What is a minimum payment?

Nextpay Credit Account
We will calculate the Minimum Payment as the higher of £5 or 5% of your Account balance (excluding any default charges added in that statement period) rounded up to the nearest £1, plus any default charges added in that statement period. If your balance, excluding any default charges added in that statement period, is less than £5, your Minimum Payment will be the full outstanding balance on your Account at the time the statement is generated.

Next3step Credit Account
We will calculate the Minimum Payment as the higher of £5 or 5% of your Account balance (excluding any default charges added in that statement period) rounded up to the nearest £0.01, plus any default charges added in that statement period. If your balance, excluding any default charges added in that statement period, is less than £5, your Minimum Payment will be the full outstanding balance on your Account at the time the statement is generated.

NextPay and Next3step Credit Accounts
If you do not repay the balance in full, by the date shown on your statement, you will be charged interest.

If you only pay the minimum payment, it will take longer to repay the balance and you will pay more overall. Missing a payment could have severe consequences and make obtaining credit more difficult.

You can always pay more than the minimum payment up to the full balance of your account.

If for any reason you are unable to make your minimum payment, it is crucial that you contact us via email, or you can chat with us here. Failure to make minimum payments on your account each month will result in your account being suspended and arrears charges applied, as well as the possibility of your account being transferred to a Debt Collection Agency.

The details of your arrears will be registered on your Credit File, which can affect future lending.