Changing your repayment method

Changing the way you make loan repayments is a straightforward process at London Mutual Credit Union. Whether you’re looking to switch from Direct Debit to standing order, update your payment date, or set up a new repayment method, we’re here to help. This guide outlines the steps and options available to ensure your repayments remain simple and suited to your needs.

Understanding your repayment options

At London Mutual, we offer flexibility in how you repay your loan. Your methods include:

Direct Debit—automatic monthly payment from your external bank account.
Standing Order—manual instruction set up with your external bank or from your current account with us
Payroll Deduction—payments taken from your salary, if your employer participates.
Split set up on your regular benefits, coming to our savings or current account

Steps to Change Your Repayment Method

Contact our Helpdesk team by phone (0203 773 1751), email (help@creditunion.co.uk), or secure messaging via online banking or our mobile app.
Let us know the repayment option you want to switch to (for example, changing from Direct Debit to Standing Order).
Provide any required details, such as your new bank account information or employer payroll details.
We’ll guide you through completing any necessary forms or online steps.
You’ll receive confirmation once your new repayment method is set up.

Important Considerations

Allow up to 10 working days for changes to take effect.
Not every repayment method can be changed ( we will contact you if it cannot be done, and reasons)
Make sure you continue repayments as usual until you receive confirmation of your new setup.
Missed payments could affect your credit record and membership status.

Conclusion

London Mutual Credit Union is committed to empowering members through flexible, accessible financial solutions. If you’re unsure, speak to our friendly Member Services team, who will support you every step of the way. Your financial well-being is at the heart of what we do.