What are arrears?
Lola Shotinwa avatar
Written by Lola Shotinwa
Updated over a week ago

Arrears happen when payments become overdue. If your Cardeo Credit repayments are not received and become overdue, the account will fall into arrears. Arrears are the total amount that you failed to pay.

  • Each missed credit repayment incurs a late payment fee of £12

  • Missed credit repayments appear on your credit file and may affect your ability to get credit in the future

  • The longer you are in arrears, the more you’ll have to pay back in interest

The best thing to do if you are in arrears is to make a repayment in the app as soon as you can. Paying back all your missed payments will get your account out of arrears. Paying back part of the sum will reduce the amount of interest you are incurring and move you closer to getting out of arrears.

If you are not able to make a payment, contact our support team to discuss your options:

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