×

As the impact of coronavirus (COVID-19) is felt across the UK, you may be worried about how it could affect you and your agreement with us. Your peace of mind is our top priority, so we've created some extra ways to help, if you need it.

If coronavirus has affected your income, we can let you have a repayment holiday. You can ask to have a break of three months.

  • ONEWhat is a repayment holiday?
  • TWOAbout You
  • THREECheck and submit

Step 1 of 3

What is a repayment holiday?

This is when we agree to let you temporarily stop making your usual payments for 3 months. After that, your monthly payments will start again.

In order to make up for the missed payments you will have the option to extend the length of your agreement, or to increase your payments. We still add interest to your agreement during the break.

If you use a repayment holiday we will write to confirm its effect on how much you owe.

How will this affect my repayments?

This table shows how a repayment holiday might change the cost and term of an agreement. It allows for interest to be added if you don't make any payments for 3 months.

  Example A Example B
  Maintain Payments Maintain term
Balance due £9,856.08 £9,856.08
Interest rebate £1,196.77 £1,196.77
Interest rate % 8.85 8.85
Repayments 36 x £273.78 36 x £273.78
     
After rescheduling    
Amount Financed £8,659.31 £8,659.31
New interest amount £1,448.95 £1,310.32
Interest rate % 8.85 8.85
New Balance due £10,108.26 £9,969.63
     
New repayments* 3 x £0.00 3 x £0.00
  36 x £273.78 33 x £302.11
  1 x £252.18  
 
* excludes title transfer fee, balloon and VAT deferral payments
 
Additional interest £252.18 £113.55
     
  • ​These are only illustrative examples.
  • If your contract is regulated you will be able to make additional payments which can reduce the overall interest you'll pay and may reduce your term.​


When deferring repayments the loan continues to accrue interest at the prevailing rate and this interest will form part of your new rescheduled loan. This can be collected by equal instalments over the revised extended loan agreement or by increasing your normal repayments. The rescheduled loan will be the addition of the new interest charge for the deferment period and the balance outstanding less the full future rebated interest.

 

Will I be given a repayment holiday?

You could be given a repayment holiday if:

  • Your income has been affected by the coronavirus outbreak.
  • You expect this to be only a short-term change.
  • Your agreement is up to date. If your loan is in arrears, we have other ways of helping you. Please call us on 020 7227 7517

 

Select next if you still want to ask to have a repayment holiday.

Step 2 of 3

If your income has been affected by the coronavirus outbreak, you can ask to be given a repayment holiday of 3 months.

If you are given a repayment holiday, please note that the amount you owe will go up. This is because we will still charge you interest during your repayment holiday.

At the end of the repayment holiday, your monthly payments will start again as agreed; either over an extended term, or with increased payments. This is so you can make up the payments you missed.

When deferring repayments the loan continues to accrue interest at the prevailing rate and this interest will form part of your new rescheduled loan. This can be collected by equal instalments over the revised extended loan agreement or by increasing your normal repayments. The rescheduled loan will be the addition of the new interest charge for the deferment period and the balance outstanding less the full future rebated interest.

We will write to you in the next 7-10 days to confirm that your repayment holiday has started. We will also tell you how much interest we will charge by taking a payment holiday.

Before you start

You will only be given an repayment holiday if your loan payments are up to date.

  • If your loan is in arrears, we have other ways of helping you. Please call us on 020 7227 7517
  • If your payment is due within the next 7 working days, you will still need to make this payment and any repayment holiday you are given will start the following month.
  • If you have a joint loan, any repayment holiday will be given to both of you.

Please don't continue with this form if you have had a 3 month repayment holiday already. We may have other ways to help and support you. Please contact us by emailing[email protected] You may also find the following website guidance useful – Money Advice Service

Previous Step - What is a repayment holiday Next Step - Check and submit

Step 3 of 3

You must decide if using a repayment holiday is right for you.

By submitting this form, you are requesting a repayment holiday for you and any joint borrowers.

This means that:

  • It will take longer to pay back your loan.
  • You will pay more interest on your loan overall.

What happens once you submit this form

You don't need to call us.

We will write to you in the next 7-10 days to confirm that your repayment holiday has started.

We will also tell you how much interest we will charge by taking a payment holiday.

If you pay by Direct Debit

You don't need to do anything else. We will automatically suspend your Direct Debit and restart it when your repayment holiday comes to and end.

If you pay by standing order:

Once we have confirmed your repayment holiday has started, you must cancel your standing order.

Once your repayment holiday has ended, you must set up a new standing order for your monthly payment amount.

If you want to make additional payments (regulated agreements only):

After your repayment holiday, you can make additional repayments to your loan. These can reduce the overall interest you'll pay and may reduce your loan term.

Any such repayments won't replace your monthly repayments. You must continue to make these as normal. We will still take your Direct Debit on your usual repayment date.  

 

Apply Now

Thank you for your application for a payment holiday.

Your application has been received. If successful we will write to you in the next 7-10 days to confirm that your repayment holiday has started.

We will also tell you how much interest we will charge by taking a payment holiday.

We trust that his concession will assist you moving forward, but we would encourage you to make immediate contact with us once again, should your circumstances change in the coming months.

If you have any queries please email us at [email protected]

  • Read this to make sure you understand what happens next
  • Tick the box at the end to confirm that you have read the whole page.
  • Then select submit