Can I Set Up a Reduced Payment Plan?

TABLE OF CONTENTS

• What Information Will I Need to Provide?
• What Happens If My Request Is Approved?
• Will Interest Still Be Charged?
• Need Help?

Yes. If your financial circumstances have changed and you can no longer afford the repayments set out in your loan agreement, you can request a Reduced Payment Plan through your Online Account Area.

We'll review your request and work with you to understand your circumstances. Our aim is to find a repayment arrangement that's fair, affordable and sustainable.

What Information Will I Need to Provide?

To help us assess your request, we may ask you to complete an income and expenditure form.

This gives us a better understanding of your income, essential household spending and other financial commitments, so we can consider the most appropriate support for your situation.

What Happens If My Request Is Approved?

If we agree to a Reduced Payment Plan, you'll make lower repayments based on what you can currently afford.

It's important to understand that reducing your payments may affect your account.

Things You Should Know

If you're paying less than the amount agreed in your original loan agreement:

• Your account will remain in arrears until you catch up with your contractual repayments.
• The arrears may be reported to the credit reference agencies and could appear on your credit file.
• You won't be able to apply for another Fair for You loan until your account is up to date.
• You may continue to receive automated emails or text messages about the arrears on your account.

We'll always explain these implications before agreeing a Reduced Payment Plan so you can make an informed decision.

Will Interest Still Be Charged?

In some circumstances, if you're keeping to an agreed Reduced Payment Plan, we may consider stopping further interest from being added to your loan.

This will depend on your individual circumstances and isn't available in every case.

Need Help?

If you're worried about making your repayments, please don't wait until you've missed a payment.

The sooner you get in touch, the more options we may have available to help. We'll always try to work with you to find a fair and affordable solution wherever we can.