We hope you are staying safe during these challenging times. We have been working hard to support our customers and are committed to continuing doing so. We wanted to remind you of the support available that may benefit you during this period.
Further to that, we would like to highlight certain services that may provide additional support to you during this challenging time:
- Pause your Monthly Payments: We know that some of our customers may experience a loss of income during this time and so we have extended our temporary Pause Payments benefit to all our products. So whether you are graduated and making full repayments on your loan or still at university, you can pause your repayments for 3 months. You can still pause your payment even if you have previously asked us for a Pause Payment. Please note that in both cases, you will still accrue interest while these payments are paused. If you have already had a Pause Payment and can afford to start making repayments, it is in your interest to do so, as you may have to pay back more later. To activate this feature, please complete this short online form. Remember, do not cancel or reduce payments until we have agreed to your request for a Pause Payment. The Pause Payment benefit cannot be activated by our customer service team via phone or email. Customers can only request the benefit by completing the online form. T&Cs apply.
- Student Support and Flexibility: If you experience illness, hardship and/or loss of income over the coming weeks or months as a result of COVID-19, please let us know and we will do all we can to arrange a repayment plan with you. It is critical to get in contact with our Customer Service team prior to any missed payments. We are here to support you and will look to provide help where we can.
- Getting Independent Support: We recognise that the ongoing situation may mean that some customers will need long term debt solutions. There are a number of free and independent services available to consumers in the UK. The Money Advice Service (Coronavirus support) and the Financial Conduct Authority ( Dealing with financial difficulties during the coronavirus: information for consumers) have produced useful information and budgeting tools for consumers on managing finance and debt during the COVID-19 disruptions.
We want to make sure that we’re doing everything we can to support and assist both students and customers as the impact of COVID-19 continues. If you have any questions or concerns, please get in touch and let us know how we can further support you.
The Future Finance Team