When we confirmed your payment holiday, we told you we’d need you to sign a new loan agreement when your payment holiday ended. The new agreement will extend the term of your loan by 3 months to cover the payments you didn’t make during your payment holiday.
Your new monthly payment will also be higher than it was before your payment holiday. This is because we’ve worked out your new payment to cover the interest added during your payment holiday.
In some circumstances, you may be able to extend the length of your loan to bring the monthly payment down. Just remember that doing this will cost you more overall. And just so you know, there are no fees for overpaying on your Nationwide personal loan or paying it off early.
Signing your new loan agreement won’t harm your credit score.