Manage Payment Assist

How to cancel payment assist and understand your options as a UK borrower

Understanding payment assist and why you might want to cancel

Payment Assist is a credit provider that allows you to spread the cost of healthcare, dental, veterinary, and optical treatments across manageable monthly instalments. The service acts as an intermediary between you and healthcare providers, paying practitioners upfront whilst you repay the borrowed amount through structured payment plans over weeks or months.

You enter a formal credit agreement when you accept a Payment Assist plan. This is a legally binding financial commitment, not a subscription you can simply switch off. Understanding the structure of your agreement is crucial before deciding whether cancellation makes sense for your situation.

At Stopee, we recognise that financial circumstances change. Your reason for cancelling might be that you've found cheaper alternative finance, you want to settle the debt early, or you've experienced a change in circumstances that makes the payment plan unaffordable. Whatever your motivation, Stopee is here to guide you through the process with clarity and confidence.

What payment assist offers

Payment Assist provides point-of-sale credit for treatments you need now but cannot afford to pay for upfront. Instead of delaying necessary medical or dental care, you can access the service immediately and spread the cost over your chosen repayment period. The company partners with thousands of practices across the United Kingdom, making it a common option at the moment you're booking a procedure.

Most agreements include interest-free promotional periods lasting six to twelve months, during which you pay only the capital borrowed. After the promotional period expires (or if your agreement sits outside one), interest accrues at rates typically between 9.9% and 29.9% APR, depending on your creditworthiness and the specific terms agreed.

Why cancellation might be right for you

You might consider cancelling a Payment Assist agreement if you've negotiated a better finance deal elsewhere, if you can now afford to pay for your treatment in full without credit, or if the monthly payments have become unaffordable due to changed circumstances. Cancelling early can also reduce the total interest you pay, particularly if you settle the full balance before a promotional period expires and interest is triggered.

However, cancellation carries implications. Early settlement may trigger interest backdated to the original purchase date, or you may incur administration fees. Understanding these costs before you cancel is essential, which is why Stopee recommends calculating your exact settlement figure directly from Payment Assist before proceeding.

Payment assist pricing structures and what you owe

Payment Assist doesn't charge membership fees or subscription costs. Instead, you pay interest on borrowed amounts, depending on your agreement type and how long you've held the credit.

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, as long as you meet minimum monthly payment requirements. This is the most attractive phase of any Payment Assist agreement, and settling your balance before this period ends saves you significant money.

Warning: Missing even one payment during a promotional period often triggers immediate interest, sometimes backdated to the original purchase date. This means you could suddenly owe hundreds of pounds more than expected. Keep payment dates marked in your calendar and set up automatic reminders.

Standard credit agreements with interest

Agreements outside promotional periods accrue daily interest on your outstanding balance. Representative APRs typically range from 9.9% to 29.9%, though your personal rate depends on your credit assessment and the specific arrangement negotiated. Early repayment reduces the total interest charged, as interest is calculated only on the outstanding balance each day.

Your legal rights as a payment assist customer in the UK

Payment Assist operates under strict Financial Conduct Authority (FCA) regulation, which means they must comply with the Consumer Credit Act 1974 and the Consumer Rights Act 2015. These laws protect you significantly when dealing with regulated credit providers.

Consumer rights act 2015 protections

Under the Consumer Rights Act 2015, you have the right to cancel a credit agreement within 14 days of accepting it, provided the agreement qualifies as a distance contract or you signed it without meeting the creditor face-to-face. This 14-day cooling-off period gives you a window to reconsider without penalty, though you remain liable for interest accrued during this period if you're cancelling an agreement with a promotional rate.

Pro tip: Check your original Payment Assist paperwork for the cancellation deadline date. If you're within 14 days and meet the criteria, you can cancel with minimal financial impact.

Early settlement rights under the consumer credit act 1974

After the cooling-off period expires, you retain the right to settle your Payment Assist agreement early at any time. The company must calculate your settlement figure accurately, accounting for any rebate on interest due under Section 94 of the Consumer Credit Act 1974. This rebate is calculated using the Rule of 78, which gives you a proportional reduction in interest for early repayment.

Payment Assist must provide your settlement figure within a reasonable timeframe (usually 7-10 working days) after you request it. They cannot charge administration fees for early settlement, though they may charge reasonable costs for providing the settlement quotation itself.

Unfair contract terms and FCA standards

Payment Assist cannot include terms in your agreement that are deemed unfair under consumer credit legislation. If you believe any condition of your agreement is unfair, breaches FCA rules, or conflicts with your consumer rights, you can escalate a complaint to Payment Assist's compliance team or ultimately to the Financial Ombudsman Service.

The Financial Ombudsman Service is a free, independent service that investigates complaints about financial services providers. You can contact them if Payment Assist refuses to acknowledge your cancellation request or if you believe they've acted outside their legal powers.

How to cancel your payment assist agreement

Cancellation methods depend on your circumstances: whether you're within the 14-day cooling-off period or requesting early settlement after that window has closed. Stopee recommends contacting Payment Assist directly to confirm your exact cancellation rights before proceeding.

Cancellation within 14 days (cooling-off period)

If you're within 14 days of accepting your Payment Assist agreement, you can exercise your right to cancel under the Consumer Rights Act 2015 with minimal financial consequence.

1. Locate your original Payment Assist agreement and confirm the date you accepted it.
2. Calculate the 14-day deadline from the date of acceptance.
   • Note: weekends and bank holidays count towards this period.
3. Contact Payment Assist customer service at 01664 503151 during business hours (Monday-Friday, 8am-6pm UK time).
   • Inform the adviser that you wish to cancel within your cooling-off period.
   • Provide your credit agreement reference number.
4. Request written confirmation of your cancellation in writing via email or post.
   • Ask specifically for confirmation of any interest or charges accrued to date.
5. Confirm the settlement amount and payment method with the adviser.
6. Make payment via bank transfer, debit card, or cheque as directed by Payment Assist.

Early settlement after the cooling-off period

Once your 14-day cooling-off period has expired, you can still settle your Payment Assist agreement early. You'll owe the full capital borrowed plus accrued interest minus any rebate for early repayment calculated under Section 94 of the Consumer Credit Act 1974.

1. Ring Payment Assist customer service at 01664 503151 and request a settlement quotation.
   • Provide your credit agreement reference number and confirm you wish to settle early.
   • Ask the adviser to break down the settlement figure: capital remaining, accrued interest, and any applicable rebate.
2. Request that Payment Assist email or post your settlement quotation in writing within 7-10 working days.
   • The quotation remains valid for a minimum of 30 days.
3. Review the settlement figure carefully and check the maths independently if needed.
   • Compare the rebate calculation against your loan term to ensure it's correct.
4. Return to Payment Assist once you're satisfied with the quotation and confirm your intention to settle.
   • Ask for the exact payment details (account number, sort code, or cheque address).
5. Transfer the settlement amount by your chosen method before the quotation expires.
6. Request a final receipt and confirmation that your agreement is now settled in full.
   • Keep this documentation for your records.

What happens after you cancel or settle your payment assist agreement

Cancelling Payment Assist doesn't end immediately or invisibly. Understanding what occurs after you've submitted your settlement payment helps you avoid confusion and ensures the company properly records your cancellation.

Processing and confirmation

Payment Assist typically processes settlement payments within 3-5 working days of receiving funds. Once processed, the agreement moves to "settled" status on your credit file. You should receive written confirmation by post or email confirming that your agreement is now closed and no further payments are due.

Pro tip: Request this confirmation in writing at the time you make your final payment. Don't rely on verbal assurances that the agreement is closed. Written documentation protects you if Payment Assist later attempts to recover outstanding amounts.

Credit file updates and impact on your credit score

Once your Payment Assist agreement is settled, the provider updates your credit file with a "settled" status. This is positive for your credit score, as it demonstrates responsible repayment. However, the account will remain on your credit file for six years after closure, which is standard practice in the UK.

Avoid damaging your credit file by ensuring you make your final settlement payment on time. Late payment or default significantly impacts your creditworthiness and makes future borrowing more expensive or impossible.

Refunds and overpayments

If you've overpaid your Payment Assist agreement (for example, by making extra voluntary payments beyond your minimum monthly amount), the company holds these surplus funds as a credit against future payments. When you settle your agreement early, Payment Assist deducts the settlement amount from any credit balance you've built up.

If a surplus remains after settlement, Payment Assist must refund this to you. Request the refund in writing and specify your preferred payment method (bank transfer or cheque). The company should process refunds within 14 days of receiving your request.

Common mistakes when cancelling payment assist

Cancelling a credit agreement can feel overwhelming, and small errors can cost you hundreds of pounds or delay your closure unnecessarily. Many borrowers make avoidable mistakes when dealing with Payment Assist, which is why Stopee has identified the most common pitfalls below.

Missing the 14-day cooling-off deadline

Your first and most critical deadline is the 14-day cooling-off period. Once this window closes, you lose the ability to cancel without owing interest and accrued charges. Keep your original agreement to hand and mark the cancellation deadline clearly in your calendar. Set a phone alarm one week before the deadline to ensure you don't miss it.

Accepting a settlement figure without verification

Warning: Always ask Payment Assist to provide your settlement figure in writing. Verbal quotes can be misremembered, and the company might later claim you were quoted a different amount. Written settlement quotations are legally binding and valid for at least 30 days, protecting you from price changes during your decision-making window.

Failing to claim your section 94 rebate

Many borrowers settle early without realising they're entitled to a rebate on unearned interest under the Consumer Credit Act 1974. Payment Assist must calculate this automatically, but some borrowers don't challenge settlement figures that fail to include it. Request the rebate calculation explicitly and ask the adviser to explain how it's been computed.

Not confirming settlement in writing

Once you've transferred your settlement payment, don't assume the agreement is closed. Contact Payment Assist and request written confirmation that the agreement is now settled in full and no further payments are due. This protects you if the company later contacts you claiming outstanding amounts are owed.

Ignoring credit file updates

After cancellation, monitor your credit file to ensure Payment Assist has correctly updated your status to "settled". You can check your credit file free of charge via Clearscore, Experian, or Equifax. If Payment Assist has recorded an incorrect status (such as "defaulted" when you've settled on time), dispute it immediately with the credit reference agency.

Refund timescales and what you should expect

Payment Assist doesn't issue refunds in the traditional sense when you cancel. Instead, you settle the outstanding balance and the agreement closes. However, specific scenarios trigger financial adjustments that function similarly to refunds.

Interest rebates on early settlement

When you settle your Payment Assist agreement before the end date, you're entitled to a rebate on unearned interest under Section 94 of the Consumer Credit Act 1974. This rebate is calculated using the Rule of 78 and is deducted from your settlement amount. For example, if your settlement figure is £2,500 but your rebate is £300, you pay only £2,200.

Payment Assist must calculate this rebate and include it in your written settlement quotation. The rebate is typically applied immediately when you settle, reducing your final payment amount.

Refunds of overpayments

If you've paid more than the amount owed (for instance, through extra voluntary payments), Payment Assist must refund the surplus within 14 days of your request in writing. Request refunds by email or post and specify your bank account details for the transfer. Cheque refunds take slightly longer, so bank transfer is faster.

Avoiding payment assist traps and dark patterns

Financial services providers sometimes employ subtle strategies that make cancellation harder or more expensive than it needs to be. Stopee has identified common traps within the Payment Assist process that catch borrowers unaware.

Promotional period interest backdating

Many Payment Assist agreements include zero-interest promotional periods with a critical catch: miss a single payment and interest is applied retroactively to the original purchase date. This means you could suddenly owe hundreds of pounds more than expected. Set up automatic payments and maintain a buffer in your account to avoid this trap entirely.

Unclear settlement quotations

Settlement quotations sometimes arrive with confusing breakdowns that make it difficult to verify the calculation. If your quotation doesn't clearly separate capital, accrued interest, and Section 94 rebate, contact Payment Assist and request a revised breakdown. Stopee recommends double-checking the maths yourself before transferring payment.

Delayed confirmation of settlement

Some borrowers transfer their settlement payment only to discover weeks later that Payment Assist hasn't recorded the agreement as closed. The company then continues sending statements and payment reminders. Protect yourself by requesting written confirmation of settlement immediately after making your final payment.

Checklist: cancelling payment assist step-by-step

Use this checklist to ensure you've completed every step correctly and haven't missed any critical actions.

• Confirm your agreement status: Locate your original Payment Assist paperwork and identify your credit agreement reference number.
• Check your cancellation window: Calculate your 14-day cooling-off deadline. If you're within it, you have stronger cancellation rights.
• Request a written settlement quotation: Call 01664 503151 and ask for a detailed written quotation including capital, accrued interest, and Section 94 rebate (if applicable).
• Review the quotation: Check the maths independently. Ask Payment Assist to explain any figures you don't understand.
• Confirm payment details: Get exact bank account numbers, sort codes, or cheque addresses from Payment Assist in writing.
• Transfer your settlement payment: Pay the full settlement amount by your chosen method before the quotation expires.
• Request written confirmation: Contact Payment Assist and ask for written confirmation that your agreement is now settled in full.
• Check your credit file: Monitor your credit report within 30 days to ensure Payment Assist has updated your status to "settled".
• Keep all documentation: File all correspondence, quotations, and settlement confirmations in case you need to dispute future claims.

Should you cancel or continue your payment assist agreement

Deciding whether to cancel isn't always straightforward. Stopee helps you weigh the pros and cons for your specific situation.

Reviews, complaints, and escalation options

If Payment Assist refuses your cancellation request, applies unreasonable charges, or treats you unfairly during the settlement process, you have escalation routes available to you.

Raising a formal complaint with payment assist

First, escalate your concern to Payment Assist's compliance team via their formal complaints process. Write to them setting out your issue clearly and requesting a response within 8 weeks. Include copies of any relevant documentation (your agreement, settlement quotation, payment confirmation). Payment Assist must acknowledge your complaint within 3 working days.

Escalating to the financial ombudsman service

If Payment Assist doesn't resolve your complaint satisfactorily or fails to respond within 8 weeks, you can escalate to the Financial Ombudsman Service (FOS). The FOS is a free, independent service that investigates complaints about financial services providers and can instruct Payment Assist to refund money, correct errors, or provide compensation for distress caused.

You can contact the FOS online via their website or by post. There's no cost to you, and the FOS can award compensation up to £385,000 in certain circumstances.

Seeking advice from consumer organisations

Consumer Rights Organisation and Citizens Advice both offer free guidance on credit agreements and cancellation rights. If you're struggling with affordability, they can advise on whether you might qualify for a payment arrangement or debt relief option as an alternative to cancellation.

Your next steps: take action with stopee

Cancelling Payment Assist requires planning, clear communication, and attention to deadlines. Missing your 14-day cooling-off period or overlooking your Section 94 rebate can cost you significantly, which is why Stopee recommends acting quickly once you've decided cancellation is right for you.

Contact Payment Assist at 01664 503151 today and request a written settlement quotation. Review the figure carefully, ensure it includes your interest rebate, and transfer payment only once you're confident in the calculation. Request written confirmation of settlement and monitor your credit file afterwards.

Stopee has helped thousands of consumers navigate cancellation processes across dozens of UK financial services, and we understand the frustration that comes with inflexible finance agreements. Whether you're cancelling because circumstances have changed or because you've found better value elsewhere, Stopee empowers you with the knowledge and confidence to take control of your finances. Your right to cancel is protected by UK consumer law, and Payment Assist must respect that right.

Payment assist contact details and mailing address

Phone: 01664 503151 (Monday-Friday, 8am-6pm UK time)

Postal address: Payment Assist, Unit 1, Melton Enterprise Park, Melton Mowbray, Leicestershire LE13 0RG, United Kingdom

For complaints or formal escalation, mark your correspondence "Complaints Department" to ensure it reaches the correct team. Allow 5-7 working days for postal correspondence to arrive and be processed.