We understand you may be worried about the impact of Coronavirus (Covid-19) and we want to reassure you we are here to help you with any financial concerns you may have.
Payment Holidays
You’ll no longer be able to apply for a payment holiday in relation to Coronavirus. All payment holidays in relation to Coronavirus ended by 31 July 2021.
If you’re continuing to experience financial difficulty, we’re still here to help. Please call us on 0330 159 6612 (UK). We’re here from 8am - 8pm Monday – Friday (except bank holidays) and 9am - 1pm Saturday. Please be aware that our phone lines are busier than usual, and you might have a longer wait.
If you are worried about money or debts you need to set a realistic budget. Make a list of your debts and work out which ones are highest priority and which are less important. For most people, it makes sense to pay essential expenses and priority debts before any discretionary expenses or non-priority debts.
Visit the Money Advice Service website for help with prioritising debts or to read their payment holidays guide. In addition, Money Advice have an online budget calculator to help you understand your finances.
The StepChange debt charity has also published a reduced income guide to help people with a reduced income to deal with their finances, such as making arrangements with creditors. We recommend you read this and take any action you need to sooner rather than later.
See our Help with Payment Difficulties page for details of other independent not-for-profit organisations, including Citizens Advice and the Money Advice Service, for further guidance on money, debt, housing and employment.
I took a payment holiday – how was my account affected?
During the payment holiday, interest continued to accrue and be charged to your account, which means your outstanding balance increased.
At the end of your payment holiday, your monthly payment was recalculated to include the extra amount of deferred payments plus the interest that accrued during the payment holiday period. This will be paid off over the remaining term of the loan unless you contact us and agree an alternative arrangement.
You have the option to agree an alternative arrangement for repaying the accrued interest and deferred payments, this includes a lump sum, an overpayment arrangement or a term extension.
Your credit file
We did not report any payments deferred by your payment holiday to the credit reference agencies as being missed payments. If your account was up to date, it continued to be reported as being up to date with payments for the duration of your payment holiday. If your account was in arrears at the start of your payment holiday, please note that the existing arrears continued to be reported but no deterioration was shown. The balance reported increased in line with the accrued interest. Other factors including any existing arrears may affect your credit file or your ability to obtain credit.
Supporting you with your mental health during this time
We not only want to help with financial concerns but support you with managing your mental health during this time.
We know it is a very uncertain time for us all and we are not sure how long this will last. All of us are affected differently, you may not currently be at work or may be adjusting to working from home. Any change to your normal daily routine can be unsettling and this may have an impact on your mental health. It can feel overwhelming and stressful.
Mind, a mental health charity, have some useful information and tips to help support you through this challenging time.
For more information on personal support, visit our Personal Support page.
