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Frequently asked questions
Cancel Payment Assist: Step-by-Step Guide
How to cancel Payment Assist and settle your credit agreement early
Understanding Payment Assist and your legal standing as a UK borrower
Payment Assist is a point-of-sale credit provider that enables you to spread the cost of healthcare, dental, veterinary, and optical treatments across monthly instalments. When you accept a Payment Assist plan, you enter a formal credit agreement governed by the Consumer Credit Act 1974 and the Consumer Rights Act 2015. This is a legally binding financial commitment, not a subscription service you can cancel at will. Understanding your contractual obligations and consumer protections is the foundation of any decision to cancel or settle early.
Financial circumstances change. You may have found cheaper alternative finance, decided to settle your debt in full, or experienced a genuine change in your situation that makes the current payment plan unaffordable. Whatever your reason, you have specific consumer rights under UK law. Yafee recognises that navigating credit agreements can feel daunting, which is why we have prepared this comprehensive guide to help you understand your options and take decisive action.
What Payment Assist provides
Payment Assist partners with thousands of healthcare practitioners across the United Kingdom to offer immediate access to treatment without upfront payment. You borrow the treatment cost and repay through fixed monthly instalments over a period you choose at the point of sale. The company pays the practitioner in full, and you repay Payment Assist according to your agreed schedule.
Most agreements include interest-free promotional periods lasting six to twelve months. During this window, you repay only the capital borrowed, provided you meet minimum monthly payment obligations. After the promotional period expires, or if your agreement falls outside one, interest accrues at rates typically between 9.9% and 29.9% APR, depending on your credit profile and the specific terms you accepted.
Why you might consider cancelling or settling early
Early settlement becomes attractive when you can no longer afford the monthly payments, have secured cheaper credit elsewhere, or can now pay for treatment in full without borrowing. Settling before interest begins accruing can save you hundreds of pounds, particularly if you are within a promotional period. However, early settlement may trigger administration fees or backdated interest charges, so calculating your exact settlement figure with Payment Assist is essential before proceeding.
Your consumer rights under UK law
The Consumer Credit Act 1974 and the Consumer Rights Act 2015 establish your protections as a borrower in the United Kingdom, and Yafee advises all consumers to understand these rights before taking action.
Your legal position
You have the absolute right to settle your Payment Assist agreement at any time by paying the outstanding balance in full. Under the Consumer Credit Act 1974, section 94, you must receive a settlement figure within 12 working days of requesting one. This figure shows exactly what you owe, including any accrued interest, fees, and the refund of any unearned interest due to early settlement. Payment Assist cannot refuse your settlement request or impose unreasonable penalties. If the company fails to provide a settlement figure within the statutory timeframe, or charges fees that contravene the Consumer Rights Act 2015, you can escalate your complaint to the Financial Conduct Authority (FCA) or seek redress through your local Citizens Advice Bureau.
The right to a settlement figure
Request your settlement figure in writing (by email to the address on your agreement or via their online portal). Payment Assist must calculate the full amount you owe, including any accrued interest up to your proposed settlement date, minus any refund of unearned interest. This figure remains valid for a set period, typically 10 to 30 days depending on the agreement. Pay this amount by the deadline to complete the settlement. Keep a copy of your settlement request and the response for your records.
Protection against unfair contract terms
The Consumer Rights Act 2015 prohibits traders, including credit providers, from using unfair contract terms that create an imbalance against the consumer. If Payment Assist attempts to charge excessive early settlement fees or claims you owe money beyond what the Consumer Credit Act allows, you can challenge these terms. Yafee recommends documenting all correspondence and contacting the Citizens Advice Consumer Service if you believe the company is breaching your statutory rights.
Payment Assist pricing structures and what you owe
Understanding the cost of your agreement is crucial before deciding whether to cancel or settle early.
Interest-free promotional periods
Many Payment Assist agreements begin with a zero-interest window, typically ranging from six to twelve months. During this period, you repay only the capital borrowed, provided you make all minimum monthly payments on time. This is the most cost-effective phase of your agreement. Settling your balance before the promotional period ends eliminates interest entirely and can save you a substantial amount.
A critical trap: missing even one payment during the promotional period often triggers immediate interest, sometimes backdated to the original purchase date. This can add hundreds of pounds to your debt unexpectedly. Set up automatic payment reminders and consider setting up a direct debit to ensure you never miss a scheduled payment.
Standard agreements with accruing interest
Outside promotional periods, interest accrues daily on your outstanding balance at the APR specified in your credit agreement. The longer you hold the debt, the more interest you pay. A settlement figure requested early in your repayment period will be lower than one requested later, making early settlement financially advantageous in most cases.
| Agreement type | Interest rate (typical) | Promotional period | Key cost implication |
|---|---|---|---|
| Interest-free agreement | 0% for 6-12 months | Six to twelve months | Settle before expiry to avoid interest entirely |
| Standard credit agreement | 9.9%-29.9% APR | None or expired | Daily interest accrues; settle as soon as possible |
| Fixed repayment plan | Varies by credit score | Depends on individual terms | Check your agreement for interest-free window |
How to cancel or settle your Payment Assist agreement
Settling your Payment Assist credit agreement involves three distinct procedural steps: obtaining a settlement figure, arranging payment, and confirming closure with the lender.
Step one: request your settlement figure
- Contact Payment Assist directly by one of the following methods:
- Call customer service on 01664 503151 during business hours
- Log into your online account at the Payment Assist website and request a settlement figure through your dashboard
- Write to the company's registered address (see the final section of this guide) requesting a formal settlement figure in writing
- When requesting your settlement figure, provide the following information:
- Your full name and date of birth
- Your account or reference number (shown on your statement or agreement)
- Your preferred settlement date (within the next 30 days if possible)
- Keep a record of your request, including the date and time you made it. If you request the figure by phone, ask for a reference number and follow up with a written confirmation email to Payment Assist.
- Payment Assist must provide the settlement figure within 12 working days of receipt. If they do not, escalate your complaint to the FCA using the formal complaint procedures detailed in the next section.
Step two: review the settlement figure and arrange payment
- When you receive the settlement figure, check it carefully:
- The outstanding capital balance (amount you originally borrowed)
- Any accrued interest up to your proposed settlement date
- Any administration fees (Payment Assist may not charge excessive fees under the Consumer Rights Act 2015)
- Any refund of unearned interest (you must receive a refund if you settle early and interest has not fully accrued)
- If the figure seems incorrect or includes charges you believe are unfair, contact Payment Assist immediately to query it. Request a revised figure with a breakdown of each cost component.
- Once you are satisfied the figure is correct, arrange payment by:
- Bank transfer to the account number provided by Payment Assist (fastest method; confirm you have the correct account details)
- Debit or credit card through the Payment Assist online portal (if available)
- Postal cheque or money order sent to the registered address (allow extra time for processing)
- Pay by the deadline specified in the settlement figure letter. The figure typically remains valid for 10 to 30 days. If the deadline passes, you must request a new settlement figure as interest will have accrued further.
Step three: obtain confirmation of settlement and closure
- After you have paid the settlement amount, Payment Assist must send you a written confirmation of settlement within 5 working days.
- This confirmation should state:
- The date the settlement was received and processed
- The amount paid and the date of payment
- A statement that your credit agreement is now fully settled and closed
- Your right to a copy of the final statement of account
- Keep this confirmation letter permanently. You may need it if disputes arise or if you need to prove the agreement is closed to another lender in the future.
- Check your credit file with Equifax, Experian, or TransUnion within 30 days to confirm that Payment Assist has reported the agreement as settled and closed. Yafee recommends obtaining a free credit report annually to monitor your credit history.
What happens after you settle
Closing your Payment Assist agreement does not end your relationship with the company immediately. Several administrative steps occur after settlement, and understanding these protects your credit record and financial interests.
Credit file reporting
Payment Assist reports all credit agreements and settlements to the three major UK credit reference agencies: Equifax, Experian, and TransUnion. After you settle, the company must report the account as "settled" or "closed" within 30 days. This updated status will appear on your credit file and should improve your credit score over time, as settled accounts demonstrate responsible borrowing. However, the account will remain visible on your credit file for six years from the date it was opened, as part of your credit history.
Final statements and records
Request a final statement of account from Payment Assist after settlement. This document shows the complete history of your borrowing, all payments made, and the final settlement amount. Keep this record indefinitely. You may need it for your own financial records, for tax purposes, or if Payment Assist ever disputes that the account was settled.
Refund of overpayments
If you have been paying more than the minimum monthly payment, or if you have made extra payments to reduce your balance, you may be entitled to a refund of overpayments. Your settlement figure from Payment Assist should reflect any such refund. If the company fails to include a refund you believe you are owed, query this in writing and request a revised settlement figure.
Common mistakes to avoid when cancelling
Settling a credit agreement is straightforward, but several pitfalls can delay the process or cost you money. You are not alone in making these mistakes, and awareness of them significantly improves your experience.
Confusing cancellation with settlement
You cannot simply "cancel" a Payment Assist agreement as you might cancel a subscription. A credit agreement must be settled by paying the outstanding balance in full. Stopping your monthly payments without an agreed settlement plan will trigger late payment fees, interest backdating, and damage to your credit score. Always obtain a settlement figure and a deadline before ceasing payments.
Missing the promotional period deadline
If your agreement includes an interest-free promotional period, settle before it expires. Once the period ends, even by a single day, interest begins accruing. Many borrowers miss this deadline and suddenly owe far more than anticipated. Mark the expiry date in your calendar at least 60 days in advance.
Failing to confirm settlement in writing
After paying your settlement amount, Payment Assist should provide written confirmation of closure. If you do not receive this within 10 working days, contact the company immediately and request written confirmation. Do not assume the account is settled until you have a signed letter confirming it. Yafee has seen cases where borrowers settled their agreement but later received chasing letters because Payment Assist had no record of receiving payment.
Ignoring the settlement figure validity period
Settlement figures are typically valid for 10 to 30 days. If you do not pay by the deadline, the figure expires and you must request a new one. Delaying payment beyond this period means additional interest accrues, increasing the total amount you owe. Pay as soon as you receive the settlement figure to lock in the amount and avoid further costs.
Not checking your credit file after settlement
After settlement, Payment Assist must report the account as closed to the credit reference agencies. Verify this has happened by checking your credit file within 30 days. If the account is still showing as active or with an outstanding balance, contact Payment Assist and request they correct the record. Yafee recommends checking your credit file annually to catch any errors.
Escalation and dispute resolution
If Payment Assist refuses to provide a settlement figure, charges what you believe are excessive fees, or fails to confirm settlement within the statutory timeframe, you have formal remedies available under UK consumer law.
Raising a formal complaint with Payment Assist
Submit a formal written complaint to Payment Assist's complaints department. You must do this before escalating to the FCA. Your complaint should clearly state the issue, the date it occurred, what you have already done to resolve it, and what outcome you are seeking. Send the complaint by email (to the address on your agreement) or by registered post to their registered address. Payment Assist must acknowledge your complaint within three working days and provide a full response within eight weeks.
Escalation to the financial conduct authority
If Payment Assist does not resolve your complaint to your satisfaction within eight weeks, or if you receive a response you disagree with, you can escalate to the Financial Conduct Authority (FCA). The FCA regulates all UK credit providers and can impose financial penalties or require the company to correct its actions. You can contact the FCA via their website or by writing to their dispute resolution service. There is no cost to raising a complaint with the FCA, and they will investigate on your behalf.
Citizens advice consumer service
The Citizens Advice Consumer Service provides free guidance and support if you believe a trader has breached your consumer rights. You can contact them online or by phone to discuss your situation. They can advise whether Payment Assist has acted unlawfully and can support you in pursuing a formal complaint or legal action if necessary.
Key facts and comparison table
This table summarises the essential information you need to make a decision about settling your Payment Assist agreement.
| Aspect | Details | Action required |
|---|---|---|
| Settlement right | You can settle at any time by paying the full outstanding balance | Request a settlement figure from Payment Assist in writing |
| Settlement figure timeframe | Payment Assist must provide a figure within 12 working days | Chase the company if you do not receive it within this period |
| Interest-free periods | Most agreements include six to twelve months at 0% APR | Settle before the period expires to avoid interest |
| Standard interest rates | 9.9% to 29.9% APR depending on your credit profile | Early settlement saves money; request your figure immediately |
| Credit file impact | Settlement reported within 30 days; improves your credit score | Check your credit file after settlement to verify closure |
| Escalation authority | Financial Conduct Authority (FCA) if Payment Assist refuses settlement | Raise a formal complaint with Payment Assist first; escalate to FCA if unresolved |
Contact details and next steps
To initiate settlement of your Payment Assist agreement, use the following contact methods. Yafee advises contacting Payment Assist directly as the quickest way to obtain a settlement figure and close your account.
Payment Assist customer service contact details
Telephone: 01664 503151 (Monday to Friday, 9 a.m. to 5 p.m. UK time)
Online: Log into your account at the Payment Assist website and request a settlement figure through your secure dashboard
Postal address for written requests: Payment Assist Limited, Melton House, Station Road, Melton Mowbray, Leicestershire LE13 1BP, United Kingdom
Email: Check your agreement or statement for the customer service email address, or request settlement details via your online account portal
Next steps
Yafee recommends the following sequence of actions to settle your Payment Assist agreement efficiently:
- Contact Payment Assist today using one of the methods above and request a formal settlement figure, specifying your preferred settlement date within the next 30 days
- When you receive the settlement figure, review it carefully to ensure all costs are accurate and lawful under the Consumer Rights Act 2015
- Arrange payment via bank transfer (fastest method) by the deadline specified in the settlement letter
- Obtain written confirmation of settlement and closure from Payment Assist within 10 working days of payment
- Check your credit file within 30 days to verify the account is reported as settled
- If Payment Assist fails to respond within statutory timeframes or disputes your settlement right, escalate your complaint to the FCA using their online dispute portal
Why yafee is here to support you
Yafee has helped thousands of consumers navigate credit agreements, understand their legal rights, and settle early to save money on interest. Whether you are uncertain about the settlement process, believe Payment Assist has charged unfair fees, or need guidance on escalating a dispute, Yafee provides expert contract law advice grounded in the Consumer Credit Act 1974 and the Consumer Rights Act 2015. Visit Yafee.com today to access additional resources, template letters, and step-by-step cancellation guides tailored to your situation. Taking control of your finances starts with understanding your rights, and Yafee is committed to making that process clear, straightforward, and legally sound.