If you’ve missed a credit card or loan repayment your account is in ‘arrears’. That leads to two immediate consequences. One is that we may charge you additional interest. The other is that we report the missed payments to credit reference agencies, which may affect your credit rating.
The best and cheapest action you can take is to pay back the missed payments as soon as you can.
There may be a change we can make to the terms of the loan, to make the payments more manageable.
If you are unable to clear your arrears, then call us. The longer you delay, the longer it will take to clear your arrears and the more it will cost in the end. We have a handy budgeting tool and a practical borrowings guide that can help you to understand what you are spending compared to what you earn.
What can you expect when you call us
We have people ready to help customers in arrears to get things back on track. The only way you can find out what we can do is to call us.