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Frequently asked questions

All the answers to our most common queries



 


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Call 0800 180 8400 or contact us


General Questions

How do I use a SafetyNet Credit Facility to prevent paying unauthorised overdraft fees?

A SafetyNet Credit facility can prevent you from incurring unauthorised overdraft fees by transferring money into your account, up to an agreed Credit Limit when you are about to go overdrawn.

Once you have completed your application and if eligible for credit, you can borrow money in the following ways:

  • Switch SafetyNet Credit’s automatic deposits ‘on’, then set the balance level that will trigger automatic top-ups. When SafetyNet Credit detects that you have reached this level, we will automatically transfer money to your account to prevent you from going overdrawn.
  • You can also borrow up to your available credit whenever you choose from your SafetyNet Credit dashboard. If you do not want the automatic deposits you can choose to manage your account manually.

Please note the opportunity to avoid or prevent such charges using the SafetyNet Credit facility is dependent upon the proper use of the facility. If you exhaust your SafetyNet credit limit and carry on spending then you may still incur bank charges.

Is there a charge for using SafetyNet Credit?

We only charge for money borrowed using our SafetyNet Credit facility. SafetyNet Credit money management tools are supplied completely free of charge.

Eligibility for a SafetyNet Credit facility is subject to credit and affordability checks.

Why do you require my online banking details?

As for your existing online banking service, you will need to enter your online banking details as part of your SafetyNet Credit application. This is to allow us to view your current account transactions and provide the following services:

Run our affordability checks to accurately assess how much money we can make available to you - This way we’ll never lend you more than you’re able to pay back.

Protect you from unauthorised overdraft charges – SafetyNet Credit can monitor your bank balance and top up your current account just before you go overdrawn, preventing unauthorised overdraft charges.

We monitor your transaction data before taking repayments, so we know when you can afford to make the repayments due. As soon as we see money being deposited in your account which takes the balance to a level which permits recovery in accordance with your agreement, we will take a repayment.

Present your SafetyNet Credit Money Management Tools and clever dashboard facility that displays and categorises your spending to help you better budget and stay in control of your finances

SafetyNet Credit is permitted read-only access to your current account so will only ever be able to view your account.

Your bank details are encrypted in transit and stored securely for a short period on our servers before being transferred and held securely by our data partner, Yodlee. Yodlee are a provider of online banking solutions used by over 300 leading financial institutions and by over 30 million consumers globally. Your bank details are encrypted at all times. SafetyNet Credit or Yodlee do not have the ability to change any of your banking details or set up standing orders/direct debits.

All data is securely handled in accordance with data protection laws and our privacy policy. SafetyNet Credit use 256-bit encryption and are monitored and verified by VeriSign.

What is the charge for a SafetyNet Credit facility?

Interest is charged at a flat rate of £0.80 per £100 borrowed, per day (0.8% per day).

How long does it take to transfer a manual SafetyNet credit instalment into my current account?

For customers that have been approved for, and set up their SafetyNet Credit facility, the typical time taken to transfer money to your current account is less than 15 minutes.

However, please note that in certain circumstances a money transfer can take up to 2 hours, depending on the Bank concerned.

For new applicants it may take up to 24 hours to set up a SafetyNet Credit facility in addition to the time it takes to transfer a credit instalment.

Will my bank allow me to submit my internet banking details?

Bank terms and conditions vary significantly. Some banks have provisions in their terms and conditions saying they may not be liable for any losses caused by fraud if a customer has intentionally or with gross negligence failed to keep security details and login details secure or has given them to a third party. This means that in the unlikely event that your use of this service was a cause of fraud on your account the bank may not reimburse any losses suffered. For the reasons outlined in our security section our high security standards mean this should not occur.

Please also note that some banks, including Barclays, Nationwide, RBS and NatWest, reserve the right in their terms and conditions to hold customers liable for any losses caused by fraud or unauthorised transactions that occur on their account as a result of using an account aggregation service.

SafetyNet Credit is not an account aggregation service and applying to SafetyNet Credit or using SafetyNet Credit should not therefore constitute a breach of such bank terms and conditions.

Yodlee’s service, which is used by SafetyNet Credit, may be considered to be an account aggregation service, but is widely used by a variety of reputable companies including many leading banks and financial institutions, and use of Yodlee’s service has not as far as we are aware ever been known to have given rise to fraud or unauthorised transactions.

If you would like further information on how your bank would view your use of SafetyNet Credit and bank login details being provided in encrypted format to Yodlee, you may wish to ask your bank directly for guidance in interpreting the applicable terms and conditions.

Can I make payments or transfer money from my current account to another account via SafetyNet Credit?

No.

SafetyNet Credit is a read only service. You cannot pay bills or transfer money from your current account to another account using SafetyNet Credit.

If approved for a SafetyNet Credit facility, funds up to an agreed credit limit, can be transferred into your current account.

Do I have to sign a contract or credit agreement?

Yes, you will need to sign a credit agreement if you require a SafetyNet Credit facility.

SafetyNet Credit is a running account credit facility, which operates in a similar way to a credit card agreement. We will send you legal documentation to help you understand your rights and obligations and to decide whether the product is suitable for you. SafetyNet Credit is a trading name of Indigo Michael Ltd which is regulated and authorised by the Financial Conduct Authority under Firm Reference Number (FRN) 715525.

You will receive the following documentation, please read it carefully and make sure you understand the information contained within:

Standard European Consumer Credit Information (SECCI) document which details how the SafetyNet Credit facility works;

An Explanation of your Credit Agreement, which outlines the product and gives examples of how SafetyNet Credit works;

Regulated Credit Agreement that requires an electronic signature before a SafetyNet Credit facility can be set up.

Why has my SafetyNet facility been locked?

If you find your SafetyNet facility has been locked then it is likely that you either have some outstanding debt with us that needs to be repaid, your financial circumstances may have changed or that your online banking details have altered.

We advise that you contact us immediately on 0800 180 8407 or help@safetynetmail.co.uk.

Why can't I deposit a credit instalment manually using my SafetyNet Credit facility?

If you cannot deposit manually from your SafetyNet Credit facility then it may have been temporarily locked. This can happen if there is an outstanding balance that needs repaying, there has been a change in your financial circumstances or if your online banking details have altered.

We advise that you contact us immediately on 0800 180 8407 or help@safetynetmail.co.uk.

Is using the SafetyNet Credit facility always cheaper than an unauthorised overdraft?

Using unauthorised overdraft, even for a few days, can be very expensive and may not be the best form of borrowing for you. To compare SafetyNet Credit’s charges with unauthorised overdrafts see the below table.


Bank

Charge

£20 for
2 days

£50 for
5 days

£100 for
10 days

£200 for
20 days

Nationwide Flex Direct

£5 per day on balances over £10
in unauthorised overdraft (£60 max)

£10

£25

£50

£60

Barclays Emergency Borrowing

£5 per day period for balance over £15,
capped at £35 per month

£10

£25

£35

£35

Santander Everyday Current Account

Over £12 overdrawn then £6 a day
– no cap

£12

£30

£60

£120

Lloyds Classic Account

Over by £10-£25 = £5 daily fee.
Over by more than £25 = £10 daily fee.
Max 8 days

£10

£50

£80

£80

TSB Classic Account

Over by £10-£25 = £5 daily fee.
Over by more than £25 = £10 daily fee.
Max 8 days

£10

£50

£80

£80

BOS Classic Account

Over by £10-£25 = £5 daily fee.
Over by more than £25 = £10 daily fee.
Max 8 days

£10

£50

£80

£80

NatWest Select Account

Over by £6 or more than £6 per day.
Max £90

£12

£30

£60

£90

RBS Select Account

Over by £6 or more than £6 per day. Max £90

£12

£30

£60

£90

Halifax Current Account

Overdrawn by more than £10 then£5 per day

£10

£25

£50

£100

SafetyNet Credit

0.8% a day

£0.48

£2.40

£8.80

£33.60


* Accurate from December 2014

In most circumstances using SafetyNet Credit will be cheaper than borrowing through unauthorised overdraft. SafetyNet Credit has carried out detailed analysis on the charges banks impose for unauthorised overdrafts and based on this is confident that in the majority of real life scenarios, SafetyNet Credit represents a material saving for the customer compared to what a bank would charge.

However in certain circumstances it may be cheaper to borrow on unauthorised overdraft. This is particularly the case when looking at the costs of borrowing larger amounts (£300 upwards) on unauthorised overdraft for periods of 20 – 30 days if this is allowed by your bank.

SafetyNet Credit’s analysis of the current levels of unarranged overdraft charges for most of the high street lenders as set out above shows that applying a number of different assumptions as to period and amount of borrowing SafetyNet Credit is usually cheaper than unauthorised overdraft.

In preparing the assumptions for this table, SafetyNet Credit has taken into account how customers typically use unauthorised overdraft and what is likely in practice to be considered acceptable usage of unauthorised overdraft without triggering adverse consequences and payments being dishonoured – on this basis the table has not factored the costs of unauthorised overdraft additional charges for items such as returned direct debits and letters from the bank manager. These would all be over and above the basic charges for unauthorised overdraft compared against and would increase the price differential, making SafetyNet Credit cheaper still in comparison to unauthorised overdraft.

Finally it is relevant that unauthorised overdrafts (unlike SafetyNet Credit’s facility) are at all times repayable on demand. Additionally, unauthorised overdrafts leave the customer with considerable uncertainty whether or not payments are going to be honoured and whether the customer will be able to access cash when required.

How do I contact your Press Office?

You can contact our press office on the email address press.office@safetynetmail.co.uk.

How can I close my SafetyNet Credit account?

Please let us know if there is anything we can help you with on 0800 180 8407 or help@safetynetmail.co.uk.

However, if you no longer wish to have a SafetyNet Credit account, please write to us informing us of this and post to the following address:

SafetyNet Credit

PO Box 1515
High Wycombe
HP11 9JE



Eligibility

Will you run a credit check on me?

Yes, as part of our commitment to Responsible Lending.

As a responsible lender, we take into account your personal circumstances to establish the appropriate level of credit to grant you. To help us do this, applications may be assessed using a process called credit scoring, which assesses credit stability and ability to pay. Credit scoring produces consistent decisions and is designed to ensure all applicants are treated fairly.

As part of the same process, we also report your SafetyNet Credit repayment behaviour to the credit bureaus.

This means if you repay your SafetyNet Credit balance on time and avoid missing payments or falling into arrears then using a SafetyNet Credit facility may help improve your credit rating.

Will borrowing using SafetyNet affect my credit score?

Yes, SafetyNet Credit reports your borrowing and repayment behaviour to credit bureaus.

This means if you repay your SafetyNet Credit balance on time and avoid missing payments or falling into arrears then using a SafetyNet Credit facility may help improve your credit rating.

Conversely, if you do not keep up with your repayments then we are required to inform the credit bureaus which may negatively impact your credit rating and your ability to obtain credit in the future.

Do I need a bank account?

Yes, to use SafetyNet Credit you will need a registered UK bank account with an internet banking service in your name.

To be eligible for a SafetyNet Credit facility, you must use the bank account your main salary or other main source of income is paid into.

I have a bad credit history/poor credit rating, how will this affect my application?

If you have been turned away for credit elsewhere, we may be able to help. Consumers with a less than perfect credit history are eligible to apply for a SafetyNet Credit facility.

All applications are subject to credit checks including the use of data from a credit reference agency search. Please note, the more recent the bad credit history, the smaller the chance of being accepted for a SafetyNet Credit facility.

As a responsible lender, SafetyNet Credit share all customers borrowing and repayment history with credit reference agencies meaning that positive repayment behaviour can help improve and rehabilitate a credit rating.

When isn't a SafetyNet facility suitable?

A SafetyNet Credit facility should not be used if you lack control of your expenditures and may use credit to purchase something without an ability to repay. A SafetyNet Credit facility should not be used as a long term credit facility.

I've been declined for a SafetyNet facility will I be able to get one in the future?

If your financial circumstances have changed for the better since your initial application then you may now be eligible for a SafetyNet Credit account.

How many SafetyNet Credit accounts am I allowed to have at any one time?

Our current policy is one SafetyNet Credit account per customer. We will inform you if we change this policy.

What is an APR? What does it mean to me as a customer?

APR stands for annual percentage rate and is a measure borrowers can use to compare credit charges.

The cost of using a SafetyNet Credit facility is £0.80 per £100 borrowed per day. The interest rate is 0.8% per day equating to 292% per annum (variable) charged for a maximum 40 days on the outstanding balance.

An APR for a short term credit facility can be confusing and difficult to interpret. The APR calculation assumes that SafetyNet Credit’s daily interest charges are annualised over the period of a year whereas your use of SafetyNet Credit may only be for a few days.

A SafetyNet Credit facility is designed for consumers that require an instant transfer of a small amount of money for a short period of time, in order to avoid unauthorised overdraft charges or to pay an urgent expense such as a utility bill.

Eligibility for a SafetyNet Credit facility is subject to credit and affordability checks.



Deposits and repayments

How do I set up/stop automatic credit instalments being transferred into my account?

You have full control of your SafetyNet Credit facility from your personalised dashboard. You can turn the automatic credit instalment facility on or off by clicking on the appropriate button on your dashboard.

You can also contact us on 0800 180 8407 or help@safetynetmail.co.uk

How do I repay?

You can repay the outstanding balance and interest at any time.

Repayments can be made manually through your SafetyNet Credit dashboard or automatically when money comes into your account, subject to the agreed repayment restrictions as set out in the Terms and Conditions. Repayments can also be made by contacting us on 0800 180 8407.

Our repayment systems are designed to operate automatically so that, if you have the available funds in your current account, you automatically make a payment to reduce the outstanding SafetyNet Credit balance and minimise the period over which you pay interest.

When taking an automatic repayment, we will always leave you with a buffer level above your SafetyNet Credit level so that an automatic repayment will not trigger another credit instalment. It also means that automatic repayments will not put your account balance beyond your authorised overdraft limit.

Our systems operate in this way so that you can be comfortable that an automatic repayment will not trigger another credit instalment creating a cycle. It also means that automatic repayments will not put your account balance beyond your authorised overdraft limit.

There is an exception to the automatic functionality, which will arise if, for any reason, we can no longer access your bank account details. In these circumstances, the operation of the account will change. If you are using automated deposits, we will no longer be able to make these and you will need to apply manually for deposits. Repayment will no longer operate as outlined above as we will not have access to your account balance. Instead, we will take repayment in full by the agreed method on your Billing Date, which is three working days before your statement date. If we are unsuccessful in collecting a full repayment we may try to collect, at a later stage and on more than one occasion, all or any part of the outstanding balance.

In all cases, where we lose access to your account data, we will advise you of this and explain when repayments will be taken and how much is due. If for any reason you cannot repay the amount due, please advise us of this and make alternative repayment proposals.

If access to your account data is restored to us, the account will revert to its standard operation as outlined above and you will be re-invited to choose automatic or manual deposits. Repayments will be taken by reference to your account balance as outlined above. Every month you receive a statement detailing your Credit Instalments, your credit limit and any repayments and interest applicable to your SafetyNet Credit facility since you received your last statement. If you fail to make the full minimum repayment by the due date given to you on your statement then your SafetyNet Credit facility will go into arrears, may be withdrawn and collections proceedings will be instigated.

My circumstances have changed and I can't repay my SafetyNet Credit balance, what do I do?

Please contact one of our customer service representatives on 0800 180 8407 or help@safetynetmail.co.uk, we may be able to help.



Username, passwords and personal info

What happens to my Internet Banking username and password once I input them into the website?

Security of data and prevention of fraud are fundamental to SafetyNet Credit. We are committed to using practices to ensure that SafetyNet Credit services and your profile is provided within a secure environment.

Your internet banking details are encrypted and held securely by our data partners Yodlee. Yodlee is a provider of online banking solutions used by over 300 leading financial institutions and by over 30 million consumers globally.

SafetyNet Credit is permitted read-only access to your current account so will only ever be able to view your account. SafetyNet Credit or Yodlee does not have the ability to change any of your banking details or set up standing orders/direct debits.

All data is securely handled in accordance with data protection laws and our privacy policy. SafetyNet Credit uses 256-bit encryption and is monitored and verified by VeriSign.

See SafetyNet Credit’s Privacy Policy

Can any person access my Internet Banking details?

No person can access your internet banking details.

When you enter your banking credentials on the SafetyNetCredit.com website they are securely transmitted to our servers using 256-bit SSL, the same encryption type used on your Internet Banking website.

The encrypted details are then passed through to Yodlee, SafetyNetCredit’s data partner. Yodlee then stores them in its highly secure data centre which has a single use, which is to generate the read-only data-feed which powers your money management tools and the SafetyNet Credit facility. Yodlee has its own strict privacy policies to ensure the same, and for more information on this please see:

http://www.yodlee.com/yodlee-security/

What if I have lost my Login details?

Please contact us on 0800 180 8407 to speak with a Customer Service Representative who will be happy to confirm and verify your details.

I don't have access to my old email address so I can't recover my password, what do I do now?

Please contact us on 0800 180 8407 to speak with a Customer Service Representative who will be happy to confirm and verify your details and update your email address.



Security

My bank has told me that someone has logged into my account from an IP address in the US, why?

Yodlee, SafetyNet Credit’s data provider, has its servers in the US. If your bank can give you the IP address in question, we can check to see if it is a Yodlee IP address.

Who is Yodlee?

Yodlee provides SafetyNet Credit with online account viewing tools through an internet portal so that we can provide your personal money management tools and the SafetyNet Credit facility.

Yodlee, established in California, has been providing account viewing tools to internet portals and the leading banks for over 10 years. Yodlee provides online banking solutions used by over 300 leading financial institutions and by over 30 million consumers globally.

http://www.yodlee.com/

What level of security does SafetyNet Credit use?

All data is securely handled in systems similar to those used by leading high street banks. SafetyNet Credit uses 256-bit SSL encryption and is monitored and verified by VeriSign.

SafetyNet Credit, and the datacentre which houses its database are both fully PCI compliant.

How do you use cookies?

We use cookies to store information about your visit to the SafetyNet Credit site which allows us to keep you logged into your account securely. This involves a small token linked to your account each visit that helps SafetyNet Credit know that the user browsing your account is in-fact you. Note that we do not store your account details, password or any personal details in a cookie at any time.

We store additional anonymous information in cookies which allow us to generate statistics on how our website is performing. These cookies may also come from third parties. This type of Cookie is widely used on the internet and in themselves do not identify the individual browsing the site.

You can choose to disable or selectively turn off our cookies or third-party cookies in your browser settings, or by managing preferences in programs such as Internet Security suits. However, this can affect how you are able to interact with our site as well as other websites. This could include the inability to login to services or programs, such as logging into your account.

To find out more about how we use cookies, please read our Privacy Policy: https://www.safetynetcredit.com/Content/HTML/PrivacyPolicy.html

Do you keep my information and details if I cancel my SafetyNet Credit profile?

We will keep your information and details securely stored for as long as legally required.

I want to start using SafetyNet Credit, but I'm concerned about giving you my bank details

As for your existing online banking service, you will need to enter your online banking details as part of the initial application to allow SafetyNet Credit to view your current account transactions and display your personal money management tools. We also use your account transaction information to consider your application for SafetyNet Credit and if it is granted, to monitor your account balance, so we know when to make a transfer of credit or take a repayment.

SafetyNet Credit is permitted read-only access to your current account so will only ever be able to view, not change, your account.

Your bank details are encrypted and held securely by our data partners Yodlee. Yodlee are a provider of online banking solutions used by over 300 leading financial institutions and by over 30 million consumers globally. SafetyNet Credit or Yodlee do not have the ability to change any of your banking details or set up standing orders/direct debits.

All data is securely handled in accordance with data protection laws and our privacy policy. SafetyNet Credit use 256-bit encryption and are monitored and verified by VeriSign.