The UKs Fraud Prevention Service Payment holiday | How we can help | Bamboo Loans

How we can help

If you or your household have recently been impacted by the Coronavirus and you are concerned that the financial implications may have an impact on your ability to make payments towards your Bamboo loan, it is important that you do get in touch. We have made it easy for you with a simple online form. Please provide as much detail as you possibly can about your personal circumstances.

Please complete our online form

Coronavirus enquiry form

We will review this information and look to set up a solution tailored to you. We will also make contact if we need to discuss your situation or need some more information. We would like to discuss every case individually, but this will depend on staffing numbers. If we cannot speak to you, we will email a response back. Whichever option is right for you, we will do all we can to make the process as stress-free as possible and we’ll always let you know what is happening so you can feel in control.

Frequently asked questions related to the impact of Coronavirus on your loan:

As a result of Coronavirus, my income or outgoings have been affected. How can you help?

During these difficult and exceptional times, we are supporting our customers who are facing payment difficulties due to circumstances arising from the Coronavirus pandemic. We are reviewing each case individually. We may offer you either a reduction in payment or a payment holiday for an initial period of up to three months.

Please get in touch with us using our Coronavirus enquiry form. If we need to discuss anything with you we will be in touch.

If you ask for a payment holiday, we may charge interest during the payment holiday. At the end of any agreed payment holiday, if you are still unable to resume payments because of payment difficulties at that time, please contact us right away. We will work with you to resolve these difficulties in advance of payments being missed.

In some cases, a reduced payment could be a better option if you expect your circumstances to shortly improve. If you have a guarantor loan we will not look to the guarantor for payment during a Coronavirus payment holiday.

Am I eligible for support?

For those affected by Coronavirus, currently, we are offering partial payment holidays and full payment holidays, for an initial period of up to three months.

If your income has reduced but you are able to continue making a part payment, a partial payment holiday may be suitable. If you are struggling to maintain any payment, then a payment holiday may be suitable if:

  • You have been up to date with your payments, or you have only missed your most recent payment.
  • Your income has been impacted as a result of the coronavirus situation.
Will I be charged interest while the payment holiday is in place?

We may charge you contractual interest for the period of the payment holiday, but it will only need to be paid at the end of the loan. If interest is to be charged, it will only be on the outstanding balance (not the total amount you initially borrowed). We will let you know the amount that has been added to your loan.

What happens at the end of my payment holiday?

For customers recently affected by Coronavirus, we are currently, offering an initial three months forbearance. We are hoping most will be able to resume their full monthly payment schedule at the end of their payment holiday. 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 and providing you with online and contact centre support if you have questions or concerns about your ability to resume your monthly payments. We acknowledge these are difficult times, and so we will want to work with you to look at whether a further extension of your existing payment holiday or partial payment holiday is appropriate. We would, therefore, encourage you to talk to us ahead of your regular payment date.

Will my credit file be impacted?

If you have been affected by the Coronavirus, we will not report payment holidays or partial payment holidays to the credit reference agencies for the period of the arrangement. When your payment option ends, we will resume our reporting to the credit reference agencies. However, whilst Bamboo will not report a worsening status in respect of the any payment holiday or partial payment holiday taken, other lenders may take into account other information when making a lending decision, including for example, information provided in an application or bank account information you may provide.