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INFORMATION ABOUT INTEREST SAVER PLANS

THESE ARE NO LONGER AVAILABLE TO STUDIO PAY CUSTOMERS

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Interest Saver lets you get what you need now and pay no interest for the length of the plan. As long as you pay the minimum payment, or more, each month and pay the plan balance by the end date you will not be charged any interest.

HOW DOES IT WORK?

You need to make at least the monthly minimum payment to keep your Interest Saver plan running. However, you can pay more than the minimum at any point to reduce your balance.

If by the end of the plan you have paid off your balance, you'll pay no interest.

Things you need to know about Interest Saver​

You must make a minimum monthly payment to keep your Interest Saver plan running.​

If you miss a monthly payment the plan may end early and you'll be charged interest together with a default sum. Missing payments may affect your credit score.

If the plan balance has not been paid in full by the plan end date, you'll be charged interest using your account's normal interest rate on any balance remaining. Interest is backdated to the order date. This is added to your Studio Pay Credit Account balance which is subject to your normal repayment terms and interest rate.​

HERE'S AN EXAMPLE

Let's say your order costs £100 and you’re offered Interest Saver for 3 months. Each month you will need pay your minimum payment. You can also pay an additional amount that suits you to reduce your plan balance. Let's say in Month 1 this is £20.

Today: Pay £0

Month 1: Pay £10 (minimum payment) + £20 | Remaining balance - £70

Month 2: Pay £10 only (minimum payment) | Remaining balance - £60

Month 3: Pay £10 (minimum payment) + £50 | Remaining balance - £0

Pay your plan balance in full by the end date and you pay no interest.

Example assumes there is no balance outstanding on the main Studio Pay Credit Account

WHAT DO I NEED TO DO?

Your monthly statement lets you know the minimum amount you need to pay to keep your account and any Interest Saver plan up-to-date. It will also include the date your payment is required.

If you don't make your minimum payment your Interest Saver plan may come to an end, you'll be charged interest immediately and you may be charged a late payment fee.

HOW TO AVOID BEING CHARGED INTEREST

To avoid any interest, you need to make at least the minimum payment each month and ensure you have paid off your Interest Saver plan balance before the end date. To make things clear, we put the plan end date and how much you owe in the 'Your Plans' section towards the end of your statement.

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Terms and conditions apply. Credit subject to status. Over 18’s only. Representative APR 39.9% (variable) Missed payments may affect your credit score.