Common use of FINANCIAL RELIEF Clause in Contracts

FINANCIAL RELIEF. Programmes If you experience financial difficulties, we may allow you to pay reduced minimum payments for a limited period (a ‘Financial Relief Programme’). We may also reduce the interest rates applicable to your account for a specified time. We’ll confirm any conditions attached to your Financial Relief Programme with you in writing, including details of how your minimum payment is calculated and confirmation of the duration of the programme. We’ll then update you using your periodic statements, including reminding you when your Financial Relief Programme will come to an end. The minimum payment amount will always be at least equal to any interest, default fees and 1/12th of any annual cardmembership fee or the full monthly fee (if applicable to the product you hold) plus 1% of the amount you owe on the account upon entry into the Financial Relief Programme (subject to a minimum of £5). If you miss two or more payments whilst you are in a Financial Relief Programme, the programme may end. When a Financial Relief Programme ends (either because you have exited from the Programme or because the programme has come to an end) your minimum payments will be calculated in the same way as they were before you entered into the Financial Relief Programme. This is explained in “How we calculate your minimum payment due” above.