How coronavirus payment holidays worked

We offered personal loan payment holidays from 20 March 2020 to 31 July 2021. Members could apply to take a payment holiday for up to 3 months at a time, for a maximum of 6 months. This was in line with FCA guidelines.

However, we are no longer accepting applications for:

  • new personal loan payment holidays
  • personal loan payment holiday extensions.

Repayments after a payment holiday

When a payment holiday ends, you need to set up and sign a new loan agreement. To do this, you will need your suggested term length. This can be found in the letter we sent about your payment holiday ending.

If your financial situation has improved, you could pay more than your new monthly payment. This can help minimise the effects of the holiday on your future repayments and the interest you pay in the long term.

You can do this by:

  • decreasing the term of your new loan agreement
  • overpaying, or
  • paying in full, with no charge.

If you can't start making payments again, you need to complete our income and expenditure form.

Setting up a new loan agreement

Using the Internet Bank or Banking app

To use the Internet Bank:

  1. Log in to the Internet Bank.
  2. Complete the form.

To use the Banking app:

  1. Log in to the Banking app.
  2. Go to Products and applications.
  3. Select Personal Loan.
  4. Go to Use our loan calculator.
  5. Select Get your quote.

If you’re not registered for Internet Banking

Our loans team get in touch to go through your new loan agreement with you. If you haven’t heard from us within 7 days of the date on your letter, please call us.

Monday to Friday, 9am to 5pm.
03457 30 20 11


Why repayments increase after a payment holiday

If you took a personal loan payment holiday, your new repayments have been worked out to cover the interest added during your holiday.

Interest continues to build at your usual rate during the holiday. This means that the total amount of interest you’ll pay back increases. As a result, your repayments at the end of your holiday are higher.


If you can’t make your personal loan payments

If you're unable to make your monthly payments or if you've already missed one or more payments, don’t panic. We’re here to help.

We understand that it can feel easier to avoid a conversation with us and hope the situation improves. But the sooner you get in touch, the quicker we can help you.