Updates to our payment process

What’s changed?

We’ve improved our payment system, which will slightly change how your CAP Plan works.

Here’s what you need to know:

  • It’s important you pay in to your CAP Plan on the monthly payment date we will agree with you
  • Tell us if you need to change the date you pay in
  • From [THIS DATE], when you pay into your CAP Plan, our system will automatically pay your creditors. This means your creditors are paid sooner

We’ll send you a new CAP Plan Schedule to reflect these changes. Full details are in the terms and conditions in your new Full Agreement

Frequently asked questions

How does this affect my payments into my CAP Plan?

When CAP’s system changes, you’ll have a monthly payment date. If you pay in on a different date, then your money won’t be sent out to your creditors. It will go into your savings instead. It’s important that you tell us if you need to change your monthly CAP payment date.

What if I can’t pay into my CAP Plan?

Let us know as soon as possible. If you’re struggling on your budget, or need us to make changes to your Plan, we’re here to help.

What if I can only pay part of my monthly CAP Plan payment?

If you don’t pay your full monthly amount, this could mean there’s not enough money in your Plan to pay your creditors. CAP will pay as many of your creditors as possible based on the order of priority shown on your CAP Plan Schedule. If you can’t make your full payment, let us know as soon as you can.

What if I want to make an irregular payment into my CAP Plan?

There are two kinds of irregular payments:

  • I want to pay my normal monthly CAP Plan payment, but on a different date
    Please let us know before you do this. If you make a payment on a date we aren’t expecting, the money will go to your savings and not to your creditors.
  • I want to make a one-off lump sum payment into my CAP Plan
    Again, please tell us first. If you send in a lump sum without letting us know, some of this money may be sent to your creditors automatically.

Why we are making these changes?

We need to make these changes to comply with rules set by our regulator – the Financial Conduct Authority (‘the FCA’).

To comply with FCA regulation, we can’t hold money due to be paid to creditors for more than five business days. This won’t affect money you pay into your CAP plan for savings.

What should I do if my creditors contact me?

If a creditor contacts you, let them know CAP has changed the way your payments are processed due to FCA regulations, and that this will speed up how quickly the creditor will receive your payment.