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.

If your repayment break is ending

Important information

If you've had 2 repayment breaks, please refer to the email we'll send you around 3 weeks before your payments are due to restart for further help and support.

Please do not take any action until you receive this.

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

 
 
 

Apply for temporary support

If your finances are temporarily impacted by coronavirus and you can't afford to make your full monthly loan payments, we're here to help. You can apply for your first or second repayment break provided you have not had the maximum of two already.

I can afford to pay some of my loan

If you've applied for a repayment break, pay what you can into your loan account, whenever you're able to during your repayment break period.

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Icon expand Making reduced payments

Step 1 - Apply for a further 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

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 anytime 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.

 

Step 2 - Making reduced payments

 

  • You can make payments towards your loan at any time.
  • You will not be charged for making up your missed payments.

You can make a payment through our mobile app, Anytime Banking or by visiting our repayment service page. If you can afford to pay something you should as this will reduce what you owe.

Please think carefully before choosing to extend your repayment break. Our illustrative examples can help you understand the impact on your loan when applying for a repayment break.

 

I can't afford to pay some of my loan

Even if you can afford a small amount, you should consider making reduced payments to help bring down what you'll pay in the long run.

Accordion

Icon expand Temporary support

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 anytime 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.

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 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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