FAQs*

Can I take a payment holiday?

In the majority of cases, personal loans are given in return for an agreed repayment schedule which is normally monthly and for a fixed period.

It would be unusual for a lender to agree to a 'payment holiday' particularly if they have lent you the money because you wanted to take a holiday!

Loans usually start one month after the money has been released to you so, in effect, you have already had a payment holiday of sorts.

Having said this, there may well be some mitigating circumstances that would cause a lender to grant your request for a payment holiday - a terrorist attack on your award-winning collection of garden gnomes is not likely to be well received but a genuine hardship suffered by you and totally unforeseen may well allow your lender to consider granting a loan payment holiday.

If anything does happen, then contact your lender immediately and let them know what is happening and what you would like. But remember, you signed the agreement committing yourself to the repayments, so don't be surprised if they enforce it.

*Nothing in these FAQs constitutes advice and is intended for general information purposes only. For qualified advice, please speak with UK Personal Loans Limited 08000 196 777.