Defaults and Monzo Credit Cards
If you miss multiple payments and don’t catch up, we’ll eventually ‘default’ and close your account.
A default means you haven't paid back money you owe and that'll likely impact your credit score. Which means it’ll be harder and more expensive for you to borrow money in the future.
Here’s why we might need to default your account:
You miss multiple payments in a row and don’t catch up
You miss payments on individual purchases and don’t catch up
You can only afford to make very small payments or you enter an individual voluntary arrangement (IVA) or bankruptcy
If we asked you for a deposit when you applied for Flex, we’ll use this to pay down your Flex balance if you default.
The sooner we know, the sooner we can help
If you’re having money troubles, reach out to us. That’s what we’re here for.
If you’d like to find out how we can help with managing your borrowing, get in touch with us.
Or if you’d rather speak to someone else, you can get free and impartial advice from these charities. Anything you tell them stays between you.
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