Coronavirus update – Your loan repayments with Fair Finance

If you are in financial difficulties, or expect to be as a result of the Coronavirus pandemic, and you are worried about your loan repayments, the first thing to do is contact us. We are here to help and support you at this difficult time.

Depending on your situation we may be able to offer you a payment holiday, access to free advice or help in ensuring your credit file is not damaged in these difficult months.

If you are impacted by the Coronavirus pandemic, please contact us. Depending on your situation, we will find the right solution for you.

If appropriate, we may be able to grant a repayment holiday of up to 90 days. To be eligible for a payment holiday, you need to have an active Direct Debit with us and be impacted by the Coronavirus pandemic.

After we agree on the payment holiday, we will pause your Direct Debit for up to 90 days.

If you have cancelled your Direct Debit, please call us to reinstate it, otherwise you are not eligible.

We will still send you the regulated arrears letters that we have to send by law. Please disregard them if you have contacted us, as we will be aware of your situation. We will continue to contact you every month to understand how your situation is evolving.

At the end of the payment holiday, we will extend your loan term by up to 3 months and your repayments will be recalculated. We won’t charge you additional interest.

A NOSIA letter is a letter that we have to send you by law if you don’t make 2 or more payments on your loan.

We are required by law to send this notice, even if you have an arrangement with us, like a payment break or a payment holiday. This applies to situations where we agreed on a 3 month payment holiday related to COVID19.

If you have an arrangement with us, simply keep up with your arrangement. You don’t have to do anything else.

If you don’t have an arrangement in place, please contact us so that we can make an arrangement.

If you have agreed a payment holiday with us we won’t report your account as being in arrears to credit reference agencies. As a result, it won’t impact your credit rating.

To ensure your credit file is not damaged, it’s important you contact us so we can update the information correctly.

You can still request a payment holiday if you have missed a payment. Please contact us so we can understand your situation.

Please note that in this case, your loan may still be reported as in arrears but we won’t report the account as getting further in arrears.