Apply for a repayment break
Before you apply you need to know:
- Your credit file will not be affected by taking a repayment break, however, lenders may take it into account when making future lending decisions.
- We will be in contact at the end of the repayment break to discuss the options available to you. Some of these options will result in you paying additional interest over the course of your loan.
Please see below example that outlines how missed payment on a repayment break will build, when you make no reduced payments.
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 payment: £150
Total missed payments after 3 months: £450
Total missed payments after 6 months: £900
How to apply for a repayment break
Via the Mobile App simply tap 'Help' at the bottom of the screen followed by 'Message us' and quote 'coronavirus loan'in your message.
On our pages, you can ask Cora via the 'Help' button in the bottom right corner of the page. Please make sure you've logged into your digital banking if you're making your request online.
Even if you can afford only a small payment each month, you should consider making reduced payments to help clear what you owe.