I’m concerned I won’t be able to meet my repayments, what should I do?
If you are having problems meeting your repayments, please contact us early on:
Collections Team Phone: 0800 221 088
Our collections team will listen to your situation sympathetically and will endeavour to come to a suitable altered repayment arrangement with you.
See below for:
* Costs & consequences of missing a payment (without our agreement)
* Costs & consequences of an altered repayment arrangement
What are the costs & consequences of missing a payment (without our agreement)?
If you miss a payment (and this has not been agreed with us BEFORE you missed the payment) we can charge you default interest, default fees and other charges.
Click here to see the fees and interest applicable on a default.
We strongly recommend you contact us as soon as you think you might miss a payment.
If you contact us immediately after you missed a payment we MAY be able to reduce or remove any default interest or fees.
If you wait until we contact you about a missed payment then default interest and fees will usually be charged.
What are the costs & consequences of an altered repayment arrangement?
If we agree an altered repayment arrangement with you then generally this will mean you are making smaller repayments and/or making repayments over a longer period.
Both of these will mean you are incurring interest for a longer period than expected, so you will most likely pay more interest.
You will also be charged a small fee for the altered repayment (refer to our cost of borrowing page).
To avoid additional interest charges, you may wish to explore ways of repaying your loan earlier, e.g. borrowing money from another source (family, friend, bank, etc.), selling an unnecessary asset, re-prioritising your use of the cash you do have available, etc.
What if I am suffering Unforeseen Financial Hardship?
If you are suffering from genuine unforeseen financial hardship and you wish to make a formal hardship application, please click here and complete the online screen to request a financial hardship application form and guide.