A Question about Credit Builder from MyCashPlus.

20aday

Hello,

Can anyone help me at all?

I've taken out a CashPlus Pre-Paid MasterCard and opted into their CreditBuilder scheme.

I've had a look on their website and couldn't find the answer but when they typically take the payment towards the loan?

Sorry if this is posted within the wrong section.

Thank you.

boo_star

It is a bit tough, I will admit it's somewhat buried.

From what I gather it's on the monthly date from when you signed up for the service.

So sign up on the 30th of January, you get charged every 30th (unless it's February)

Either ask them or assume they'll take it the working day before your due date.

richx45

If it helps, mine comes off on 6th of each month

20aday

Thanks for the replies.

My "plan" started on June 1st; so I'll assume it'll be taken on the 1st July.

I've put money in the card just in case!

cmssbrie

Sorry to hijack, but I also have one of these cards, and it has a couple more months left to 'run'. The card has been topped up with sufficient funds to cover the 'credit builder loan'.

Does anybody know what actually happens at the end of the 'loan'? - i.e do they:

1) Automatically settle the account on your credit file?
or
2) Automatically 'renew' a new loan for the next 12 months? (therefore meaning you have to put another £50 odd quid on the card for the new 'term')?

garethw08

I got one of these cards last month. Do you have to upload money onto it or will it just come out of the bank account it is linked to?

20aday wrote: »

Thanks for the replies.

My "plan" started on June 1st; so I'll assume it'll be taken on the 1st July.

I've put money in the card just in case!

20aday

cmssbrie wrote: »

Sorry to hijack, but I also have one of these cards, and it has a couple more months left to 'run'. The card has been topped up with sufficient funds to cover the 'credit builder loan'.

Does anybody know what actually happens at the end of the 'loan'? - i.e do they:

1) Automatically settle the account on your credit file?
or
2) Automatically 'renew' a new loan for the next 12 months? (therefore meaning you have to put another £50 odd quid on the card for the new 'term')?

From what I've read it'll end after 12 months, automatically, but if you wish to continue then to contact them and they'll start again.

20aday

garethw08 wrote: »

I got one of these cards last month. Do you have to upload money onto it or will it just come out of the bank account it is linked to?

You need to fund the account by wireless payments, at the Post Office etc.