If your payment is due, but you are still facing payment difficulties due to circumstances arising from the Coronavirus pandemic, it is important that you do get in touch. We will always make contact ahead of recommencing your payment cycle, and within this messaging, we will always provide our contact details, and reference to any online support material.
Following the recent FCA Coronavirus Guidance, we have further Coronavirus related forbearance options available. It is important that we understand your current position, and will work with you to review your current financial position, and find a solution to assist for up to a further 3 months.
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 further reduction in payment or a payment holiday for an initial period of up to three months.
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If you ask for a payment holiday, we will charge interest during any additional 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 explore possible solutions in advance of payments being missed.
In some cases, a reduced payment could be a better option if your expected loss is for a shorter period of time. 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 still affected by Coronavirus and exiting their 3-month payment holiday or partial payment holiday, where appropriate we are offering further partial payment holidays or full payment holidays, up to a further three month period.
If your income is reduced and you are able to make a partial payment, a partial payment holiday may be suitable. If you are still struggling to maintain any payment, then a payment holiday may be suitable. To support this decision process, we will work with you to complete a full income and expenditure assessment.
Will I be charged interest while the payment holiday is in place?
We will charge you the contractual interest for the period of the payment holiday, but it will only need to be paid at the end of the loan. It will be calculated as 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?
Before your additional forbearance ends, and ahead of you resuming your normal monthly payment, 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 your finances are still affected by Coronavirus.
Will my credit file be impacted?
If you have asked us for a payment holiday in respect of a payment that was not already due, then this payment holiday will not show as a missed payment on your credit file. However, if you have asked us for a payment holiday in respect of a payment that was already overdue, and your account was subsequently in arrears, even though we may have agreed this request, it is still possible that the arrears will show as a missed payment on your credit file.