Reward Plan Terms and Conditions
1. Payment method
Your reward plan will need to be set up by Direct Debit only, which can be set up fortnightly, 4 weekly, or monthly, any day of the month.
2. Cabot's contributions
Our contribution will be applied to your balance 7 days after your payment has cleared. You'll be able to keep track of our contributions by checking your paper or online statements.
If the reward plan is cancelled due to either you asking to stop the plan or you’ve exceeded your payment holiday allowance, you will not lose the contributions we’ve already applied to your account.
3. Payment Holidays
Length of plan: 1-5 years (12 to 60 months) = 2 payment holidays
Length of plan: 5 - 10 years (61 to 120 months) = 3 payment holidays
Your payment holiday is based upon your agreed monthly, 4 weekly or fortnightly instalment. When you’ve used all of your payment holidays, you’ll no longer be eligible for a reward plan. If you've used all of your payment holidays and are unable to continue with your reward plan or your plan fails, you will no longer be eligible for a reward plan.
You'll still be entitled to payment holidays during your reward plan arrangement. Here's how the number of payment holidays are worked out:
During the course of your payment holiday, Cabot contributions will be paused. Once your payment holiday ends and you begin making payments again, our contributions will recommence.
4. Additional payments
Additional payments will also benefit from Cabot contributions. If you would like to make additional payments, you will need to contact us by telephone on 0345 070 2615***.
Please be aware that if you make further payments outside of your reward plan without contacting us you will not receive our contributions for that payment.
5. If you can't afford your payments
If your circumstances change, and you can no longer afford the agreed reward plan amount, you are entitled to reduce your payments. If this is the case, this would mean you may no longer be eligible for a reward plan and our contribution would stop.
If you're currently in a reward plan and struggling to make your agreed payments, call us on 0345 070 2615***, our Customer Consultants can discuss what options are available to you.
6. Broken plan
Breaking your plan multiple times can prevent you from being accepted for another reward plan in the future, so it's important to ensure a reward plan is the right choice for you.
Your agreed payment not being received by
The date it is due
Using a payment holiday from your allowance will count as a break in your plan
Here are instances that cause your reward plan to break:
If you break your reward plan more than your payment holiday allowances, you will no longer be able to continue with your reward plan or be eligible for a reward plan in the future.
Cabot contributions made previous to your plan breaking will not be affected.