Is a payment holiday the right option for me?
There are a few things to consider before requesting for a payment holiday, to make sure it’s right for your situation:
- Currently, we offer payment holidays of up to three months. If you feel that you will need longer term support, or you’re worried about starting your payments again in three months’ time please speak to us.
- You won't make any monthly personal loan repayments for three months
- Interest will continue to accrue on your personal loan balance
- Your loan term will be extended by four months
- This includes the three months of loan repayments from your payment holiday period and a final installment to cover the additional interest that accrued due to your payment holiday
- Your loan term will end four months later than originally scheduled and you'll pay more interest overall.
If you would like to request a payment holiday of less than three months, speak to one of our team on 0345 600 2882.
If you are not up to date with repayments on other products that you have with us, for example your credit card or mortgage, please contact us on 0345 600 2882 to discuss options on all your products.
Please be aware that if you need independent support regarding your finances, you can get help from Citizens Advice or other debt counselling agencies.
What happens once I make a payment holiday request?
Where we can, we’ll start your payment holiday from your next payment. However, if your next payment is due in the next few days, your payment holiday may start the following month.
We’ll confirm your payment holiday by text if you have provided your mobile number and we’ll write to you with details of the payment holiday you’ve requested. This will be within 5-7 working days of you submitting your application. Please bear with us – we’re working hard to get back to you.