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Coronavirus (Covid-19) Update from Savvy.co.uk

Coronavirus (Covid-19) Support

COVID-19 SUPPORT ON LOAN TERMS GREATER THAN 12 MONTHS

Coronavirus: information for consumers

If coronavirus has temporarily affected your income and you are struggling to pay your contractual loan repayments, please contact our customer care team on 0330 002 0118 or by logging into our Portal at www.Savvy.co.uk.

We have implemented some temporary solutions to support you if you have been financially impacted by the COVID-19, they may include a payment deferral or a reduced payments for up to 3 months. If you were experiencing financial difficulty prior to COVID-19 we will discuss other options to assist you as a longer term measure such as reduced repayments or a period of breathing space to allow you time to assess your finances.

Payment deferrals are subject to approval and may not be right for everyone, because you will be borrowing for longer and interest is still charged, the amount you repay overall may increase.

Once the payment deferral or reduced payment period ends, you will need to make your regular repayments again in the normal way. Your regular payment and the total amount you owe may go up. This is because interest is still charged throughout the payment deferral period. Where a reduced amount has been agreed you will be provided sufficient time to repay the shortfall either by spreading it over the remaining loan term or adding it to the end of the term.

Consider whether these options are right for you

While these measures are designed to help you during this difficult time, they may result in increased costs in the longer term. So you should think carefully before entering into one of these arrangements and only do so if you need immediate and temporary financial assistance. If you can afford to make your full repayment and your income has not been impacted or you can afford to pay some of the repayment, even if it is a smaller amount than usual, you should continue to do so.

Don’t cancel or reduce payments until you’ve contacted us because if we don’t know your financial circumstances this may have a negative effect on your credit file

What this means for you

If we agree to one of these temporary measures, your credit file will not be impacted during this period. However, interest will continue to be charged during this period, meaning you may pay higher costs in the longer term.

If you can afford to keep up repayments, either in full or a smaller sum, then you should do so.

If you are still having difficulties when the temporary measures end

If you are unable to restart repayments at the end of this period, you need to let us know as soon as possible to ensure that we can discuss alternative forbearance options with you. However, it’s important to know that this may affect your credit file.

Money Advice Service help

Visit the Money Advice Service for help if you are suffering from financial difficulties due to the coronavirus https://www.moneyadviceservice.org.uk/en

COVID-19 SUPPORT ON 8 AND 12 MONTHS LOAN TERMS

Coronavirus: information for consumers

If coronavirus has temporarily affected your income and you are struggling to pay your contractual loan repayments, please contact our customer care team on 0330 002 0118 or by logging into our Portal at www.Savvy.co.uk.

We have implemented some temporary solutions to support you if you have been financially impacted by the COVID-19, they may include a payment deferral of 1 month. If you were experiencing financial difficulty prior to COVID-19 we will discuss other options to assist you as a longer term measure such as reduced repayments or a period of breathing space to allow you time to assess your finances.

Payment deferrals are subject to approval and may not be right for everyone. If a payment deferral is agreed, you won’t need to make the usual payments to your loan during the agreed period.

Once the payment deferral period ends, you will need to make your regular repayments again in the normal way.

What this means for you

Where a payment deferral is agreed you won’t make a payment for 1 month. Your credit file won’t be impacted for the period of the payment freeze. You will repay the deferred payment over an agreed period at an amount that you can reasonably afford. You will not be charged any additional interest during the payment deferral period.

If you can afford to keep up repayments, either in full or a smaller sum, then you should do so.

Don’t cancel or reduce payments until you’ve contacted us because if we don’t know your financial circumstances this may have a negative impact on your credit file

If you are still having difficulties when the temporary measures end

If you are unable to restart repayments at the end of this period, you need to let us know as soon as possible to ensure that we can discuss alternative forbearance options with you. However, it’s important to know that this may affect your credit file.

Money Advice Service help

Visit the Money Advice Service for help if you are suffering from financial difficulties due to the coronavirus https://www.moneyadviceservice.org.uk/en

 
 
 
 
 
 
 
 

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