Missing/Non Payments

Our Policy on Responsible Lending

This page is designed to help you understand Responsible Lending, your Renewals Policy and the consequences/implications of non-payment.

By using this website you indicate that you have read, have understood and agreed to our terms and conditions.

Our Practice

Spent Worm Ltd do not encourage loans to be taken out if they are not deemed suitable for customers.

We do not target customers who we believe may be in any financial difficulty or financial distress.

We will not act on behalf of a consumer if there is any doubt whatsoever about their authenticity or identity

We do not charge any hidden or “up front” fees.

Our service is completely free and at no point during the application process will anyone representing Spent Worm Ltd contact you to request any kind of ‘up-front’, application or brokerage payment.

We are not a lending company, we are a broker [as per the legislation contained within The Consumer Credit Act 1974. CCL Number: 677113]

If you’re contacted by any company claiming to act on behalf of Spent Worm Ltd, who request a payment via methods such as U-Kash vouchers, Western Union, or similar, please DO NOT proceed with the transaction. Contact us immediately to please report this matter using the contact form.

We explain our services to customers on our website in a clear and basic way to ensure our customers fully understand how the process works.

We make sure that we duly follow all legal and regulatory best practices

Understanding your Responsibility

Before applying for finance you are asked to think very carefully about whether or not you are able to afford a the finance and can comfortably pay the finance back. You should consider the term of the finance and the repayment amounts.

You should make sure that you understand and have fully reviewed the APR, including the APR examples, of the lender who is offering you the loan. You should read their terms and conditions carefully before agreeing to the loan.

In order to avoid paying extra charges or penalties on the finance you should ensure that you always have the funds in your account to pay your loan instalments on time.

Make sure that you understand that if you make late repayments on your loan or fail to repay your finance, any extra charges that you will incur.

If you are struggling to make your monthly payments then you should contact your lender as soon as possible. Your lender can help find a suitable solution that will work out best for both parties.

What might happen in the case of a late payment?

The implications of late payments will vary from lender to lender. One example would be that the customer would find themselves charged with a late payment fee and subsequently the interest accrued would be added to the outstanding balance of the loan.

As we work with many unsecured finance companies, we strongly advise customers to read the terms and conditions of any finance before committing to the finance agreement. This enables you to understand the full implications of a late payment on your finance. Late payments may result in your credit rating being affected which, in turn, can affect your ability to gain credit in the future.

What might happen in the case of a non payment?

Customers are strongly advised to read the lender’s terms and conditions carefully before applying as each lender will have their own policies regarding non payment of loans.

In the event of non payment, it is common practice for unsecured finance lenders to pass customers’ details on to a third party debt collector. The costs involved in referring the case to a debt collector are often carried over to the loan agreement. If a customer fails to pay back their loan, it might affect their ability to obtain credit in the future, as well as their current credit rating.