If you are unable to make your credit card payments, this is called ‘falling into arrears’. This could be due to redundancy, illness, reduced income or another change in your circumstances.
If this is the case, it is important to contact us as quickly as possible. The sooner we know about the problem, the sooner we can work with you to identify the best solution to get you back in control of your finances.
When you fall into arrears, you will be charged default fees for non or late payment. You will also be charged a fee if you go over your agreed credit limit, or if a payment by cheque or Direct Debit cannot be processed due to lack of funds. It is essential to make arrangements to pay off your balance as quickly as possible to avoid these fees from mounting up.
Below is a guideline to our fees and charges which you may be charged if your account falls into arrears. By contacting us early you may be able to avoid some of these fees and charges.
|If you cannot pay a cheque or direct debit||€4.44|
|If you go over your credit limit||€6.35|
|If you make a late payment||€6.35|
Non-payment of arrears may affect your credit rating and make it more difficult for you to obtain credit. We will do all we can to assist you, or a third party nominated by you (e.g., a debt management consultant), to resolve the situation as quickly as possible. We will also contact you regularly to keep you updated with the state of your arrears and your responsibilities.
We appreciate that you may be worried about keeping up-to-date with your payments if you experience financial difficulties. Here are some straightforward tips that could help.
If you are in financial difficulty and think you may not be able to make your credit card payments, it is important you contact us as soon as possible. Tesco Bank PO Box 7520 Dublin 2 Telephone: 1800 555 744
You can get free confidential and independent debt managing advice from your local Money Advice & Budgeting Service (MABS) office. They can help you draw up a budget, advise you on any benefits you may be entitled to, and work out a revised repayment schedule that works best for you.
MABS help line 0761 07 2000 or www.mabs.ie
You can also get free, independent advice on debt management from the following bodies:
CitizensInformation.ie This site provides information on public services and entitlements in Ireland. Keepingyourhome.ie This sites aims to provide comprehensive information on the services and entitlements available if you are having difficulties paying your rent or making your mortgage repayments. Losingyourjob.ie This site provides public service information for those who are currently unemployed or are becoming unemployed in Ireland. Selfemployedsupports.ie This site provides public service information for self-employed people whose incomes are reduced.
These and other debt counseling organisations may be able to offer valuable free advice based on your specific circumstances.