Can I change my monthly repayment date?
It is possible to change your monthly repayment date. If you want to do this, please email or call the credit union your account is with.
My Community Bank
Email: friends@mycommunitybank.co.uk
Call: 02033570221 (Monday to Friday, 8am to 6pm, excluding bank holidays)
Castle Community Bank
Email: info@castlecommunitybank.co.uk
Call: 0131 466 5006 (Monday to Friday, 8am to 4pm, excluding bank holidays)
Provide your account reference number and the date you want to change your direct debit to. You can choose any date except the 29th, 30th or 31st (as not every month has these dates).
It can take up to 7 working days to change your Direct Debit date (the credit unions’ working days are Monday – Friday, excluding bank holidays). This means you may need to make a payment on your current Direct Debit date before it moves across. If this is the case, we will change your direct debit date from the following month, so you don’t end up making two payments close together.
Please note that changing your repayment date may affect your final payment amount if the new date is later than the existing date. This is because interest is charged on the principal balance outstanding. So, if you extend your payment date past what was in your original loan agreement, this means your principal will be outstanding for longer so you will pay more interest.
