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Coronavirus help and support for our customers

Secured Loans > Legal > Coronavirus Help & Guidance

We understand the impact that Coronavirus is having on all our lives and we appreciate you might be worried about what it means for your finances. If you have any concerns about making your loan payments, just give us a call to discuss any updates to your situation.

Payment Deferrals (Holidays)
A payment deferral is a period where you will not make your contractual loan repayments.

You will not be charged any additional interests, fees, or charges during your deferment period and your credit file will not been adversely impacted because of the payment deferral. However, there are other ways a lender can tell you have taken a payment deferral which may impact future lending decisions.

Please see our FAQ’s below to help answer any further questions you may have.

What can I do if I cannot pay my next loan payment because I have been affected by Coronavirus?

If you cannot pay your next loan payment there is the option of a payment deferral.

If you take a payment deferral, this means that you wouldn’t make your contractual repayments for an initial period of up to 3 months depending on your individual circumstances.

You may be eligible for a payment deferral or further deferral if you have already taken a deferral.

We will not charge any additional interest, fees or charges during your deferral period so you’ll only repay what you original agreed at the outset of your loan; however, it is important to note that interest will continue to accrue on your account.

Your credit file will not been adversely impacted although there are other ways a lender can tell you have taken a payment deferral which may impact future lending decisions.

What are my repayment options at the end of my payment deferral?

There are a few options available to you following your payment deferral including:

Option 1: Repay the deferred payments within your contracted term
One option for repayment is to add the deferred payments from your payment deferral to your balance. This means you will be given an increased payment instalment amount and the cost of the payment holiday will be spread over the remainder of your loan term.

Option 2: Make a lump sum payment
The second option for repayment is to make a lump sum payment, putting your account back in the position it was prior to taking the payment deferral. Allowing you to make sure you have paid the deferred payments back sooner.

Option 3: Increase your payments over a shorter period of time
Another option for repayment is where you can pay more than the minimum contractual payment, catching up on the deferred payments over an agreed of time (i.e. 3-6 months).

Option 4: Extending the term of your mortgage
The final option for repayment is to extend the term of your loan term. This means we will recalculate your loan term to repay the deferred payments including the accrued interest while keeping your repayment amounts around the same as your previous contractual payments.

To ensure that this option is affordable and sustainable we will need to discuss your financial situation, such as your income and outgoings. When extending the term of your loan, if you are not already retired, we would not extend the term into retirement.

Extending your term means the loan runs for longer than initially agreed, and it is the slowest option to repay the amount from the payment deferral. It is also important to note that extending your loan term could impact your credit file.

What are my options if my payment deferral is due to end, but I am still struggling financially?

Option 1: I can pay something, but not all of my normal monthly payment amount.
If your payment deferral is coming to an end and you can afford to pay something each month, we would encourage you to do so, as this will reduce the amount you have to pay back in the long run.

Please call us on 0161 814 9975, so we can discuss this in more detail with you.

Option 2: I can’t pay anything and need an extended payment deferral.
If your payment deferral is coming to an end and you are unable to afford any kind of payment towards your account, we may be able to offer a further payment deferral or arrange alternative options with you.

Please call us on 0161 814 9975, so we can discuss this in more detail with you.

What do I do if my income has decreased as a result of Coronavirus and I am worried about maintaining my contractual payments?

We understand this is a difficult time for many people and some of our customers will have a reduced income as a result of Coronavirus. We would like to support you during these challenging times.

Contact us on 0161 814 9975 to discuss what options are available to help you.

You may also want to seek free, independent financial advice from moneyhelper.org.uk, StepChange Debt Charity or Citizens Advice.

If I take a payment deferral, what will happen to my credit score?

We share information with credit referencing agencies.

If you weren’t in arrears prior to the payment deferral, you will not be reported as being in arrears. If you were already in arrears prior to the payment deferral, the arrears amount will not increase. However, it is important to note lenders may consider other information when making future lending decisions.

Once the payment deferral ends credit reporting will return to normal and missed payments on your account may show as arrears on your credit file. This may impact your credit rating.

Can I cancel my payment deferral if I find I don’t need it?

Yes. Please give us a call on 0161 814 9975 so we can arrange this for you.

Where can I find the latest guidance from the government in relation to Coronavirus (Covid-19)?

For the latest government advice, please visit: https://www.gov.uk/coronavirus

Where can I see updates from the Financial Conduct Authority in relation to Coronavirus (Covid-19), including information on possible scams?

For the latest FCA advice, please visit: https://www.fca.org.uk/consumers/coronavirus-covid-19

Contact us today to discuss payment deferrals.

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Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

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Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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