What happens if I miss a Credit Builder repayment?

If you miss a payment, we’ll need to report your account in arrears to the credit agencies. We’ll give you the ability to catch up on one missed payment, but missing payments can have a big negative impact on your credit score and history.

If you miss 4 consecutive payments, we will close your credit builder automatically and return all the payments you’ve made to your HandyFin GBP account. This is a safeguard to make sure your Credit History doesn’t get as severely impacted.

If your circumstances change and you can’t make any more payments, then we recommend closing your Credit Builder loan in your HandyFin app as soon as possible. Missing repayments will make potential lenders believe that you’re not able to keep up with commitments.