If you currently have a loan with us and have been affected financially by the COVID-19 pandemic, please click here for ways in which we may be able to work with you during these difficult times.
No. It is important to remember that a payment deferral is not a payment holiday.
You will have to make up for the missed payments at the end of the deferral period, and there are various options for you to do so, either by increasing your monthly payments over the remaining term of your loan or by making a lump sum payment.
A Payment Deferral may not be in your best interests but we will be able to explain and discuss what options are available, and the effect on future payments, etc on an individual basis. There are no fees charged for assessing and setting up a payment deferral.
If due to financial difficulties you are unable to resume payments at the end of the Payment Deferral period, we will work with you to resolve these difficulties in advance of payments being missed.
You are entitled at the end of the Payment Deferral period, or other arrangement where a payment deferral has not been deemed the best approach for you, to forbearance under our existing rules, as a result of circumstances relating to Coronavirus
Loans are subject to status and affordability. Consolidating debts may increase the term and the total amount payable.
Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.
Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk