Loan Payment Break | Coronavirus (COVID-19) | Ulster Bank Support

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Loan Payment Break

For existing loan customers impacted by Coronavirus

Loan Payment Break Questions

Loan payment break for customers impacted by Coronavirus

If your income has been impacted by Coronavirus (COVID-19) and you know you are not going to be able to make your monthly loan payments, we can offer our existing loan customers a 3 month payment break.

What is a loan payment break?

A loan payment break allows you to defer paying your loan for the agreed period of time. For Coronavirus payment breaks, this wont have any impact on your credit rating.

 

You may also wish to place an explanatory statement on your credit report to explain your current circumstances where your loans are concerned. More information is available from the Central Credit Register.

Can I apply for a loan payment break?

You can apply for a Coronavirus (COVID-19) loan payment break if:

 

  • Your ability to pay your loan has been affected by Coronavirus.
  • You have consent from everyone named on the loan.
  • You’ve drawn down your loan before 16th March 2020

 

What happens to the payments, how will that impact my loan going forward?

A loan payment break means a break from your loan payments for 3 months, and you will need to make up these payments through the term of your loan.  We will be in touch at the the end of your payment break to discuss next steps.

 

Interest will continue to accrue in line with existing terms and conditions which apply to your loan.  A loan payment break will result in an additional cost of credit - this is the total cost of deferring the capital and interest repayments during the period. This will result in interest being charged on the interest accrued during the loan payment break.

 

A bank agent will contact you by phone to discuss your request for a payment break, and will outline what this will mean for you.

 

Apply online today

As part of the measures to help you during this unprecedented time we are putting in place a process to allow you to apply for a payment break on your loan account for an initial period of 3 months.

This will apply to any customers who may be experiencing a temporary income reduction as part of the economic situation created by the Coronavirus.

Important Customer Information for Loan Payment Breaks:

Interest will continue to accumulate on your loan during the period of the payment break which means you will pay more interest over the remaining term of your loan.

If you think following the expiry of this payment break that you may still have difficulty resuming your recalculated loan repayment, then please contact the Bank’s Arrears Support Unit on 1800 435 763 or log on to www.ulsterbank.ie/managingdebt where you can leave your details and we will arrange to contact you at a time that is convenient for you.

A bank agent will contact you by phone to discuss your request for a payment break, and will outline what this will mean for you.

Please tick this box to acknowledge acceptance of the conditions outlined in the important information above

 

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