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FAQ / Loan questions

Ending or settling your loan

What do I need to do if I change my mind about my loan agreement?

Depending on the Terms and Conditions of your agreement, you may have a 14 day cooling off period which begins from the date your agreement starts. So, if you decide it’s not right for you, please contact us.

Call on 0345 149 7770, email [email protected] or writing to us with your name, address and agreement no. at: Motor Finance Customer Servicing, Paragon, Solihull, W. Midlands B91 3QJ.

Remember, when calling us please make sure you have your account number to hand. This will help us to get to your account information quicker.

 

If I change my mind, what will I need to pay?

You will need to repay the amount you’ve been lent. Or if you change your mind outside of, or do not have, a cooling off period, you will need to settle your agreement. This is detailed in the payments section of your finance agreement.

 

How do I settle my loan?

You will need to contact us for a settlement figure. You can then decide how you want to make your payment – by debit card or online transfer.

We’ll also send written confirmation of your settlement figure, which will include the details of how to make your payment.

 

Can I settle my loan early?

Yes, you can settle your loan at any time as long as you have an up to date settlement figure from us. To get this, please call us on 0345 149 7770, making sure you have your account number to hand.

 

How can I make a payment to settle my loan?

Once you have obtained your settlement figure, you can settle you loan by making an online payment or by debit card.

An online transfer is the quickest and easiest way, and you’ll find our bank details in your settlement statement. However, we can also take a debit card payment over the phone. Just call us on 0345 149 7770 and we’ll be happy to help.

Remember, when calling us please make sure you have your account number to hand. This will help us to get to your account information quicker.

 

How can I get a settlement figure?

We can give you this information over the phone or by email, as long as you email us from the address you set up on your account (your verified email address).

Call on 0345 149 7770, email [email protected]

Remember, when calling us please make sure you have your account number to hand. This will help us to get to your account information quicker.

 

How long will it take for settlement payment take to clear?

Please allow 10 business days for your payment to clear. If after this time, you have any concerns then please get in touch.

 

I have just requested a settlement figure and my normal monthly payment is due within the next 3 business days, do I still need to pay this?

Yes. Your Direct Debit payment will already be in progress to make sure it reaches us on time. We will have assumed that this payment is being made and will have accounted for this in the settlement figure we gave you. Therefore, it’s important you don’t cancel your Direct Debit.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551