Coronavirus / Covid-19 FAQs

If you are worried about future financial difficulties, or want to understand how we are supporting our customers through the coronavirus crisis, please read our Frequently Asked Questions below.

If you have been directly affected by coronavirus due to reduced hours, pay or a loss of job and you’re worried about what this might mean for your agreement with us, we’re here to help. You can contact us by calling 0800 197 9090 or by emailing us at this address.

 

My income has significantly reduced and I may not be able to make my next payment, what can I do?

Our customers are our priority and we will do everything we can to assist customers who find themselves struggling financially. We have a range of forbearance solutions for any customer who has been impacted by the coronavirus crisis. We will review all cases individually and find the most appropriate solution for you.

 

Will I need to provide any information when requesting assistance due to my income being reduced as a result of coronavirus?

 We may ask you to complete a questionnaire and provide documentation to us to assist us in reviewing your financial situation. This is to allow us to ensure we are able to understand your circumstances in full and agree the best way forward for you.

 

Will I be charged interest on my loan agreement whilst I don’t make repayments on my account?

Yes, we’ll continue charging interest on your loan agreement. You will not however, have to make any payments during the period agreed.

 

How will this affect my payments at the end of period of non-payment?

We’ll be in touch with you when the period of non-payment ends to tell you what your new monthly amount will be and the date when payments will begin again. This might be higher than your original payment. If the new repayment amount is too high, you may have the option of spreading the extra repayment amounts over a period of time. Our customer support team will be able to talk you through your options should this be the case.

 

How could this affect my loan agreement?

We’ll continue to charge interest as normal during the period of non-payment. We’ll add this interest to the amount you owe. Non-payment won’t affect your loan agreement’s terms and conditions.

When the period of non-payment ends, we’ll increase your monthly payment amount. This means you can make up the payments you did not make over the rest of your loan term. It also means you’ll pay interest on the deferred payments over the remainder of the loan term. If you cannot afford the new repayment amount, our customer support team will discuss your options with you to ensure payments are affordable for you.

Here’s an example of how the period of non-payment could affect repayments when the period ends.

 *These amounts are only a guide and are based on the assumption that your loan is paid back over the course of the original term. We’ll provide you with a revised payment at the end of the period of non-repayment. All payments in these examples are based on a loan of £1,500 payable over 18 months. The representative examples below have more details.

 

Representative Example – no payment deferral

A logbook loan of £1,500 payable over 18 months with an APR of 99.9%. This would require 18 monthly payments of £137.93. The total amount payable would be £2,482.76, made up of the loan amount plus interest. The overall cost for comparison is 99.9% APR.

 

Representative Example – three-month payment deferral

A logbook loan of £1,500 payable over 18 months at an APR of 99.9% with a payment deferral of three months’ mid-way through the term. This would require 9 monthly payments of £137.93 and 6 monthly payments £214.99. The total amount payable would be £2,531.34, made up of the loan amount plus interest. The overall cost for comparison is 105.84% APR.

I am struggling financially and I am worried that I won’t be able to meet a number of household bills in the coming months, what should I do?

We recommend you contact StepChange, a free, independent debt charity who will be able to offer you impartial debt advice.

Details on how to contact StepChange can be found at www.stepchange.org.

We also recommend you visit the government website www.gov.uk to see if you are entitled to any government support.

 

I have heard that fraudsters are taking advantage of the current coronavirus crisis, how can I protect myself?

We are aware that fraudsters are looking to take advantage of the current situation by impersonating banks, finance companies and other organisations. If you are concerned that someone calling you from Mobile Money may not be who they say they are, please hang up and contact Mobile Money by phone or email as detailed above.

You can find further advice or report fraudulent activity by contacting Action Fraud. Details of how to contact Action Fraud can be found at www.actionfraud.police.uk.

 

I am struggling financially and I am worried that I won’t be able to meet a number of household bills in the coming months, what should I do?

We recommend you contact StepChange, a free, independent debt charity who will be able to offer you impartial debt advice.

Details on how to contact StepChange can be found at www.stepchange.org.

We also recommend you visit the government website www.gov.uk to see if you are entitled to any government support.

 

I have heard that fraudsters are taking advantage of the current coronavirus crisis, how can I protect myself?

We are aware that fraudsters are looking to take advantage of the current situation by impersonating banks, finance companies and other organisations. If you are concerned that someone calling you from Mobile Money may not be who they say they are, please hang up and contact Mobile Money by phone or email as detailed above.

You can find further advice or report fraudulent activity by contacting Action Fraud. Details of how to contact Action Fraud can be found at www.actionfraud.police.uk.