Frequently asked questions

You can update your debit card by logging into your online Plata account.

You can change your future payment dates, provided you have made at least one payment. You can do this through your online Plata account here.

If you have not yet made a payment or would like to make your payments weekly, fortnightly or 4 weekly, simply contact our payments team on 0330 165 5125 and a member of our team will be happy to help.

Opening hours:

Monday - Thursday: 8am - 8pm
Friday: 9am - 5pm
Saturday: 9am - 2pm

To find out how many payments you have left, please call our payments team on 0330 165 5125 and a member of our team will be happy to help.

Opening hours:

Monday - Thursday: 8am - 8pm
Friday: 9am - 5pm
Saturday: 9am - 2pm

When e-signing your loan agreement, you will be given the option to choose a monthly repayment date that suits you. For example, if you get paid at the end of the month, you can choose to repay on the 1st of every month.

If you haven’t chosen a monthly repayment date of your choice, by default, your monthly instalment date will be around the day of the month on which your loan is agreed.

 A few days after your loan is paid into your account, you will receive an email to let you know when your first repayment will be due.

Additional payments can be made without any extra charge. You can do this through your online Plata account or by calling our payments team on 0330 165 5125 where a member of staff will be able to assist you.

Opening hours:

Monday - Thursday: 8am - 8pm
Friday: 9am - 5pm
Saturday: 9am - 2pm

You can choose to make a partial repayment of your loan with a view to either reducing your monthly repayments or shortening your loan duration (ie. paying off your loan earlier). You can do this by making a payment on your online account.

When making the repayment, you will be given the option to allocate your repayment to either paying your loan off earlier (keeping the same monthly repayments) or using it to reduce your monthly repayments.

1.      Log into your account here.

2.    Choose the ‘Pay other amount’ option.

3.    Enter an amount and choose one of the options:

• Pay your loan off earlier (keeping the same monthly repayments); or
• Reduce your monthly repayments

If your monthly loan repayments are no longer affordable for you, please contact our Servicing team for help and support. You can reach them on 0330 165 5125.

Opening hours:

Monday – Thursday: 8am – 8pm

Friday: 9am – 5pm

Saturday: 9am – 2pm

You can request a settlement figure by logging into your online Plata account. 

If it's been less than 14 days since you've taken out your loan, please contact our payments team by phone on 0330 165 5125.

Opening hours:

Monday - Thursday: 8am - 8pm
Friday: 9am - 5pm
Saturday: 9am - 2pm

You can also contact us via email at customerservices@plata.com or send a letter to: Plata Finance Limited, Frobisher House, Southbrook Road, Southampton, SO15 1GX.

Important points to keep in mind

• The settlement figure you receive will be valid for 28 days from the date it was requested. Any rebate of interest that you might be entitled to will be calculated in strict accordance with the Consumer Credit Act 1974 (“CCA”). You will receive this information no later than 7 days after the request was made.
• Any monthly repayments due during this time will still need to be made.

The settlement figure information will be sent to you in writing. Receiving this does not mean that you must make the repayment. If you choose not to proceed, you don’t need to take any further action.

What is the "rebate of interest"?

When you make a partial repayment of a loan, you might be entitled to a rebate of some of the interest charges. The early settlement figure is calculated using the formula set out in the Consumer Credit Act (it is not a Plata formula). This works out how much rebate of the interest charge you may be entitled to, depending upon the size of the partial repayment and how long the loan has left to run. In other words, you will not have to pay interest on what is left of your loan term, if you pay it off early. This figure will be displayed as the “rebate” on your early settlement statement. 

How are interest charges allocated?  

Each monthly repayment is made up of both capital and interest. However, the proportion of capital and interest will vary each month, as the proportion of interest is not evenly spread over the length of the loan agreement. In the early part of your loan agreement, the outstanding capital reduces very slowly, so the amount of interest payable on the money you borrow is proportionately higher at the beginning of the loan agreement than towards the end. 

How do I know how much interest I will have to pay?

At Plata we want to be clear how much the loan will cost you over the term of the loan. We add the interest at the front of the loan (also known as “front loading”) and add the interest figure to the loan amount, then divide that total by the number of monthly repayments, with the final payment being slightly adjusted to ensure the total of the monthly payments is the same as the total amount payable figure.  A Plata customer will never have to pay more than the total amount payable as shown on the loan agreement. If you decide to make a partial repayment, then you may be entitled to a rebate of the interest charges (see “What is the "rebate of interest"”).

We can provide you with further information upon request.

Please note, Plata is not a short-term lender. We offer loans for a minimum term of 12 months. Although you will be entitled to a rebate of interest, if you are looking to settle your loan very early in your agreement, this may not be the right loan arrangement for you and you may wish to choose an alternative option. 

Further early settlement information can be found here. Alternatively, you can contact us, and we will be happy to send you a copy.

If you have already received your loan and are within your 14-day cooling-off period, please contact our Servicing team to cancel. You can reach them on 0330 165 5125.

Provided you cancel within the 14-day cooling-off period and return the loan within the following 30 days, we will not charge you any interest.

To update your personal information, you can call our team on 0330 165 5125 and a member of staff will be happy to help.

Opening hours:

Monday - Thursday: 8am - 8pm
Friday: 9am - 5pm
Saturday: 9am - 2pm

A Plata top-up loan is for our existing customers who wish to access additional funds.

If you are approved, we will close your current loan and set up a new one, combining the additional funds you need with the amount required to settle your previous loan. This means you will only have a single monthly repayment to maintain. Importantly, the interest rate on the top-up loan will always be the same as the existing loan and in some cases, the interest rate will be even lower, depending upon individual circumstances.

Explore further details on our Plata top-up page.