We understand that circumstances can change. If you’re experiencing financial difficulties or think you may miss a payment, we’re here to support you.
If you miss a payment, your account may fall into arrears. We’ll contact you to let you know and discuss how the outstanding balance can be managed.
Potential impacts of missed payments include:
Each monthly payment is due separately and is applied to the instalment scheduled for that month. For example, if your February payment wasn’t made, it would be recorded as a missed payment. Making your March payment on time would only cover the instalment due in March - it would not automatically make up for the missed February payment.
If you are experiencing financial difficulties and cannot afford your contractual monthly payments, we may be able to discuss a temporary reduced payment arrangement with you.
This means paying less than your usual agreed payment amount for a period of time.
A reduced payment arrangement does not reduce the amount you owe. Any remaining balance will still need to be repaid.
If you’re experiencing financial difficulties or exceptional circumstances, we may be able to place your account on hold temporarily.
Breathing Space is a government scheme in England and Wales that provides temporary protection from creditor contact and most enforcement action. It can last up to 60 days, or for the duration of qualifying mental health crisis treatment plus 30 days. To apply, you’ll need to speak to a regulated debt adviser.
A credit report, sometimes called a credit file, is a record of your borrowing and repayment history. It may include credit agreements, loans and information about whether payments were made on time.
Lenders and other organisations may use this information when assessing applications for credit and other financial products or services.
We may share information with:
• Experian
• Equifax
• TransUnion
This may include information about:
• Payments made on time
• Late or missed payments
• Reduced payments
• Defaults
Your credit file can impact:
• Credit agreements
• Mortgages
• Loans
• Credit cards
• Other financial products or services
If you are struggling to make payments, taking action early may help reduce the impact on your account and your credit file.
If you’re experiencing financial difficulties and are worried about money, you can get free and independent support from the organisations below. They can help you understand your financial situation, manage your budget, prioritise repayments and explore the options available to you.
Contact Us: 0333 212 3914
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