Manage your loan

Repayment holiday options

We’re committed to supporting business through challenging times

To help manage the impact of coronavirus on your business, you've had a repayment holiday on your loan account which is coming to an end soon.

You need to consider your circumstances and select the best option for you.

If you choose to start paying your monthly loan repayments there are options available for you to cover the payments you didn't make during the repayment holiday period. 

If you can't afford to start paying your monthly loan repayments there are options available for continued support through this time.

You can also arrange a call back to discuss your current situation.

If you choose to restart your monthly loan repayments, you need to cover the missed payments during the repayment holiday.

Interest may accrue during any repayment holiday, meaning it may take longer to repay the loan and may cost more in the long run so it’s important to consider what is best for your individual circumstances.

Pay the holiday balance as a lump sum

Make a one-off payment to pay the repayment holiday balance as a lump sum

You can pay a lump sum to cover the payments you didn't make during your repayment holiday

Your monthly repayments will stay the same

Provided you do this before your next loan payment is due you will not pay any additional interest

Your loan term will end on the original end date

Extend your loan term

Extend the loan term for the same length as your repayment holiday

You can agree to extend your current loan term by the same length as your repayment holiday

You’ll pay more interest overall because you’ll be repaying the money over a longer period. This means your monthly repayments will be higher

We’ll send you agreement documents that will include your new monthly repayment amounts. You’ll need to sign and return these to extend your term.

If you can't afford to start paying your monthly loan repayments there are options available for us to continue to support you through this time.

Interest may accrue during any repayment holiday, meaning it may take longer to repay the loan and may cost more in the long run so it’s important to consider what is best for your individual circumstances.

Extend your repayment holiday

Extend your repayment holiday for up to a total of 12 months

Extend your repayment holiday if you are unable to restart making payments now but expect to be able to soon

The 12 month repayment holiday period is the accumulated total across the existing repayment holiday and the new holiday request

For example if you have had a 6 month holiday already, you can apply to extend this by up to a further 6 months

Interest may accrue during any repayment holiday, meaning it may take longer to repay the loan and may cost more in the long run

Request a call back

You can arrange to speak to us about your current situation

If your business has been negatively impacted by coronavirus there may be alternative support we can provide beyond extending your repayment holiday

It's important to consider what is best for your individual circumstances

You can request a call back for us to get in touch

Common questions about loan repayment holidays

Complete the online form

 
You need to complete the online form to:

Restart your loan repayments and select the best option to cover your missed repayments

Apply for a repayment holiday extension

Request a call back

Customers with hearing and speech impairments can contact us by using our Relay UK Service: 18001 0345 711 4477

For more information visit the accessibility page.

Calls may be recorded for training and monitoring purposes.

To see how much your call might cost, visit the call charge information page.

Get the right support during coronavirus

Tell us about your current situation and we'll highlight the actions that could help your business recover and move forward.