Struggling to make Payments?

We understand that circumstances can change and that sometimes it can become difficult to keep up with your repayments.

If you're worried about making your next payment, please contact us as soon as possible. The earlier you get in touch, the more options we may have available to help.

Our aim is to work with you to find an affordable solution and help you get back on track.

TABLE OF CONTENTS

• Reduced Payment Plans
• Important Information About Reduced Payment Plans
• Interest Support
• Why It's Important to Contact Us
• Need Independent Debt Advice?
• What Is a Loan Termination?
• What Is a Default Notice?
• What Is ELDS?
  • How ELDS Works
  • Why Doesn't My Balance Update Straight Away?
• We're Here to Help

Reduced Payment Plans

If you can no longer afford the payments agreed in your loan agreement, we may be able to offer a Reduced Payment Plan. You can request a reduced payment plan via your account area here.

To help us understand your situation, we may ask you to complete an income and expenditure form. This allows us to assess your circumstances and discuss the most appropriate support available.

Important Information About Reduced Payment Plans

Before agreeing to a Reduced Payment Plan, it's important to understand that:

• Your account will remain in arrears.

• The arrears may be reported to credit reference agencies and could appear on your credit file.

• You won't be able to apply for another loan while your account remains in arrears.

• You may continue to receive automated communications relating to the arrears on your account.

Interest Support

In some circumstances, if you're maintaining an agreed repayment arrangement, we may consider stopping further interest from being added to your loan balance.

This will depend on your individual circumstances and is not available in all cases.

Why It's Important to Contact Us

If you pay less than the amount originally agreed, your account may fall into arrears.

Arrears can affect your credit file and may make it more difficult to obtain credit in the future.

By contacting us early, we can discuss the options available and help you understand any impact on your account.

Need Independent Debt Advice?

If you're struggling with multiple debts or finding it difficult to manage your household finances, free independent debt advice may be available.

You can find useful information and support through our Dealing with Debt guide - Dealing with Debt

What Is a Loan Termination?

A loan termination means that your loan agreement has come to an end.

This can happen in one of two ways:

Your Loan Has Been Repaid

The most common reason is that you've successfully repaid your loan in full.

Once your balance reaches zero, your loan agreement is complete and your account will be closed.

Your Loan Agreement Has Been Ended

In some circumstances, where the terms of the loan agreement have not been maintained, we may decide to end the agreement before the loan has been fully repaid.

If this happens, we'll write to you explaining the next steps and any actions required.

What Is a Default Notice?

A Default Notice is a formal notice that we're required to send when payments due under your loan agreement have not been made.

The notice explains:

• The current status of your account

• The amount that is overdue

• What action is needed to bring the account up to date

• What may happen if the arrears are not resolved

We understand that receiving a Default Notice can be worrying, but we're here to help.

If you've received a Default Notice, please contact us  as soon as possible so we can discuss your circumstances and explore the options available.

What Is ELDS?

ELDS (External Lending Deduction Scheme) is a government-managed scheme that allows repayments to be deducted directly from certain benefit payments.

We may consider ELDS where other attempts to agree a repayment arrangement have not been successful.

How ELDS Works

1. The Department for Work and Pensions (DWP) deducts an agreed amount from your benefits.

2. The deduction is usually made when your benefits are paid.

3. The DWP then sends the payment to us.

Why Doesn't My Balance Update Straight Away?

Payments made through ELDS do not arrive immediately.

Typically:

• The deduction is taken from your benefits payment.

• The DWP holds and processes the payment.

• The payment is then forwarded to us, often several weeks later.

Because of this process, it can take time before the payment appears on your Fair for You account and reduces your balance.

Please don't worry if you don't see the payment showing immediately. Delays are normal with ELDS payments, and we'll update your account once the funds have been received and processed.

We're Here to Help

If you're worried about your repayments or your financial situation has changed, please contact us  as soon as possible.

We'll always try to work with you to find a fair and affordable solution wherever we can.