As the COVID 19 situation develops, supporting our customers and their financial wellbeing remains paramount.
We understand that the financial strain associated with the virus outbreak may affect some our customers. With this in mind, we would like to update our customers with regards to options available to you if you have been affected.
In line with the FCA guidance on the treatment of customers finding themselves in financial difficulty due to the current situation, we have prepared solutions to help them through this challenging period, including deferment and payment deferrals.
You can find detailed information about the FCA’s temporary financial relief for those affected by coronavirus here.
In line with the terms and conditions of your Student Loans Agreement, you are eligible to apply for deferment if your earnings fall below the agreed financial threshold.
The deferment threshold between 01 September 2020 and 31 August 2021 is £30,646.00 annually or £2,553.83 monthly. If you are aware that your income in the coming three months will be under the monthly deferment threshold, then please contact us to discuss your ability to defer your Student Loan repayments for 12 months.
Alternatively, if your income is over the threshold, you may be eligible for a payment holiday.
Payment deferrals mean a three month’s break in the repayments of your financial commitment may be granted, if:
· you have been impacted financially by the coronavirus outbreak; and
· have a personal loan, credit card or a store card which is within the term of the contract and not terminated.
Payment deferrals are a way of providing temporarily relief to the financial pressure you may be currently facing. Please note, however, that while payment deferrals are granted, payments missed will need to be made up for by increasing your future payments, and the interest charged on the account will continue to accrue. It is, therefore, important to understand how this may impact you in the long run.
We offer a range of forbearance options for customers in financial difficulty, so if you have been impacted, please contact the partner managing your account on our behalf, to discuss the most appropriate solution for you.
Similarly, if you are currently on a payment arrangement for your account, but have been affected by coronavirus, you should also contact the partner who is managing your account on our behalf, to discuss your options.