What happens if I can’t make a payment?

If you can’t make a month’s payment for any reason, you have two options:

1. Unlock your Pockit LOQBOX before your payment date and get all your savings back. This means you won’t keep building your credit history and it will be reported as a settled debt, but this is much better than missing a monthly payment, which will hurt your credit score.
2. If you miss a payment and don’t unlock your Pockit LOQBOX before then, it can hurt your credit score.

How much does it cost?

Pockit LOQBOX is free to add to your Pockit account. Each month on the day you selected, we will collect the amount you decided to save, plus £0.99 to cover the cost of putting the money into your Pockit LOQBOX.

Can I pay in weekly or every four weeks, rather than monthly?

No. We have to take your payment on the same day each month. This date is set when you activate your Pockit LOQBOX.

Can I pay a different monthly amount or add extra money if I have it?

Nope. We have to take your payment on the same day of each month. You choose this date when you activate Pockit LOQBOX and your fixed monthly repayments are what help you build your credit history.

Can I take my money out early?

Yes, you can unlock your Pockit LOQBOX earlier, if you want. When you ‘unlock’ your Pockit LOQBOX, you get back the entire amount you’ve paid in so far. Best to wait for at least 4 months as unlocking too early could harm your credit history.