Payment Support
Loan Repayment Help & Financial Support
Struggling to Repay Your Loan?
We understand that circumstances can change unexpectedly, making it difficult to keep up with loan repayments.
If you're worried about making your next payment or have already missed one, it's important to contact us as soon as possible. Our experienced team is here to listen, understand your situation, and discuss the support options available to help you get back on track.
The sooner you get in touch, the more options may be available to support you and reduce financial stress.
Concerned About Missing a Payment?
If you think you may struggle to make an upcoming repayment, don't wait until the payment is due.
Speaking with us early allows us to understand your circumstances and explore potential solutions before your account falls into arrears.
Early communication can help prevent additional stress and minimise the impact on your credit profile.
Already Missed a Loan Repayment?
If you've already missed one or more repayments, it's important not to ignore the situation.
Missed or late payments can affect your credit file and may remain on your credit report for up to six years. This could make it more difficult to obtain credit, loans, mortgages, or competitive interest rates in the future.
The best thing you can do is contact us so we can discuss the support available.
Contact Our Support Team
If you're experiencing financial difficulties, please get in touch by phone or email.
Our team is ready to help and discuss your options confidentially.
Our Commitment to Supporting You
If you're struggling to repay your loan, we promise to:
Never ask you to pay more than you can reasonably afford.
Take the time to understand your circumstances.
Treat you fairly and with respect.
Offer suitable support options based on your individual situation.
Work with you to reduce stress and find a manageable solution.
Financial Support Options Available
Once we've assessed your circumstances, we may be able to offer one or more of the following support options:
Additional time to make payments.
Time to seek independent financial advice.
Reduced repayments for a temporary period.
Information about organisations that provide free debt advice and support.
Other tailored arrangements based on your individual circumstances.
Support options are considered on a case-by-case basis and will depend on your situation.
What Happens If You Miss Loan Payments?
Ignoring payment difficulties can make the situation worse.
Missing repayments may:
Negatively affect your credit file.
Reduce your ability to obtain future credit or a mortgage.
Result in additional fees and charges.
Lead to your vehicle being repossessed if repayments are not maintained.
The earlier you contact us, the more opportunities we have to help.
Please note that if we agree to reduced repayments or an alternative payment arrangement, this may still be reported to credit reference agencies and could affect your credit file.
Check Your Credit Report
You can review the information held about you by the UK's credit reference agencies:
Regularly checking your credit report can help you understand your current financial position and identify any issues.
How We Will Contact You
If you miss a scheduled repayment, we may contact you by:
Email
SMS text message
Telephone
Our aim is to understand your circumstances and help you find a suitable solution.
Please do not ignore our communications, as early engagement often leads to better outcomes.
Late Payment Fees
A late payment fee may be applied to your account if your repayment has not been received in full by the fourth day after the due date.
Debt Collection Agencies
If we are unable to reach you or agree on an affordable repayment arrangement, your account may be referred to an authorised third-party debt collection company acting on our behalf.
Important Notices You May Receive
In certain circumstances, we are required by law to send formal notices regarding your account.
These may include:
Notice of Default Sums (NoDS)
Notice of Sums in Arrears (NOSIA)
Default Notice
Notice of Default Sums (NoDS)
A Notice of Default Sums is issued when a charge, such as a late payment fee, becomes payable under your agreement.
This notice relates only to the additional charge and does not mean your agreement has defaulted.
The notice will usually be sent to you by email.
Notice of Sums in Arrears (NOSIA)
A Notice of Sums in Arrears is issued when you have missed at least two repayments and an overdue balance exists on your account.
This notice will be sent by email and will include information required by the Financial Conduct Authority (FCA).
While the notice itself does not affect your credit score, the missed payments that triggered it may be recorded on your credit file.
If your account remains in arrears, further notices may be sent every six months until the arrears are cleared.
Default Notice
A Default Notice is a formal warning that your account is seriously behind with repayments.
This notice will be sent by post and will provide at least 14 days for you to resolve the breach by making payment.
If the arrears are not cleared within the specified period, a default may be recorded with credit reference agencies, which can significantly affect your ability to obtain credit in the future.
Free Debt Advice and Support
If you're worried about debt, independent organisations can provide free and confidential advice to help you understand your options and manage your finances.
Seeking help early can make a significant difference and may prevent your financial situation from worsening.
Impartial debt help organisations:
