I am currently facing financial difficulties. What help can I get?
If you are experiencing financial difficulties or find yourself affected by the ongoing crisis, it is important that you get in touch with us in good time. We will work with you to provide support tailored to your individual circumstances.
What options do you have available?
Depending on your personal or household circumstances we have a number of different options available. We would like to take the opportunity to review your financial circumstances by completing an Income and Expenditure assessment. From this, we will be able to work with you to agree the most suitable solution tailored to your individual circumstances.
This might include a payment holiday, or a reduced monthly payment and an extension to the term of your loan to make it more affordable. You can contact us on 0330 159 6010 or send us an email at firstname.lastname@example.org.
Will I be charged interest for any payment plans arranged?
We will not charge you any arrears or default interest. The interest you will pay will not be more than what was originally agreed on your loan agreement.
What happens during any arrangements I make?
There are many different scenarios, however, as part of our conversation with you, we will explain the next steps, and how regularly the situation will be reviewed. We would however always encourage you to keep in touch, especially if your situation changes. It is much easier to provide help and support if we maintain regular communication.
What happens at the end of any arrangement we have agreed?
Ahead of resuming our normal monthly payment collection, we will send you a further communication (SMS or email) to remind you when the next payment is due, providing you with contact details if you have questions or concerns about your ability to resume your monthly payments. We acknowledge these are difficult times, and so if you are continuing to have payment difficulties and are worried about resuming normal payments, we would encourage you to contact us in good time so we can set up a tailored plan to help you get back on track.
If you can start to make repayments, in full or in part, then it is in your best interest to do so.
Will my credit file be impacted?
Where customers require further support, either at the end of their payment holiday or where they need support for the first time, this will now be reflected on their credit files in accordance with normal reporting processes. This will help ensure lenders have an accurate picture of the customer’s financial circumstances and reduce the risk of future unaffordable lending.
Managing your account
Debt advice and money guidance
Managing finances can become overwhelming for some especially due to the current pandemic we are in. It can be tough acknowledging you have a problem but the sooner you seek advice, the better. If you find yourself struggling, please refer to our debt advice and money guidance webpage for help.