If a Clearpay payment is missed, what happens?
Does Clearpay automatically deduct funds?
You’ve found the proper location if you’ve been pondering the same thing. You may stop worrying about any of these issues now that we’ve addressed them all. If you want to know the answers for sure, you should keep reading to the conclusion.
Clearpay is a company that facilitates the “buy now, pay later” model of purchasing. Through them, you may make purchases from affiliates while just partially paying the listed price. You may divide the total price of an item into manageable chunks and pay for it over time by creating a payment plan with Clearpay.
Does Clearpay take money automatically?
Short Answer: If the payment is not made before the due date, Clearpay will automatically deduct the next payment from your selected card on the due date.
Payment schedules are available in your Clearpay account at all times, and you may always send in the payment ahead of time. In the event that you do not make your payments when they are due, Clearpay will automatically deduct the funds from your debit or credit card.
Automatic payments are available via Clearpay to assist you in keeping to your payment schedule.
Payment for the next period will be deducted automatically from the card you choose through Clearpay on the due date. Clearpay will always notify you well in advance of payment becoming due, so all you have to do is ensure there is enough money in your account to cover it.
When does Clearpay take money?
Clearpay will continue to automatically charge your chosen card every two weeks after the first payment has been processed.
Customers who want to use Clearpay must complete their initial payment at the point of purchase. You may then relax as your final three installments are debited from your chosen mode of payment every two weeks.
Clearpay works with a wide variety of well-known stores to provide customers with the option of making a purchase immediately while deferring payment until a later date. Shoppers use Clearpay by visiting their favorite online merchant, as normal, and then choosing the service as their payment option at checkout.
This is the part where you either log in to your existing Clearpay account or sign up for a new one and enter your payment information. Each installment on the total price of your new items will be deducted from your checking account on the first of every two weeks beginning from the day after you get the products.
What happens if you don’t pay Clearpay?
If you are late with a payment, Clearpay instantly disables your account and prevents you from placing any subsequent orders. Clearpay will allow you until 11Â p.m. on the next day to complete your payback, beyond which point you will be subject to a late charge for a missed payment that is not addressed.
If you forget to make a payment, Clearypay will notify you through email and text message that the payment you set up to be made automatically did not go through. When the primary card associated with your Clearpay account is declined during an automated payment attempt, Clearpay will try to charge any other cards associated with your account.
Any money owed must be paid in full by 11 PM the next day. Failure to do so will result in a £6 late charge being assessed by Clearpay. The £6 late payment charge is added if the payment is not made within 7 days. The entire amount of late fines comes to £12 in this case.
The amount of money you may be charged for being late is limited in Clearpay. To put it another way, they won’t exceed 25% of the item’s entire worth when paid for using their BNPL plan. According to Clearpay, this is a great way to ensure that you stick to a payment plan.
Each time you use Clearpay, your repayment capacity for a plan will be checked. That being said, they will get in touch with you right away if you ever fall behind on payments. Furthermore, until you pay them back, you will be unable to make any further transactions using Clearpay.
FAQs
1. Does Clearpay report late payments to credit bureaus?
If you are late with a payment, Clearpay has the option of informing the credit reference companies (CRAs) who maintain your credit record; however, it has been said that it does not. Although Clearpay previously had this view, it is expected to shift in light of the recent announcement that all three major CRAs would begin reporting BNPL data in spring 2022.
2. Can I reschedule Clearpay payments?
Just one transaction per order may be rescheduled; if you have any further questions, please contact Clearpay using their mobile app. In the event that you need assistance rescheduling your first or final payment, you will need to contact Clearpay using their mobile app, since this tool is not available for this purpose.
Final Words
You won’t have to worry about paying any interest or hidden costs when you use Clearpay. If there aren’t enough funds in your account to cover the scheduled installments, that’s the only time you’ll incur additional fees.
Clearpay states that they are “dedicated” to making sure you stick to a repayment schedule. They’ll be out of pocket if they have to send out collection notices or charge you late fees.
It’s important to stick to your budget and pay on time with Clearpay. Get in contact with their support service right immediately if you are having financial difficulties. Please don’t disregard any notices that may come your way about overdue payments.
You must pay back your debts immediately. What follows is the response to the question, “Should users pay?” Definitely, unless they want to risk wrecking their credit!
Having earned a Bachelor’s degree in Commerce from Ravenshaw University, with a background in Accounting and Finance, Akshita Pattanayak contributes to UniTopTen by writing clear and concise articles based on Finance-Tech. With more than a hundred fin-tech related articles, she hopes to educate people about how banking and payment apps function.