If you’ve been impacted by COVID-19 and are increasingly finding things aren’t going to plan, a bit of financial flexibility can really help. We can give you some time out from your loan through a repayment holiday. There are two repayment holiday options:
1.Request a one month repayment holiday. You can request up to three consecutive one-month repayment holidays every rolling 12 month period*
2.Request an extended repayment holiday for three consecutive months specifically to support any financial struggles during the current COVID-19 lockdown
*Repayment holidays are subject to approval. If you do decide to take a repayment holiday, interest will continue to be charged and the length of your loan will increase, meaning you’ll pay more interest.
How to take a loan repayment holiday
Before you request a repayment holiday you will need to:
have made at least one repayment, and have a direct debit in place
be up to date with your loan repayments, or have missed no more than one payment
not be in the process of making a loan protection insurance claim
have at least 30 days remaining on your loan term
other factors may also be taken into account
Please note that interest will be charged if you take a break from your repayments or defer your payments, so you will pay more interest overall.
We pride ourselves on being a responsible lender
Repayment holidays are not intended to solve long-term money troubles, so if you're struggling to make your monthly repayments we have a range of options that may be able to help you. Contact one of our partners and we’ll happily discuss the options with you.
Things to think about
Taking a repayment holiday will extend the length of your loan and we will continue to charge you interest on your outstanding loan balance. We will advise you of the additional interest that will apply when you call.
Interest will be charged if you take a break from your repayment or defer your payments, so you will pay more interest overall. Repayment holidays are available if you meet certain conditions and are subject to our approval.
How to apply for a repayment holiday
If you’d like to apply for a one month repayment holiday, the quickest and easiest way is via internet banking. This way you will receive an instant decision and you can also check your eligibility before you apply. Please note: you cannot apply for an extended repayment holiday via internet banking.
Log into internet banking
Select your loan from the ‘Your accounts’ screen
Click on the repayment holiday tab
Using our form:
If you want to request an extended repayment holiday, you will need to complete our Loan Repayment Holiday Request Form. We will aim to complete your request within two working days, excluding requests made after 4pm on weekdays or over the weekend.
We will write to you to confirm whether your payment holiday has been successful and when you’ll need to start making future payments again.