Common use of Your Payments Clause in Contracts

Your Payments. 2.1 We will send you a monthly statement, unless there have been no payments into or out of the account during that period and the balance is nil. Each month in which you have a balance outstanding on your account you must repay the greater of:- a) an amount equal to the total of any Credit Card Repayments Cover premiums, interest, default sums, plus 1% of the balance shown on your statement;