Log in BREXIT QUESTIONS ANSWERED We’ve compiled some helpful information below about Brexit and what this means for your 118 118 Money Loan and Credit Card. FREQUENTLY ASKED QUESTIONS ABOUT BREXIT Following a referendum vote in June 2016, the UK voted to leave the European Union (EU). After beginning the process of leaving in 2017 and following a series of negotiations, the UK and EU agreed on a formal withdrawal and signed the revised Withdrawal Agreement on January 24th 2020. As a result, the UK formally exited the EU on January 31st 2020. Following the UK’s exit, a transition period commenced where both parties prepare and attempt to negotiate a future partnership. There will be no changes to our products during this time and we have no plans to change any of our products after the transition period ends. We will however continue to monitor the situation and we will inform our customers of any changes or updates, where applicable. WHAT EXACTLY IS THE TRANSITION PERIOD? The transition period refers to the period of time where all EU rules still apply in the UK giving businesses time and space to prepare for new post-Brexit rules between the UK and EU, either from a future negotiated deal or a ‘no-deal’ scenario. The transition period started on the 31st January 2020 and ends on the 31st December 2020. WHAT DOES IT MEAN FOR MY TERMS AND CONDITIONS? Whilst in this transition period, we will review all your terms and conditions and reflect any changes with any new updates to UK law. It is important to note that some changes may occur immediately after or even months after the end of the transition period; however we will always let you know prior to any changes being required. WILL THERE BE ANY CHANGES TO MY LOAN? No. Our Loan product will operate under the same existing terms and conditions. There will be no impact on how customers apply for, or manage, their loan. CAN I STILL USE MY 118 118 CREDIT CARD IN EUROPE? Yes, you’ll still be able to use your 118 118 credit card in Europe to pay for things in the same way you do today. ARE THERE ANY OTHER IMPACTS TO HOW I USE MY CREDIT CARD THAT I SHOULD BE AWARE OF? No, there will be no impacts on how you currently use your credit card and where you can use it. You will still be able to use your card abroad and can make purchases from EU companies, and we will still not charge you any FOREX (foreign exchange) fees for doing so (you may still be charged by the third party when using your credit card abroad, for example, ATM fees). CAN I STILL MAKE PAYMENTS TO MY 118 118 CREDIT CARD FROM COUNTRIES IN EUROPE? Yes, you’ll be able to pay your 118 118 credit card from anywhere in Europe just like today. WILL MY CREDIT CARD PURCHASES IN EUROPE STILL BE PROTECTED DURING THE BREXIT TRANSITION PERIOD? Yes. Your credit card purchases are protected by existing UK law, including the Consumer Credit Act, so the way your account works or how it is protected will not change. The Financial Conduct Authority will remain our regulator. WHAT HAPPENS IF I BECOME A VICTIM OF FRAUD WHILE TRAVELING IN EUROPE DURING OR AFTER THE TRANSITION PERIOD? If you suspect you are a victim of fraud at any stage, please contact our credit card overseas help number immediately on +44 2920 548214. You will still have the same protections against card fraud after the transition period ends that you benefit from today. ARE THERE ANY IMMEDIATE CHANGES THEREFORE AFTER THE TRANSITION PERIOD ENDS? Yes, however we can reassure that this will be a limited change. Currently, UK customers have access to a European dispute resolution service called the ODR (Online Dispute Resolution). However, if no deal is reached which contains access to this platform before the end of the transition period, UK customers will lose access to this service from January 1st 2021. The minimal impact to UK customers however is mitigated by the fact customers do have an existing system in place to escalate complaints where there is a dispute. The right to refer complaints to the Financial Ombudsman Service (FOS) will not change and customers will still have the same rights under existing UK law. You may in the meantime however notice some changes to our Complaints page on our website to reflect the new circumstances. HOW IS 118 118 MONEY PLANNING THROUGH THIS BREXIT TRANSITION PERIOD? While negotiations are still on-going on the future partnership between the UK and EU, we will not know the full implications or their outcomes until both sides agree. We are however preparing for a number of scenarios, including a “no-deal” Brexit in order to continue providing as much support to our customers as possible. WILL BREXIT HAVE ANY IMPACT ON MY PERSONAL DATA? No. The Government has confirmed its intention to bring the EU General Data Protection Regulation (the “GDPR”) into UK law, thus ensuring your personal data will remain protected. 118 118 Money already have policies and processes in place that adhere to this legislation under the Data Protection Act 2018. CAN I STILL USE MY APP AND ONLINE BANKING WHEN I’M IN EUROPE? Yes, you’ll still be able to use the 118 118 Money app and Online Banking to manage your money on the go as you do today. This will depend on having internet access through your provider, and they may charge you for using the internet or data abroad. Loans Why Our Loans Are Different Loans Calculator Loans FAQs Bad Credit Loans Online Loans Quick Loans Personal Loans Debt Consolidation Loans No-Guarantor Loans Easy Ways to Pay Credit cards Guaranteed Rate Credit Card Credit Cards For Bad Credit Balance Transfer Credit Cards Interest Free Credit Cards Credit Card FAQs Our company Contact Us News Careers FLA Anti-Slavery Statement Brexit FAQs Terms and Conditions Privacy Policy Sitemap Complaints s172 Statement Any questions? Give us a bell. Loans 08000 118 000 Monday to Saturday: 8am - 7pm Sunday: 9am - 5pm Bank Holidays: 9am - 5pm Credit cards 08000 118 222 Monday to Saturday: 8am - 7pm Sunday: 9am - 5pm Bank Holidays: 9am - 5pm Grab our app 118 118 Money is the trading name of Madison CF UK Limited. Company No: 08393840. Registered office: Euston House, 24 Eversholt Street, London NW1 1DB. VAT number: 242 5953 01. Madison CF UK Limited is authorised and regulated by the Financial Conduct Authority (FRN 741774). Madison CF UK Limited is also authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services. You can confirm our registration on the Financial Conduct Authority’s website or by contacting the Financial Conduct Authority on 0800 111 6768. 118 118 Money is a member of the FLA (Finance and Leasing Association) and subscribes to its lending code. Credit is subject to status, affordability and credit checks. Credit is only available to UK residents aged 18 and over. Terms and conditions apply. By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyse site usage, and assist in our marketing efforts. Cookies settings Accept All Cookies