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Next steps for loan deferral and credit card payment holidays

We’re no longer offering new credit card payment holidays or loan payment deferrals. If you’re currently on a payment holiday or deferral, you may be able to request an extension before your payments are due to resume – we’ll contact you about your options.

If this doesn’t apply to you, we’re still offering support if you need it. This will be tailored to your individual circumstances and may impact your credit file. For more information please visit our Money Worries page.

As you approach the end of your personal loan repayment deferral and/or credit card payment holiday, you’re probably wondering what happens next. Whether you’re in a position to resume your repayments, or facing further financial difficulty, don’t worry. We’ve put together a number of frequently asked questions, below, which will help you prepare for what you need to do. 

What will happen at the end my deferral/payment holiday?

We’ll be in touch with you before your deferral/payment holiday ends to let you know when your payments will restart. 

If you have a loan and pay by standing order from a first direct account, your monthly repayments will resume automatically, you don’t need to do anything. If you pay from a different account, or we are unable to do this on your behalf, you will need to contact your bank to set up your standing order again, we will let you know if this is the case.

If you have a credit card, you’ll need to make at least your minimum payment by your next payment due date, which you’ll see on your monthly statement. If you have a Direct Debit set up, we’ll start collecting your payments again automatically – you don’t need to do anything.

It’s important to resume making payments when they are due, as your credit file could otherwise be impacted.  

I am still financially impacted by coronavirus and unable to restart my payments.

If you’re unable to restart your contractual monthly loan repayments or minimum monthly credit card payments, then we may be able to help you. To help us understand your current financial position and enable us to consider the solutions we have available to support you, we will ask for information about your employment status, income and expenditure.

If you have a first direct mortgage payment holiday, it is important to consider your mortgage options first before you do anything else.

You’ll need to complete our Income and Expenditure form so we can understand your financial position. This will help us to consider a solution to support your circumstances. Be aware, this could impact your credit file. You’ll only need to complete the form once, as it will take every product you hold with us into consideration, including any arranged overdraft you have with us.

first direct has teamed up with consents.online to offer you a quick and easy way to provide your information digitally.

What you will need to do:

  • Provide basic information about yourself and your current employment status.
  • Complete a digital form detailing your monthly income and expenditure information that reflects your current financial situation.
  • If you have a joint debt with another first direct customer, you’ll have to provide their income and details of shared household bills.
  • Try to be as precise as you can so that we may get an accurate view of your current financial position.
  • We will summarise your input before you submit for review (this can be edited again if you wish to change the values).

What is an Income & Expenditure form?

The Income and Expenditure form consists of a series of questions about your income and outgoings (such as salary, mortgage payment, rent etc.) in order to assess your affordability in repaying your debt by establishing your monthly disposable income. 

How long does the digital form take to complete?

It should take you 10-15 minutes to complete. Please ensure you have relevant information about your income and expenditure to hand when completing it (for example, your bank statements). It’s best to complete the Income and Expenditure form in one sitting as it may not be saved if you return later.  When you have completed the form, we will review your account and this form and consider the solution we have available to support you based on your circumstances. We will contact you to advise next steps.

What happens next?

Once you’ve submitted your form, we’ll contact you to discuss the solution within 5 working days. There’s no need to contact us, we will keep you informed every step of the way.