Coronavirus help and support
We’re here to help
If you’re concerned about the impact of coronavirus on your finances, we’re here to help you get through this difficult time. We’re offering additional support and flexibility to all our loan customers to help make things easier during this extremely difficult time.
If you’d like to discuss your situation with one of our friendly customer service team, please call us on 020 7096 8512 or email email@example.com (Mon-Fri, 9am - 5.30pm).
If your income has been affected by the coronavirus outbreak, you can apply for a 3-month break from making your loan repayments with no impact on your credit file.
Read about how it works before you apply:
I’m worried about making my loan repayments. Is there anything you can do to help me?
If you have a Lending Works loan, you can apply for a payment holiday to help you through this difficult time. We’re offering a number of ways to support customers who are or might soon be experiencing financial difficulties due to the coronavirus outbreak.
What is a payment holiday?
A payment holiday lets you take a break from making your monthly loan repayments. We offer payment holidays up to 3 months, depending on your personal circumstances.
Am I eligible for a Lending Works payment holiday?
At the moment, we’re offering payment holidays if:
- • You’re currently up to date with your loan repayments
- • You’ve made at least 3 monthly repayments on your loan
- • Your income has been reduced because of the coronavirus situation and you’re having, or think you might have, payment difficulties as a result (we won’t ask you to provide any evidence – you just need to confirm that’s the case)
If you’re experiencing longer-term financial difficulties, for example, if you’re already behind with your loan repayments or if the coronavirus outbreak has made your existing financial difficulties worse, we can still help you. The best thing to do is to get in touch with us so we can find the best way to help you.
What if I’ve already missed a payment?
Don’t worry if you’ve already missed a payment because of the coronavirus outbreak – we can still help you. The best thing to do is to get in touch with us so we can find the best way to help you.
Will I be charged interest on my Lending Works loan while the payment holiday is in place?
Yes, we’ll continue charging interest on your loan during the payment holiday. As a result, your monthly payments will increase after the payment holiday and the total amount of interest payable on your loan will also increase. We will provide you with full details on the changes to your repayment schedule before we arrange your payment holiday.
Does a payment holiday affect my credit score?
No - arranging a payment holiday won’t harm your credit score.
How will this affect my monthly payments when the payment holiday ends?
Your monthly payments will increase after the payment holiday and the total amount of interest payable on your loan will also increase. We can talk you through the changes to your repayment schedule before we arrange your payment holiday.
When will my payments stop and start again?
If the payment holiday is approved, we’ll do our best to start it in time for your next monthly payment.
However, if your next payment is due in less than seven days, we might have to start the payment holiday from next month, which would mean you’d need to make your next payment. If you can’t afford it, we’ll need to talk to you so please get in touch.
It’s important that you don’t cancel your Direct Debit instruction – we’ll stop collecting your payments when the payment holiday starts.
What happens if I am unable to resume my monthly payments at the end of the payment holiday?
The best thing to do is to get in touch with us so we can find the best options available to help you.
We will also get in touch towards the end of the payment holiday to remind you that you will need to start making payments again. If you’re unable to resume your monthly payments and you are still facing financial difficulties, we will work together to find a way to help you in advance of payments being missed.
How do I apply for a Lending Works payment holiday?
The quickest and easiest way is to call us on 020 7096 8512 or email firstname.lastname@example.org (Mon-Fri, 9am - 5.30pm). Once we’ve discussed your situation and approved your payment holiday, we’ll send you a quick confirmation of the proposed changes to your loan for you to agree.