It determines the true total cost of credit to you for one year, including interest and charges.

It’s important to look past ‘headline’ rates and find lenders’ true APRs so you can accurately compare different loans.

What APRs do you offer?

Rates from 35.9% APR – 99.9% APR fixed. The rate you receive is based on the information you provide in your application.

Where can I apply?

Here. The 118 118 Money Lending Team is also available 24/7 on 08000 118 000 or 02920 893300 to guide you through the application process, to help you understand our lending decision, and – if you’re accepted – to provide on-going support for your loan.

CAN I FIND OUT IF I MAY BE ELIGIBLE FOR A LOAN WITHOUT IMPACTING MY CREDIT RATING?

Yes. With Quick Check we’ll review your information and let you know whether you are likely to qualify for a loan. This review will not affect your credit rating. (Of course, our final loan offer will be dependent upon further checks made during the loan application.)

Will you be making a credit bureau check on me?

Yes. As part of your loan application we will request your credit report from TransUnion and/or Experian.

Will I need to send in extra paperwork?

Usually, the information from the application and credit bureau check will be enough for us to make a loan decision. In some cases, however, we’ll require additional information. If this is the case, we’ll contact you.

Would you consider lending to someone with less than perfect credit?

Yes. We consider all applications individually and try to consider all circumstances fairly.

Can I apply over the phone?

We don’t take telephone applications. However, you can apply on our website. If you have any problems during the application process, you can call us 24 hours a day, 7 days a week.

How do you decide if my application is successful?

It all comes down to your ability to repay the loan based on what you tell us, how well you’ve managed credit before, your financial profile, and what the credit agencies tell us. Accordingly, it’s in your best interest to complete your application form as accurately as you can.

What can I do to improve my chances of getting credit?

Take a look at our Top 10 Tips for improving your credit rating.

Does applying online mean I get an instant answer?

Our response won’t be instant but our aim is to process everything promptly and make a decision as quickly as we can. To help us, please remember to complete the entire application form and carefully read the documents we email you.

Can I use my loan for anything I choose?

Yes. We’re interested in understanding why you might want a loan, but you may use the money however you wish.

If I have problems completing my application, can you help?

Certainly. Please call us on 08000 118 000 or 02920 893300* and we’ll do our best to help.

Why do you need my bank account details?

We ask for your bank account details in order to know where to deposit your loan, and where to collect your monthly payments by direct debit.

Are my debit card details safe?

Your debit card details are safe with us. We maintain physical, electronic, and procedural safeguards to keep your personal information secure.

Your privacy and security are of the utmost importance to us. We’ll protect your privacy and your data as we always have – in compliance with our Privacy Policy.

What should I do if I didn’t receive my PIN verification code?

You should re-verify your e-mail address on our website. Once you’ve done so, a new PIN will be sent to you. If you’re still having problems, please call us on 08000 118 000 or 02920 893300*.

How can I check on the status of my loan application?

Please call us on 02920 893300*.

Can I apply for a loan and – if approved – receive money over the weekend?

Yes. We process applications and send funds seven days a week. However, if your application is processed and approved in the evening, you may not receive funds until the next day. At times we may require a little more information from you to assess your application. This would mean we wouldn’t be able to send funds until we have been able to talk to you.

If my loan application is rejected, can I try again?

If your financial circumstances change, we welcome you to re-apply after 180 days.

CAN I CHANGE MY MIND AFTER MY LOAN IS ACCEPTED?

Yes – and we make it easy for you if you do change your mind.

Even after your loan is approved, you’ll have 14 days to notify us that you wish to withdraw from your loan agreement. This can be done by:

  • Writing to us at 118 118 Money, 3 Alexandra Gate, Ffordd Pengam, Cardiff, CF24 2SA
  • Phoning us on 08000 118 000 or 02920 893 300
  • Emailing us at customerservices@118118money.com
  • Chat with us on www.118118money.com

Remember – you will need to repay the full amount that you borrowed within 30 days of contacting us.

If you withdraw from your loan, you will be unable to change your mind because you will have cancelled the contract.

CAN I CHANGE MY MIND AFTER MY TOP UP LOAN IS ACCEPTED?

Yes. Even after your top up loan is approved, you’ll have 14 days to notify us that you wish to withdraw from your new loan agreement. This can be done by writing to us at 118 118 Money, 3 Alexandra Gate, Ffordd Pengam, Cardiff, CF24 2SA or by phoning us on 08000 118 000 or 02920 893 300*.

Remember – you will need to repay the full amount that you borrowed for your top up loan, plus the balance used to settle your original loan, within 30 days of contacting us.

If you do wish to withdraw, however, you are unable to change your mind because you will have cancelled the contract.

What can I do if I’m unhappy with your loan decision?

If you have any additional information that you believe wasn’t taken into consideration at the time of your original application, please get in touch. We’ll then review this information and let you know our decision.

If my application is approved, how soon will I get my money?

You’ll get a welcome call from us shortly after we’ve approved your loan just to confirm a few details. Once we’ve completed that call, we aim to deposit the money straightaway into your bank account.

What documentation will I receive before my loan agreement?

Before sending you your agreement, we’ll send you pre-contractual information along with an explanation sheet. This will give you important information for you to consider regarding your loan prior to signing your loan agreement.

Can I reduce the loan amount that I wish to borrow?

Yes – you can reduce the loan amount, providing the loan has not been deposited. Please contact us on 08000 118 000 or 02920 893300* for more information.

How do you collect payments?

We’ll set up a direct debit mandate on the bank account you gave us on your application. If we can’t debit your account via this method, then we may use your debit card to try to collect any payment you miss. However, we will never try to use your card details to take a missed payment more than three times each time you fall into arrears and we will only ever use it if you are one payment behind to try to take the whole of that missed payment.

You can contact us at any time during the agreement with us to update or cancel your direct debit authorisation and/or debit card details. If you do cancel either your direct debit or debit card authorisation, you will need to arrange an alternative form of payment that is acceptable to us.

When I make a payment, when should I expect to see it on my account?

You’ll be able to see your payments on your account. You can check online by logging into your account.

Can I pay off the loan early?

Yes. You can make a partial or full repayment at any time. Call us on 08000 118 000 or 02920 893300* to find out how much is still owed and to discuss how much you wish to repay. When you contact us, we will provide you with an early settlement quotation or a partial early settlement quotation, which is valid for 28 days.

When you take out a loan with us, we calculate the amount of interest payable over the term of your loan (based on the APR of the loan and the amount you borrow from us). We add this interest to the amount you borrow from us (to give us the total amount payable by you under the loan) and we then calculate what your monthly payments are based on this. If you decide to pay off all or part of your loan early, you are entitled to an interest rebate as you will paying some or all of the amounts payable under your loan agreement before they are due to be paid, so you will receive a rebate of interest to take account of the fact that you are paying off some or all of the loan sooner. There are legal rules which set out how we must calculate the interest rebate – these rules are set out in the Consumer Credit (Early Settlement) Regulations 2004 – more information can be found here.

In addition, if you decide to pay some or all of your loan early, if the loan is for a period of 12 months, we are also entitled to charge up to 28 days’ interest or, if it is for a period of more than 12 months, we are entitled to charge up to 58 days’ interest.

CAN I CHANGE MY PAYMENT DUE DATE?

Yes. However, this can only be done after your first payment has been made.

We will always try and set your monthly payment to the date that suits your circumstances best, but should you need to change this date during the life of your loan, you can do so by contacting us on 08000 118 000 or 02920 893 300.

What should I do if I’m having difficulty making payments?

Don’t hesitate and please call us on 08000 118 100/02920 893400* as soon as possible to see what we can do.

What do you do if I fail to repay a loan?

Everyone’s circumstances are different. Call us on 08000 118 100 or 02920 893400* as soon as possible so we can discuss your situation with you.

Can I view my balance online?

Yes, you can. Log into the account management section of our website where you’ll be able to see your current balance and recent payments.

If my personal details change (for example, I’ve moved, or my bank account information has changed), then how do I let you know?

Please call us on 08000 118 000 or 02920 893300*.

What happens if I forget my password or need to reset it?

Log into your account on our website; you can click on "Forgotten your password".

My circumstances have changed what should I do?

If your circumstances change, please call us on 08000 118 100 or 02920 893400* so that we can work with you on a viable solution.

How can I pay?

Details on how to pay can be found here.

How often will I receive statements in the post?

You will receive an annual statement from us for the duration of your loan. You can see your current balance and recent payment history by logging into your account on our website. Should you require further assistance, please contact us on 08000 118 000 or 02920 893300*.

Can I extend my loan term?

Your loan term is set at the start of your agreement with us. You can shorten the length of your loan by making additional payments; however, you cannot extend beyond your original term. If you are having difficulties making your payments, please contact us on 08000 118 000 or 02920 893300*.

Are there any hidden charges?

There are no hidden charges with 118 118 Money loans.

I have settled my 118 118 Money loan, can I apply again?

If you have completed or settled your loan from 118 118 Money early, before reapplying please contact our Customer Value team on 08000 118 000 or 02920 893300*.

Can I take out more than one loan?

No. But we will happily process another loan application once you’ve fully repaid the first loan. This new application will be subject to our standard application evaluation process.

What are TransUnion and Experian?

TransUnion and Experian are reference agencies we use to carry out checks on an applicant’s credit history file.

How do you protect my data?

Your data are safe with us. We maintain physical, electronic, and procedural safeguards to keep your personal information secure.

Your privacy and security are of the utmost importance to us. We’ll protect your privacy and your data as we always have – in compliance with our Privacy Policy.

How are you regulated?

118 118 Money is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 741774). You can confirm our registration on the Financial Conduct Authority’s website www.fca.org.uk/register or by contacting the Financial Conduct Authority on 0800 1116768.

118 118 Money is a trading name and appears on the register as Madison CF UK Limited.

What are your trading hours?

118 118 Money operates 24 hours a day, 7 days a week. Call us on 08000 118 000 or 02920 893300*

Where can I go for independent debt counselling advice?

We would recommend seeking out an organisation offering free advice, including:

  • National Debtline– This is a free, confidential, and independent phone helpline for debt problems. 0808 808 4000. (England, Wales, and Scotland only)
  • Advice UK– A network of independent advice-providing organisations. 0300 7770107.
  • Citizens Advice Bureau– A network of local offices offering free, confidential, independent advice. If you live in England, Wales, or Northern Ireland, click here. If you live in Scotland, click here.
  • Step Change– A debt counselling charity. Call 0800 138 1111.

INDIVIDUAL VOLUNTARY ARRANGEMENT

An IVA is a formal and legally binding agreement between you and your creditors to pay back your debts over a set period of time. This means it is approved by the court and your creditors have to stick to it.

When in an IVA, you will make regular payments to an insolvency practitioner and these payments are then be divided between all of your creditors.

An IVA applies to individuals living in England, Wales and Northern Ireland. For Scottish citizens, you may wish to consider a Trust Deed.

BANKRUPTCY

Bankruptcy is a legal status and can be applied for if you are an individual living in England, Wales or Northern Ireland struggling to repay your debts.

A bankruptcy will normally end after a year, although the Official Receiver will advise you of when it is officially over. When applying for bankruptcy, your non-essential assets and excess income are used to pay your creditors.

For the Scottish equivalent, see ‘Sequestration’.

TRUST DEED

Similar to an IVA, Trust Deed is a voluntary agreement with your creditors to repay what you owe them. It applies to individuals’ living in Scotland and is legally binding.

A Trust Deed applies to unsecured debts, and once signed, you agree to make regular affordable payments over a fixed period of up to four years to reduce your debts.

A Trust Deed must be set up by an insolvency practitioner (a trustee) who will deal with your creditors on your behalf.

SEQUESTRATION

A Sequestration is a bankruptcy procedure in Scotland whereby all of your assets, including your property, are transferred to a Trustee who will then administer the bankruptcy and manage the sale of your assets to generate funds for creditors.

DEBT MANAGEMENT PLAN

A Debt Management Plan (DMP) is a debt solution used to help individuals repay their debts at an affordable rate agreed by your creditors.

A DMP involves making reduced monthly payments towards debts. A DMP may be suitable for individuals who are still able to afford to make payments towards any debts, after creating a budget sheet to cover essentials (food, rent, utilities).

DEBT RELIEF ORDER

A Debt Relief Order (DRO) is one way to deal with your debts if you do not own your home, do not have much excess income, and your debts are under £20,000.

A DRO will normally last for one year and is not available for individuals’ living in Scotland.

Are you a member of any trade bodies?

We are members of the Finance and Leasing Association (FLA) which is a trade body for the asset, consumer and motor finance sectors in the UK. As members, we subscribe to the FLA’s lending code which sets out best practice in consumer lending. You can find a copy of the Code here: https://www.fla.org.uk/business-information/documents/lending-code-2019/

Refunds

What happens if an over-payment or payment in error is taken?

  • If you make an over-payment by card we will, if requested, refund the amount to the card you used.
  • If you have made a payment via a debit card associated with a UK bank account, the funds should be returned via ‘Faster Payments’ to your bank account.
  • If you cancel your Direct Debit, we may invoke our Continuous Payment Authority (CPA) rights as specified in the loan agreement.
  • If a payment is taken in error via CPA, we will refund the payment taken to the card used or your bank account, as detailed above.
  • Any refunds will be processed within 5 days of us being made aware of the issue.
  • If you receive a refund you’re not entitled to, you must pay it back when we ask you to.

WHAT IS STRONG CUSTOMER AUTHENTICATION?

Put simply, ‘Strong Customer Authentication’ is an identity check. We are required by law to put in place measures to help protect you from unauthorised use of your account, this is also known as SCA. It means that, when logging into your account or app, you will be asked to provide two elements of identification from the following three options:

  • Something you know, such as a PIN or password.
  • Something you have, such as a phone.
  • Something you are, such as a fingerprint.

WHY AM I BEING ASKED FOR AUTHENTICATION?

From time to time, you may be asked to provide the elements of identification above when accessing your online account or app. We know that this may sometimes add an additional step to the log in process, but we take fraud prevention and protecting your money very seriously.

WHAT IS A ONE TIME PASSCODE?

A one-time passcode (also known as OTP) is an automatically generated 6 digit code, that when successfully entered authenticates you for a single log in session.

WILL I HAVE TO ENTER THE ONE TIME PASSCODE EVERY TIME I LOG IN TO THE ONLINE ACCOUNT OR APP?

If you’re an App user, you will only be sent the One Time Passcode from time to time. If you access your account by a web browser you will need to enter the One Time Passcode every time you access your account.

HOW WILL YOU SEND ME THIS ONE TIME PASSCODE?

One Time Passcode will be sent to the mobile number we have on file for you. It is extremely important we have the correct mobile number for you otherwise you will not receive the OTP and therefore will not be able to log in to the online account or app. If your number has changed or you have problems logging in please contact our customer services on 08000 118 222 or +44 2920 548176*

WHAT IF I AM HAVING TROUBLE WITH STRONG CUSTOMER AUTHENTICATION?

If you are having trouble with authentication, please call our customer support team on 08000 118 222 or +44 2920 548176* and we’ll be happy to help!