Debit Protect

• What is Debit Protect?

  We designed Debit Protect to help you cover a Direct Debit that would otherwise bounce.
  
  It's exclusively for use on Direct Debits you have set up to be paid from your Cashplus Account, and we can cover up to a maximum of £1,000 per Direct Debit.
  
  How it Works

  1. If you've got a Direct Debit due to leave your account, we'll always check your account the day before it needs to be paid, to make sure you've got enough funds available to cover it
  2. If we can see that you're short, we'll let you know so that have time to pay money into your account
  3. At the same time, we'll let you know if you're approved for a Debit Protect loan to give you the option for us to pay the Direct Debit shortfall for you. - We'll send details of this offer to you via email and/or Online Servicing Message and/or SMS
  4. Then it's up to you. To accept the offer, simply follow the Debit Protect sign up process via Online Servicing or the Mobile App.
  5. We'll do the rest and make sure your Direct Debits are paid on time - and save you a rejected payment fee. Please note the amount you borrow will be paid directly to the company you have the Direct Debit setup with - it won't be paid into your account
• Can I use Debit Protect for anything other than Direct Debits?

  Debit Protect is designed specifically for covering Direct Debits. Whether it's a gym membership or electricity bill, if you're eligible and the payments between £10 and £1,000 - we'll pay it for you.

• How do I get Debit Protect?

  Debit Protect is available to customers that meet our eligibility criteria. If you meet this criteria, and we can see that you're short on funds and have a Direct Debit due, we'll send you a low balance alert. This will include an offer of Debit Protect if we’re able to extend one to you.
  
  From there, signing up for Debit Protect is simple - just login to your Online banking account or the Cashplus Bank App and select the 'Debit Protect' option from your Account Overview screen or within 'Add-ons'. Follow the on-screen instructions and once you've successfully completed the process, we'll do the rest.
  
  Because customers’ circumstances can change rapidly, we can’t guarantee that you’ll be approved for Debit Protect. And Again, please note, from time to time we may alter or remove the offer of Debit Protect as we review your eligibility.

• How much can I borrow with Debit Protect?

  It depends on the exact amount needed to get your Direct Debit paid. So for example, if the payment is for £199, your Debit Protect would be for £199 and paid directly to the business collecting the Direct Debit payment.
  
  We can offer a total of up to £1,000 to cover any Direct Debit that’s set-up to be paid from your Cashplus Account when you don’t have enough money in your account to cover the payment.

• How much does it cost to use Debit Protect?

  The cost to use Debit Protect is straightforward and will be confirmed in both your offer email, and your credit agreement when you sign up.
  
  There's a daily usage fee of 80p per £100 per day for each day your loan is outstanding up to 45 days (when you sign up you'll be able to select your repayment date).
  
  So if we cover a Direct Debit of £50 for you, you'll be charged 40p per day until it's repaid. If you need 10 days to repay that amount, that would cost just £4.

• How long will it take to set up a Debit Protect?

  We’ll alert you that a Direct Debit looks set to bounce the day before the payment’s due. You then have until 9:00am on the day that the Direct Debit’s due to be paid to sign up for your Debit Protect in Online Servicing and/or the Mobile App.
  
  Provided you complete the loan setup before this cut-off, we guarantee the Direct Debit will be paid on time.

• How do I repay my Debit Protect?

  Repaying your Debit Protect is simple – just make sure that you have enough money cleared in your Cashplus Account to repay the Debit Protect by the repayment date (see the question below for details) that you choose when you sign up. On the date you've selected, we’ll then take the amount you borrowed plus any charges confirmed in your agreement, from your Cashplus Account, on your chosen repayment date.
  
  To make sure you have enough money in your account to repay your Debit Protect, view our free and easy ways to pay into your Cashplus Account.

• Are there any other Debit Protect fees?

  Please see your agreement for confirmation of any charges. And please note, if you don’t make your repayment or you repay late, it could hurt your credit rating

• Can I have more than one credit product at one time?

  Yes, you may be eligible for both an overdraft and Creditbuilder/Business Creditbuilder at the same time.

• Are you a responsible lender?

  At Cashplus, we’re serious about our commitment to responsible lending.

  We strive to be as responsible as possible and try to be completely clear and open about any charges involved with all our products. We offer what we believe you or your business can afford to repay, with an amount that meets both your needs and your ability to make your repayments.

• What if I can't afford my repayments or am struggling to manage my finances?

  If you can’t afford to make a repayment on time, you should call us right away, as we may be able to help.

  Our Credit Management Team is available on 0203 059 5784 Monday to Thursday from 8am to 8pm, Friday 8am to 6pm and Saturday 9am to 1pm.

  If you’d rather get independent, impartial, free and confidential help, you can also speak to any of these organisations:

  • Citizens Advice Bureau 
  • StepChange 
  • MoneyHelper 
  • Business Debtline 
• Will Cashplus credit add-ons affect my credit score?

  Yes, using a Cashplus credit add-on like an overdraft could impact your credit score.

  If you manage your overdraft responsibly, don’t rely on it extensively and make all your repayments on time, it can have a positive impact on your credit score as it shows you are financially responsible.

  If, however, you’re late making your repayments or miss some completely, it may harm your credit score. This can reduce your chances of getting credit or make it expensive for you to get credit in the future.

  You should never take out more credit than you can repay.

• Can I opt out of receiving credit offers?

  Absolutely, if you don't want to receive any future credit offers from us, just let us know by emailing us at [email protected].

  If there's a specific product you don't want to receive offers about, please include that in the subject line, so we can let you know when you're eligible for other suitable products.