A successful recurring debit happens in 4 stages:
- As soon as you've initiated your payment successfully, you'll see the status change to a pending payment.
- After 3 business days, the funds will be deducted from your account and the payment status will change to guaranteed.
- They will then take up to another 5 business days to reach us. We'll allocate the funds to your loan as soon as they're in our account.
- Once we've successfully allocated the funds to your loan, the status in your app will change to received.
Recurring debits are initiated on the 20th of each month in the GMT timezone. This may mean that your auto-debit is initiated on the 20th or 19th depending on your timezone.
Remember, if you have multiple loans, your auto-debit status will only be shown on your Payment History screen and not on each individual loan.