What does a default mean for my Flex?
If you miss multiple Flex payments and don't catch-up, we will eventually "default" and close your account.
A default means you haven't paid back money you owe and is likely to have a further negative impact on your credit score. This makes it harder and more expensive for you to borrow money in the future.
Your Flex might default under any of the following circumstances:
If you miss multiple consecutive payments and don’t catch-up
If you miss payments on a Flex repayment plan and don’t catch-up
If you can only afford to make very small payments towards your Flex, or you enter an insolvency arrangement such as an Individual Voluntary Arrangement (IVA) or bankruptcy.
You can find out more about defaults here.
(Talk to us if you’re struggling with your finances)
We hope to avoid this happening, so if you’re struggling with your repayments or having financial difficulties then it’s always best to get in touch with us through the app as early as possible so that we can help.
If you’d like to find out how we can help with managing your borrowing, please get in touch through the Monzo app:
Tap the Help icon in the menu bar
Search Managing your money
Tap chat with a specialist
If you need some more help, you can also get free, impartial and confidential guidance from any of these debt advice charities.
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