The first collection is the one people most want to get right. You can confirm exactly when it falls and how much it is, well before it happens, so the account is funded and nothing surprises you.
Where to check
- Your Key Information Sheet states the first payment date and amount.
- Your dashboard shows the next collection once the facility is live.
- Turn on the upcoming-collection alert for a reminder a few days ahead.
Get ready for it
Make sure the collecting account holds cleared funds by the date. If the facility started part-way through a period, your first payment or first statement may look slightly different — that’s normal and matches the KIS. Getting the first one right sets the rhythm for a facility that then runs quietly in the background.
Your facility is priced with simple interest and the figures fixed up front on your Key Information Sheet, so nothing here changes what you owe by surprise — it only changes how you view, manage or evidence it.
See also: When will my first payment be taken?, How to make sense of your first statement, How to get a reminder before a collection.