Loans – Support and Guidance
Bank of Ireland is committed to supporting its customers through this pandemic and want to reassure you that we’re here to help and will do all we can to support you.
If you’re continuing to struggle with your finances due to coronavirus don`t worry we still want to help you.
We have extended the date you can apply for a payment break (up to a maximum of six months in total) until 31st March 2021.
To apply for a payment break please call the numbers below.
Bank of Ireland Loans 0345 600 2703
PO Loans 0800 169 2000 Frequently Asked Questions
AA Loans 0345 266 0124 Frequently Asked Questions
Don’t worry though, if you’re continuing to struggle with your finances due to coronavirus we still want to help you. Please refer to our ‘Frequently Asked Questions’ for further information or call us on the relevant number above and we can talk to you about your current situation and what support we can offer you based on your individual circumstances.
If you applied for a Bank of Ireland UK loan before 5 November 2019 please click here. These loans were provided by NIIB Group Limited trading as Northridge Finance.
Further help and support
If you’re worried that you’re struggling with your finances you can obtain free, confidential and impartial debt advice from organisations such as Money Advice Service, StepChange Debt Charity and Citizens Advice.
Additional information you may find useful can be found on the FCA information page ‘Dealing with financial difficulties during the coronavirus pandemic’ and the Money Advice Service “How to prioritise your debts” page. The Money Advice Service also has a “Money Navigator Tool” which can help you create an action plan based on your individual circumstances.
- I’ve been financially impacted by the COVID-19 pandemic - are you able to help me?
Bank of Ireland UK is committed to supporting customers through this pandemic and want to reassure you that we’re here to help and will do all we can to support you.
We understand that coronavirus is impacting our customers in many different ways, so have a number of options available to help you if you find you’re struggling with your finances. You can find more details below.
- What is a payment break?
The Financial Conduct Authority issued guidance which sets out how we should help any of our customers who are financially impacted by coronavirus. In line with this guidance, one of the options we have available is a payment break which means you can skip some of your (up to a maximum of 6 months payments) normal monthly repayments and then make the missed payments at the end of the original term of your agreement.
Note: The FAQs in this section relate to a payment break granted under this Financial Conduct Authority guidance.
- Can I apply for a payment break?
You can apply for a payment break if you’re financially impacted by coronavirus and:
- You haven’t already taken one, or
- You reached the end of your first payment break but didn’t take a second one at that time
- You’re coming to the end of a payment break (s) which are less than six months in total
If you’re not eligible to apply for a payment break, don’t worry, we’re still here to support you if you need it. More information can be found below.
- How do I apply for a payment break?
To apply for a payment break by calling us on 0345 600 2703.
Before applying for a payment break you should think carefully about whether you really need it. Bear in mind that if you can afford to make your monthly repayments it will always be in your best interests to do so. As the payments you miss will be added to the end of your loan the duration of your agreement will be extended by a period equal to the total length of the payment breaks taken you should also think about whether you’ll be able to afford the repayments over a longer period than you originally applied for.
- How long can I have a payment break for?
You can apply for payment breaks up to a maximum of six months payments until the 31st March 2021. Please contact us to talk through your options 0345 600 2703.
- Will taking a payment break have any impact on my credit file?
Normally if you miss any of the monthly repayments to your loan this would show on your credit file held by Credit Reference Agencies. If you’re granted a payment break under the Financial Conduct Authority guidance this won’t be the case.
You should bear in mind though, that lenders may take information from other sources into account when making lending decisions, such as from your bank account, where they will be able to see changes to your regular payments, or other information you provide about your payment break. This could mean you find it more difficult to get additional credit if you apply for it.
- What will happen when my payment break is coming to an end?
We’ll send you a reminder before your payment break ends which will tell you the amount of your contractual monthly repayments and when they’re due to restart. If you’re able to start making your full repayments again and they’re affordable, it would be in your best interests to do so. If you’re continuing to experience financial difficulties as a result of coronavirus and are still struggling with making payments, you should contact us on 0345 600 2703 as soon as possible so that we can look at the range of options we have available and agree the best way forward to suit your circumstances.
- Will my loan account be in arrears if I take a payment break?
No, taking a coronavirus payment break won’t mean you’re in arrears as long as you make your contractual monthly repayments as they become due when it ends.
- Why did you send me a Notice of Sum in Arrears letter?
Although your account may not be in arrears as a result of you taking a payment break, we’re legally required under the Consumer Credit Act (Section 86B) to send you a ‘Notice of Sum in Arrears’ if there’s a shortfall of no less than the sum of the last two payments you’re required to make. These will continue to be issued, as per Consumer Credit Act requirements, on a 6 monthly basis until the end of your agreement.
No action is required by you, as long as you make your contractual monthly repayments as they become due when your payment break ends.
- I’m not eligible to apply for a payment break – what other options are available to me?
If you’re not eligible to apply for a payment break but find you’re still struggling with your finances, please contact us on 0345 600 2703. Some examples of potential options we could offer you based on your current situation are:
- A reduction in your monthly repayments for a length of time which suits your current situation
- We can consider giving you breathing space to give you time to engage with a debt advisor to work out how you are going to deal with your debt and create a budget. See below for more information.
It’s important we understand your financial circumstances, so we may ask you to complete an income and expenditure assessment. To make sure this is as accurate as possible you should have information about your incomings and outgoings to hand when you call us. You should be able to find a lot of the information we need on your latest bank statement, for example how much your mortgage/rent payments and electricity bill are. You should also think about other things you may have to pay from time to time such as school uniforms.
You should be aware that if you need to take any of these options, it’ll show on your credit file held by Credit Reference Agencies so you may find it more difficult to get credit if you apply for it, or it may be more expensive.
- Where can I get further help and support?
If you’re worried that you’re struggling with your finances you can obtain free, confidential and impartial debt advice from organisations such as Money Advice Service, StepChange Debt Charity
and Citizens Advice
Additional information you may find useful can be found on the FCA information page ‘Dealing with financial difficulties during the coronavirus pandemic’
and the Money Advice Service “How to prioritise your debts” page. The Money Advice Service also has a “Money Navigator Tool”
which can help you create an action plan based on your individual circumstances.
You should also be aware that StepChange offer a ‘Covid Payment Plan’
which allows you to make reduced payments towards your monthly financial commitments for up to a maximum of 12 months. If you would like to find out more information about this and whether you’re eligible to apply click ‘here’