If you are experiencing difficulty with personal or car loan payments as a result of Coronavirus, up until the 31 of October, you can apply online for a payment arrangement or payment freeze of up to three months.
It's quick and easy to apply. No need to call us, simply download and complete our online form and we'll get back to you as soon as possible.
A payment freeze reduces your monthly loan payment to zero. However, your regular monthly payment including interest will need to be paid following your payment freeze, and this will need to be repaid within the existing loan term.
This means that, when the payment freeze ends, either your monthly loan payments will need to increase for an agreed period of time to ensure you repay the capital and interest in time, or you will need to make a lump sum payment to clear outstanding payments that should have been paid if you had not received the loan payment freeze.
We will gather a limited amount of essential information from each customer to be able to make a decision on the best way to support customers in as timely and straightforward a way as possible.
Please download the form on this page and email it to ForbearanceRequest@borderwayfinance.co.uk
If your enquiry is urgent or your payment is due within the next 3 days, you can call our team on 01228 595939, but please bear in mind that we are receiving a high number of calls, so thank you for your patience.
No, this is one of a number of options that lenders can offer. The offer of a payment freeze can be made available to customers not already in arrears and up to date with payments. Under FCA rules, lenders must ensure that any forbearance offered enables recovery through full repayment of arrears, minimises the long-term impact of arrears, and that the loan remains affordable and sustainable. Overall, forbearance needs to minimise the risk of repossession. This is why payment freezes are generally short-term.
For customers who are already in arrears or in financial difficulty, we will consider the full suite of forbearance options that are ordinarily available to customers under existing rules. We will look at customers’ individual circumstances and offer support on a case-by-case basis. We are ready and able to offer support, we would encourage customers to contact us at the earliest possible opportunity to discuss the options available to them.
We will help customers the best way for the individual, but an automatic payment freeze may not always be the most suitable approach and may not be required by all customers.
At the end of the payment freeze period, the standard loan terms regarding payments will apply. We will get in touch with you to assess your circumstances, including reviewing your income and expenditure, and try to come to an arrangement with you to enable you to return to full repayments.
If appropriate and we are able to do so, we may be able to agree a further period of forbearance or other measures to support you for a longer period of time.
Arrears that are accrued due to Coronavirus payment arrangements will not be reported to the Credit Reference Agencies.
You should continue to speak to us and we will review existing arrangements if there is a change in circumstances.
If you are due to come to the end of your forbearance period, you will need to speak to a member of our team in order to make arrangements to bring your account up to date.
You can call the team on 01228 595939 or email them at email@example.com and someone will call you back to discuss your circumstances and agree an appropriate arrangement.