The UKs Fraud Prevention Service Coronavirus (Covid-19) - We're here to support you | Bamboo Loans

COVID-19 Financial help & advice

During these difficult and exceptional times, we have been supporting our customers who have faced payment difficulties due to circumstances arising from the Coronavirus pandemic.

From 1 April 2021, the guidance given by the FCA changed. From this date, if you are struggling financially as a result of coronavirus for the first time or have already received support, such as a payment holiday, that is coming to an end (or has ended), lenders will now provide tailored support that will take into account your individual circumstances.

You can read the updated guidance here. 

How we can help?

  • We will work with you to provide support. We will look to understand your current situation, which may include reviewing your income and expenditure.
  • We have a number of short and longer-term forbearance options.
  • It might be more beneficial for you to be referred for debt support. If that is the case, we can provide you with further details.

What should you do?

  • It is really important that you contact us before your next payment is due. Please do not wait until a payment is missed. Our contact details can be found here.
  • Be open and honest about your current situation. The more details we understand the more we can tailor the support.

FAQs

Can I have more payment holidays?

Up until 31 March 2021, you could apply for a payment holiday under the Payment Deferral Guidance. From 1st April this guidance changed, with lenders required to provide more tailored support.

What is tailored support?

From 1 April 2021, if you’re struggling financially because of coronavirus, lenders will provide tailored support that will take into account your individual circumstances. This support will be available if you are struggling for the first time, or if you have already received support, such as a payment holiday, that is coming to an end (or has ended).

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.

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, consequences, 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 arrangements we have agreed?

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.

What will happen to my credit file?

If you need tailored support this may be reflected on your credit file in line with a lender’s normal credit file reporting process. This will help ensure lenders have an accurate picture of the customer’s financial circumstances and reduce the risk of future unaffordable lending.

What does an income and expenditure assessment cover?

When assessing what options are best for you (including the amount you can afford to repay) we will consider your essential living expenses, which could include:

  • mortgage payments, rent and council tax
  • reasonable food, clothing, health care and travel costs
  • other costs, where non-payment could result in the loss of your home or essential goods or services

How do I make contact?

You can find out the best contact details to reach us on here.

Managing your account

We’ve made managing your account easy through our mobile-friendly online Bamboo account. You can use your account to make paymentschange your password or update your payment card.

For any urgent enquiries, e.g., about a payment that is due within the next two working days, we encourage you to call us. For non-urgent enquiries, you can always send us an email. You can find out the best contact details to reach us on here.

Coronavirus Scams

Amid the Coronavirus pandemic, there has been a significant increase in the number of scams and frauds being reported. Check out our guide on how to spot and avoid online scams.

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.

Ask Boo

Should you have a query outside of the given opening hours then our Frequently Asked Questions (FAQ) page may provide more immediate answers to our most common queries.

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Rates from 26.9% APR to a maximum of 89.9% APR. Loan terms from 12 to 60 months.