Do my payments change with the change in the bank of England rates?
Your Credit Agreement will state in the Financial Information section if a fixed or variable rate applies to your Point of Sale loan.
If your Point of Sale loan has a Fixed Rate of Interest then you will have fixed monthly repayment, which means that the interest rate is fixed for the term of your loan and your monthly repayments will not change.
If your Point of Sale loan has a Variable Rate of Interest, we may vary the interest rate from time to time, which means the interest rate may change over the term of your loan your monthly repayments may change. We will give you at least 30 days’ written notice of any change before it takes effect.