End of loan repayment break | Ulster Bank

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End of coronavirus repayment break

Loan support

App available to customers with compatible iOS and Android devices and a UK or international mobile number in specific countries. Anytime Banking available to customers with an Ulster account.

What to do when your repayment break is coming to an end

Before your repayment break ends, we'll send you details of what you need to do. Your payments will start again on your normal payment date. 

  • Be sure to go through your options carefully to work out which one is the best one for you, especially as some options may affect your credit file. Additionally, some options mean that you will pay more interest overall.
  • If you can't afford to make your next payment, we can help in a number of ways, depending on whether the changes to your financial situation are temporary or more permanent. 

Please note if you don't take any action, your payments will resume on your regular payment date.

Apply for further temporary support

If your income has been temporarily affected by coronavirus and you're still concerned about making your next payment we are here to help.

I can afford to pay some of my loan

If your income is still temporarily impacted and you can afford to make reduced monthly loan payments, we are here to help. To do this, you can apply for a further loan repayment break for 3 months and pay into your loan account what you can afford during the break period.

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Icon expand Making reduced payments

To make a reduced payment you'll need to apply for a further loan repayment break. You can then send payments based on what you can afford during the repayment break. 

 

Step 1 - Loan repayment break
 

When you request a further repayment break we'll show you how your missed payments will build over the next 3 months.

  • If you are able to pay your missed payments in full at the end of the repayment break, then you will not be charged any additional interest.
  • If you are unable to pay this back in full at the end of the break and if you haven’t missed any payments prior to requesting a repayment break, we may offer you an extension to your loan term to repay the missed payments. We will charge additional interest if the loan term is extended.

Your credit file won't be affected by taking a repayment break, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.

 

Example of missed payments calculation

This is only an example to outline how missed payments will build on a repayment break, when you make reduced monthly payments.

Normal monthly payments = £150
Reduced monthly loan payment = £50
Missed payment each month = £100
Total missed payments after 3 months = £300
Total missed payments after 6 months = £600

 

Step 2 - Making reduced payments
 

If you can afford to make some or all of your loan payments, it's important that you do so. You can make a payment at any stage to make up for the payments you’ve already missed during your repayment break. These payments will reduce the total amount of interest that you will pay and may reduce the length of your loan.

You won’t be charged an early repayment charge for making up your missed payments, as long as the amount paid doesn’t exceed the payments that you have already missed during your repayment break.

You can make a payment through our mobile app or Anytime Banking. You'll simply need your loan account number and sort code which you can find on your account summary screen. You can then add your loan account as a "new payee".

If you can afford to pay something you should as this will reduce what you owe.

How to apply for a further repayment break
 

If you want to apply for a further repayment break, Cora your digital assistant can help you sort it. Ask Cora via the 'Need Help' button on the right-hand side of the page and quote 'coronavirus loan' in your message.

 

 

 

I can't afford to make any payment

If you are unable to make your next payment, you can apply for a new repayment break for 3 months. Even if you can afford a small amount, you should consider making reduced payments to help reduce what you owe.

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Icon expand Temporary support

Loan repayment break

 

When you request a further repayment break we'll show you how your missed payments will build over the next 3 months.

  • If you are able to pay your missed payments in full at the end of the repayment break, then you will not be charged any additional interest.
  • If you are unable to pay this back in full at the end of the break and if you haven’t missed any payments prior to requesting a repayment break, we may offer you an extension to your loan term to repay the missed payments. We will charge additional interest if the loan term is extended.

Your credit file won't be affected by taking a repayment break, however lenders may take into account other information when making future lending decisions, including, for example, information provided by applicants or bank account information.

Even if you can afford a small amount, you should consider making reduced payments to help reduce what you owe.
 

Example of missed payments calculation

This is only an example to outline how missed payments will build on a repayment break, when you don't make any reduced payments.

Normal monthly payments = £150
Reduced monthly loan payment = £0
Missed payment each month = £150
Total missed payments after 3 months = £450
Total missed payments after 6 months = £900

 

How to apply for a further repayment break
 

If you want to apply for a further repayment break, Cora your digital assistant can help you sort it. Ask Cora via the 'Need Help' button on the right-hand side of the page and quote 'coronavirus loan' in your message.

Add your signposting title here… Long term repayment arrangement

If you already know your circumstances are unlikely to improve and you wouldn't be able to start repayments after a further repayment break, please contact us as soon as you can so we can help.

You can call us on 0800 001 5721 or 0345 602 3112 (best for mobiles with inclusive minutes). Open Monday to Friday 9am-5pm.

PayPlan
Add your signposting title here… Independent support available

If you are struggling with your finances, you can get free debt advice. We partner with PayPlan (a third party company), who can offer you free confidential advice for all of your debts. 

Start your journey with PayPlan

Other independent organisations who can help section

Citizens Advice

Free advice on debt, benefits, housing, legal matters, employment and general consumer advice.

Stepchange Debt Charity

Free advice on bankruptcy, charging orders, employment, benefits, money management and mortgage/repossession support.

Money Advice Service

Free advice on debt, divorce/separation, setting up a new home, care & disability.

Financial Conduct Authority (FCA)

Free advice on mortgage lenders and administrators during the coronavirus (Covid-19) pandemic.

Stepchange Debt Charity

Free advice on bankruptcy, charging orders, employment, benefits, money management and mortgage/repossession support.

Shelter

Free advice on housing, debt, benefits, eviction & homelessness.

National Debt Line

Free and confidential advice on debt.

Advice NI

Free, confidential and impartial debt and money advice from Advice NI

 

Common questions on extending your loan term

 

If I can't start paying my loan repayments after my break, should I extend my loan term?

 

If you can't start paying off your loan after your break, a term extension might not be a good idea for you. There are other ways we can help you, depending on whether the changes to your financial situation are temporary or more permanent. You can take a look at your options above. 


Why do I need to sign a new agreement to extend the term of my loan?

You need to sign a new agreement to confirm that you accept the extended loan term and you agree to pay the additional interest that you'll build up because you'll have your loan for a longer period of time. You'll keep paying the same interest rate.

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