You don't need to extend your Loan Payment Break
You will need to decide what is the best way to repay the monthly payments that were suspended during your Loan Payment Break, as well as any interest that accumulated in those three months.
You will have recently received a letter outlining your options and the cost of each, in summary:
· It will cost you less in the long run if you pay it off bit by bit; however, your monthly loan repayments will increase.
· It will cost you more in the long run if you pay it all off at the end of your loan, as a result of extending the length of your loan term; however, your monthly repayments will increase less.
If you provide your email address within the online application, we may use this to contact you in future in relation to your payment break.
If you haven't received a letter from us about the expiry of your Payment Break you won't need to take any action at this time. Please do not go any further with this application unless you have received a letter.
If you don't understand any of the information in your pre-expiry letter please request a call back.