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Question

What happens if I don't pay on time?

Answer

A £40 late settlement charge will be applied and added to your overdrawn balance.

The Debt Management team will send a letter giving 7 days to clear the position if debt relates to an unpaid purchase. If the debt relates to unpaid inactivity fees, a letter will also be sent but will give 14 days to clear.

An email copy of the letter will be sent to you also if there is an email address attached to your account.

If the position is not cleared by close of business on the deadline given on your letter/email, sufficient stock will be sold from your account first thing the next business day. Please note we reserve the right to sell any stock from your portfolio to realise the full amount due. Commission is applied at telephone rates.

A restriction may be added to your account which will prevent any further purchases of stock. Once the overdrawn position has been cleared, we will review the restriction. It should be noted that dealing limits are at our discretion. Should there be a pattern of overdrawn cases your account may be restricted permanently.

 

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