Stopping Payment Assist: What you need to know

About Payment Assist

Payment Assist is a UK-based financial services provider that specialises in point-of-sale credit and payment plan solutions. Operating primarily in the healthcare, dental, veterinary, and optical sectors, Payment Assist allows customers to spread the cost of treatments and services over manageable monthly instalments. The company partners with thousands of practices across the United Kingdom, offering flexible finance options that make expensive procedures more accessible to patients who might otherwise struggle to pay upfront costs.

Founded to bridge the gap between healthcare providers and patients needing financial flexibility, Payment Assist has become a significant player in the medical finance sector. The service acts as an intermediary, paying healthcare providers upfront whilst customers repay the amount through structured payment plans. This arrangement benefits both parties: practices receive immediate payment for their services, whilst patients gain breathing room to manage their finances without delaying necessary treatments.

Most importantly, Payment Assist operates under strict Financial Conduct Authority (FCA) regulations, which means they must adhere to consumer credit legislation and provide transparent terms to borrowers. The company offers various credit agreements, typically ranging from interest-free promotional periods to longer-term arrangements with applicable interest rates. Their services are particularly popular for dental implants, orthodontic treatments, veterinary surgeries, and optical procedures that can cost thousands of pounds.

Understanding how Payment Assist works is essential before considering cancellation. When you agree to a Payment Assist plan, you're entering into a regulated credit agreement with specific terms, conditions, and legal obligations. This isn't simply a subscription service you can switch off at will—it's a formal financial commitment that requires proper procedure to terminate or settle early.

Plans, features and pricing structures

Payment Assist doesn't operate on a traditional subscription model with monthly membership fees. Instead, they provide credit agreements tailored to specific purchases or treatments. The pricing structure depends entirely on the amount borrowed, the repayment term selected, and whether you're within a promotional interest-free period or paying interest on the outstanding balance.

Interest-free promotional periods

Many Payment Assist agreements begin with interest-free periods, typically ranging from six to twelve months. During this window, customers can repay the borrowed amount without incurring additional charges, provided they meet minimum monthly payment requirements. These promotional offers are particularly attractive for patients facing unexpected veterinary emergencies or dental work, as they provide immediate access to necessary services without the burden of interest charges.

Keep in mind that interest-free periods come with strict conditions. Missing a payment or failing to clear the balance before the promotional period ends usually triggers the application of interest, sometimes backdated to the original purchase date. This retrospective interest can significantly increase the total amount owed, catching many borrowers off guard.

Standard credit agreements

For agreements outside promotional periods or for longer repayment terms, Payment Assist applies interest rates that vary based on creditworthiness and the specific arrangement. Representative APRs typically range from 9.9% to 29.9%, though individual rates depend on credit assessments. The company calculates interest daily on the outstanding balance, which means early repayment can reduce the total interest paid.

Additional fees and charges

Beyond interest, Payment Assist may apply various fees depending on your agreement terms. Late payment fees typically range from £12 to £25 per missed payment, though these are capped by FCA regulations. Additionally, if you exceed your credit limit or if a direct debit payment fails, you might incur additional charges. The company must clearly outline all potential fees in your credit agreement documentation.

Early settlement is possible with Payment Assist, and you have the legal right to repay your balance at any time. When settling early, you'll pay the outstanding capital plus interest accrued up to the settlement date, but you won't pay future interest charges. For agreements over £8,000 or lasting more than five years, you might face early repayment charges, though these are less common with Payment Assist's typical agreement structures.

Terms of service and cancellation policy

Understanding Payment Assist's terms of service is absolutely critical before attempting to cancel or settle your agreement. Unlike simple subscription services, credit agreements are legally binding contracts governed by the Consumer Credit Act 1974 and subsequent amendments. This legislation provides specific rights and protections but also imposes obligations on borrowers.

The cooling-off period

The most important right you have is the 14-day cooling-off period, which begins the day after you sign your credit agreement. During this window, you can cancel the agreement without providing a reason and without penalty. This right is enshrined in the Consumer Credit Act and applies to all regulated credit agreements in the UK. To exercise this right, you must notify Payment Assist in writing within the 14-day period.

Here's where many people make a crucial mistake: they assume verbal notification or informal communication suffices. It doesn't. Your cancellation during the cooling-off period must be in writing, and I strongly recommend sending it via Recorded Delivery to prove timely delivery. If you've already received the treatment or service funded by Payment Assist, you'll need to repay the borrowed amount, but you won't pay interest or charges if you cancel within this period.

Cancellation after the cooling-off period

Once the 14-day cooling-off period expires, you cannot technically "cancel" the credit agreement in the traditional sense. Instead, you have options for early settlement or withdrawal from the agreement by repaying the outstanding balance. Payment Assist must provide you with an early settlement figure upon request, which includes the remaining capital and interest accrued to the settlement date.

Most importantly, you're entitled to request an early settlement statement at any time, and Payment Assist must provide this within seven working days. The settlement figure they provide is valid for 28 days, giving you a clear window to arrange payment if you wish to close the agreement early.

Notice periods and requirements

If you're seeking to stop payments or change your direct debit arrangements, different rules apply. You cannot simply cancel your direct debit without settling the outstanding balance, as this would constitute a breach of your credit agreement. Doing so can result in default notices, damage to your credit file, and potential legal action to recover the debt.

For those experiencing financial difficulties, Payment Assist has obligations under FCA regulations to treat customers fairly. They should work with you to establish affordable repayment arrangements if you're struggling. However, this requires proactive communication—preferably in writing—explaining your circumstances and proposing a realistic payment plan.

Legal requirements for written communication

UK consumer credit law emphasises written communication for significant actions like early settlement requests, complaints, and formal notices. Whilst Payment Assist may accept phone calls for routine enquiries, written correspondence creates an audit trail that protects your interests. This documentation becomes invaluable if disputes arise or if you need to escalate matters to the Financial Ombudsman Service.

Cancelling by post: the complete guide

Sending your cancellation or settlement request by post is the most reliable method for several compelling reasons. First, postal communication creates physical evidence of your correspondence that email or phone calls cannot match. Second, using Recorded Delivery or Royal Mail Signed For services provides proof of delivery with specific dates and times, which becomes crucial if Payment Assist claims they never received your request. Third, written communication forces you to be clear, comprehensive, and formal—reducing misunderstandings that often occur in phone conversations.

Why postal cancellation is your safest option

Having processed thousands of subscription and credit agreement cancellations, I can tell you that postal communication consistently proves most effective for several reasons. Phone calls leave no paper trail unless you request written confirmation, and even then, you're relying on the company to follow through. Online portals can experience technical issues, and screenshots of submission confirmations rarely hold the same weight as postal proof of delivery in disputes.

Additionally, the Consumer Credit Act specifically references written notice for various consumer rights. Whilst "written" can technically include electronic communication, traditional post remains the gold standard that courts and ombudsmen recognise without question. When you're dealing with financial agreements potentially worth thousands of pounds, this certainty is invaluable.

Gathering necessary information before writing

Before drafting your letter, collect all relevant documentation. You'll need your credit agreement reference number, the date you entered the agreement, details of the amount borrowed, and your current account status. If you're requesting early settlement, note the approximate date you intend to make payment. Having this information ready ensures your letter contains everything Payment Assist needs to process your request efficiently.

Next, check your credit agreement documentation for any specific cancellation or settlement procedures. Some agreements include designated addresses or reference formats for particular types of correspondence. Following these specifications can accelerate processing and prevent your letter being misdirected within the organisation.

Structuring your cancellation letter

Your letter should be clear, concise, and professional. Begin with your full name, address, and contact details at the top, followed by the date. Include Payment Assist's correspondence address and a clear subject line indicating the purpose of your letter, such as "Request for Early Settlement Figure" or "Notice of Cancellation Within Cooling-Off Period."

In the body of your letter, state your intention clearly in the opening paragraph. Include your agreement reference number and the date of the agreement. If you're exercising your cooling-off period rights, explicitly state this and reference the Consumer Credit Act 1974. If you're requesting early settlement, specify your intended settlement date and request a settlement figure valid for at least 28 days.

Keep in mind that you should remain factual and avoid emotional language, even if you're frustrated with the service or your financial situation. Professional, straightforward communication receives faster, more cooperative responses than angry or accusatory letters.

The critical importance of recorded delivery

Never send important financial correspondence by standard post. The cost difference between standard and Recorded Delivery is minimal—typically around £1.70 extra—but the protection it provides is enormous. Recorded Delivery gives you a unique tracking reference and requires a signature upon delivery, creating indisputable proof that Payment Assist received your letter on a specific date.

This proof becomes essential in several scenarios. If you're cancelling within the 14-day cooling-off period, the postmark and delivery date establish whether you met the deadline. If Payment Assist later claims they never received your settlement request or complaint, your proof of delivery immediately refutes this assertion. Additionally, if you need to escalate matters to the Financial Ombudsman Service, demonstrating that you sent written communication via Recorded Delivery significantly strengthens your case.

What to include with your letter

Attach copies—never originals—of relevant documentation. This might include a copy of your credit agreement, recent statements, or correspondence related to your request. If you're experiencing financial difficulties, include a completed income and expenditure form showing your current financial situation. These supporting documents help Payment Assist understand your circumstances and respond appropriately.

Additionally, clearly state how you wish to receive their response. Specify whether you prefer postal correspondence, email, or both. Providing multiple contact methods can expedite communication, but always request written confirmation of any verbal discussions that might occur.

The postal address for Payment Assist

Ensuring your letter reaches the correct department is crucial for timely processing. Payment Assist's registered office address for formal correspondence is:

• Payment Assist Limited
• Mountbatten House
• Fairacres
• Windsor
• Berkshire
• SL4 4LE
• United Kingdom

Always verify this address before sending important correspondence, as companies occasionally relocate or designate specific addresses for different types of communication. You can confirm the current correspondence address by checking your most recent statement or the company's website.

Using services like Postclic for efficiency

Whilst you can certainly write and post your letter manually, services like Postclic offer significant advantages for busy individuals. Postclic allows you to compose your letter digitally, then handles printing, enveloping, and posting via tracked delivery. This approach saves time, ensures professional formatting, and provides digital proof of sending alongside postal tracking.

Most importantly, Postclic's digital record-keeping means you have immediate access to copies of your correspondence and delivery confirmation, which proves invaluable if you need to reference your communication months later. The service typically costs less than the combined price of premium stationery, printing, envelopes, and Recorded Delivery postage, whilst eliminating trips to the post office.

Timeline expectations after posting

Once Payment Assist receives your letter, response times vary depending on your request type. For cooling-off period cancellations, they should acknowledge receipt within a few working days and confirm cancellation within two weeks. Early settlement requests should receive a settlement figure within seven working days, as required by law.

If you haven't received acknowledgement within ten working days, follow up with another letter referencing your original correspondence and its tracked delivery date. Keep copies of all follow-up communication and tracking receipts. Persistent, documented communication demonstrates your good faith efforts and protects you if disputes arise.

Tips from former members and industry insights

Through years of helping customers navigate credit agreement cancellations, I've identified common pitfalls and developed strategies that significantly improve outcomes. These insights come from real experiences of people who've successfully settled Payment Assist agreements and from understanding how financial services companies process cancellation requests.

Understanding why people seek to cancel

The most common reason people want to exit Payment Assist agreements early is financial pressure. Many borrowers underestimate how monthly repayments will impact their budget, particularly when combined with other credit commitments. Additionally, some discover they can access better interest rates through personal loans or credit cards, making early settlement financially advantageous despite any settlement charges.

Others seek cancellation after completing their treatment only to discover unexpected complications or dissatisfaction with results. Keep in mind that disputes with the healthcare provider don't automatically void your Payment Assist agreement—these are separate contracts. However, if you paid a deposit exceeding £100 and the total treatment cost exceeded £100, you might have Section 75 Consumer Credit Act protection, making Payment Assist jointly liable for breaches of contract by the provider.

The importance of acting quickly

If you're within the 14-day cooling-off period and having second thoughts, act immediately. Don't wait until day 13 to send your letter—postal delays can occur, and proving your letter was posted within the deadline becomes more challenging the closer you cut it. I recommend posting your cancellation letter no later than day 10 to ensure it arrives well within the cooling-off window.

Similarly, if you're experiencing financial difficulties, contact Payment Assist as soon as you recognise the problem. Waiting until you've missed multiple payments significantly reduces your options and damages your credit file. Early communication often results in payment holidays, reduced payment arrangements, or other accommodations that prevent default.

Checking your credit file regularly

After settling or cancelling your Payment Assist agreement, monitor your credit file to ensure the account is correctly reported. The agreement should show as "settled" or "satisfied" within 30-60 days of final payment. If Payment Assist continues reporting the account as active or records incorrect information, this can damage your credit score and affect future borrowing.

You can check your credit file for free through services like ClearScore, Credit Karma, or directly from credit reference agencies like Experian, Equifax, and TransUnion. If you spot errors, raise a dispute with both Payment Assist and the relevant credit reference agency, providing evidence of settlement or cancellation.

Keeping comprehensive records

Documentation is your strongest protection throughout the cancellation process. Create a dedicated folder—physical or digital—containing your original credit agreement, all correspondence with Payment Assist, bank statements showing payments, and particularly your Recorded Delivery receipts and tracking information. If you need to escalate a complaint to the Financial Ombudsman Service, comprehensive records dramatically increase your chances of a favourable outcome.

Additionally, keep notes of any phone conversations with Payment Assist, including the date, time, name of the person you spoke with, and a summary of the discussion. Whilst phone calls aren't as robust as written communication, these notes provide context if written and verbal communications contradict each other.

Knowing your escalation options

If Payment Assist doesn't respond satisfactorily to your cancellation or settlement request, you have clear escalation routes. First, submit a formal complaint in writing, clearly explaining the issue and your desired resolution. Payment Assist must acknowledge your complaint within five working days and provide a final response within eight weeks.

If you're dissatisfied with their final response or if they don't respond within eight weeks, you can escalate to the Financial Ombudsman Service free of charge. The Ombudsman independently reviews complaints about financial services and can order companies to pay compensation or take specific actions. Having comprehensive written records and proof of postal delivery significantly strengthens your case with the Ombudsman.

Understanding the impact on your credit score

Early settlement of a Payment Assist agreement generally has neutral to positive effects on your credit score. Reducing your overall debt and demonstrating you can manage credit responsibly both benefit your credit file. However, the settled account remains visible on your credit report for six years from the settlement date, showing future lenders your credit history.

Conversely, missing payments or defaulting on your Payment Assist agreement severely damages your credit score. Defaults remain on your credit file for six years and significantly reduce your ability to access credit during this period. This makes it absolutely essential to either maintain payments or proactively communicate with Payment Assist about financial difficulties before missing payments.

Avoiding common mistakes

The biggest mistake people make is cancelling their direct debit without settling the outstanding balance. This doesn't cancel your agreement—it just stops payments whilst interest continues accruing and late payment fees accumulate. Always obtain a settlement figure and arrange payment before stopping your direct debit.

Another common error is assuming that dissatisfaction with the treatment or service funded by Payment Assist allows you to stop payments. Your credit agreement with Payment Assist is separate from your contract with the healthcare provider. You must continue payments to Payment Assist whilst pursuing complaints or refunds through the provider directly.

Maximising your chances of success

Professional, persistent, documented communication yields the best results. Payment Assist, like all FCA-regulated firms, must treat customers fairly and respond to reasonable requests. Approaching them professionally—even when frustrated—typically results in more cooperative responses than aggressive or threatening communication.

Finally, don't be afraid to seek independent debt advice if you're struggling financially. Organisations like Citizens Advice, StepChange, and National Debtline offer free, confidential guidance on managing credit agreements and negotiating with lenders. These services can help you understand your options and communicate effectively with Payment Assist to reach sustainable solutions.

Remember that cancelling or settling a credit agreement isn't simply about following procedures—it's about protecting your financial future and ensuring your rights are respected. Taking time to understand the process, communicating in writing via Recorded Delivery, and keeping thorough records positions you for the best possible outcome, whether you're exercising cooling-off rights, settling early, or navigating financial difficulties.