A successful auto-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.
Auto-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.