GUIDE: How to Permanently Close LazyPay Pay Later Service?

In case you have a LayPay Pay Later active, and you want to close it, you can follow this guide:

Know your LazyPay Pay Later Financial Service Provider:

LazyPay Pay Later is offered by PayU Finance Ltd. You can also inspect your CIBIL report to confirm it.

You may also check out list of loan/pay later accounts on your CIBIL.

To cancel your LazyPay Pay Later Account, you need to contact LazyPay Customer Support, or your financial lender, PayU Finance.

How to Permanently Close LazyPay Pay Later?

Contact LazyPay Customer Support:

Email: wecare [at] lazypay [dot] in. You can also use this LazyPay Contact Us page.

Not sure what to write? Use our BNPL Permanent Closure with NOC Email Template. Please note that you can only access this link if you are LOGGED IN to our Forum. Else you’ll see Page Not Found Error.

Make sure you ask them for permanent closure, not a ‘temporary pause’ or ‘inactive’ account.

Contact PayU Finance:

Visit the PayU Finance website, and scroll down, you will get an email form. Use that form to contact them.

Contact RBI Ombudsman:

In case your Account closure request is not honored or you do not receive NOC even after requesting for the same, you can reach out to RBI Ombudsman for Grivance Redressal. Refer to my post: GUIDE: How to reach out RBI Ombudsman for Grievance Redressal?

Important Things to Remember:

Before you go ahead with closing your LazyPay Pay Later Account, you should remember the following things:

  1. Double check if all your pending dues are cleared. Else it won’t be closed.
  2. You will get a NOC from your lending provider that your LazyPay Pay Later is closed with no dues left. Ask for it if you don’t receive it within 2-3 weeks of requesting account closure.
  3. Sometimes (not every time), you may notice a slight decrease in your credit score after closing your account. Don’t worry, it is a temporary thing.
  4. It might take 2-3 months for the ‘closure’ to reflect on your CIBIL profile, so, don’t be scared if you find your LazyPay Pay Later Loan ‘active’ on your CIBIL.
  5. Even after your LazyPay Pay Later is closed, it will continue to display on your CIBIL as a ‘closed’ account, for a few years. It is just for record-keeping purposes (so that your future lenders know which credits you had opted for previously).
  6. Even if you don’t use it, there is absolutely no harm in keeping your LazyPay Pay Later account as it is. It helps to keep a healthy mix of ‘Credit Card’ and ‘Loan’ accounts on your Credit Profile.
  7. If you do not own any credit cards till now, and have been offered LazyPay Pay Later, consider keeping it active, since this is your first credit line. The age of a credit line has a high impact on your credit score. This might help you get a credit card or loan in the future when you need it.

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