We will send you an annual statement each year in accordance with the requirements of the Consumer Credit Act 2006. Your annual statement will cover the period from August of the preceding year to September of the current year.
The annual statement is accompanied by a covering letter, which will confirm your new monthly repayment amount for the coming year (September to August), which you'll need to pay if you're not in deferment.
Annual statements show the financial activity on your account over a one-year period. They also include the following information:
- The interest rate that applies for the period the statement covers.
- How much interest has been added to your loan(s) for the relevant period.
- Your repayments over the year.
- Any other charges added to the account.
- The balance of your loan(s).
- The total amount of credit provided under the loan agreement(s).
Each annual statement will include the loan numbers to which the statement relates