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Coronavirus support for Co-operative Bank and smile loan customers

If you are experiencing financial difficulty due to coronavirus and are worried about making your payments, we may be able to help you with an initial payment holiday of 3 months or a payment holiday extension of a further 3 months if you have already had an initial payment holiday and still require further support.

Initial payment holidays and how to apply

A loan payment holiday is a temporary break from making your payments. If you have been impacted financially by coronavirus, and you think you will struggle to make your monthly payments we might be able to help you with a payment holiday of 3 months.

In short, you won't be required to pay any extra interest as a result of this payment holiday.

Throughout the payment holiday, interest will continue to accrue on the outstanding balance of your loan as normal. Before the end of the payment holiday, we will write to you to explain how the term of your loan may be affected. There could be various options open to you such as choosing to make these repayments at the end of the payment holiday period to bring your account up to date, or carry on making your usual monthly repayments which means it will take you longer to repay your loan overall. Please be assured that you will not pay more than the total cost for credit stated on you original credit agreement and your monthly payment amount and repayment date will remain the same.

Who can apply?

You can apply if:

  • Your finances have been affected by coronavirus,
  • you are up to date with your monthly loan payments or no more than one payment in arrears on your account, and,
  • the account is held in your name.

How do I apply for a loan payment holiday?

You can request a payment holiday by completing our application form using the link below.

You can currently apply for a payment holiday at any time up to 31 March 2021. You can request a payment holiday on up to 3 different loan accounts per application. If you have more than 3 loan accounts with us, please complete multiple forms.

You will need your 6 digit sort code starting 08 and your 8-10 digit account number (you will find this on a statement).

To apply you will need to complete the pdf form below, save it and then email to the specified email address. Please note we will only be able to process completed forms. 

Apply for a loan payment holiday

Where possible please complete this form using a desktop and if using Chrome we would recommend saving in a PDF format. 

Please note: We use Transport Layer Security (TLS) to encrypt and protect email traffic. This encrypts data sent over the Internet to ensure that hackers are unable to see what you transmit which is particularly useful for private and sensitive information. Most modern email services support TLS. If your mail server does not support TLS, you should be aware that any emails you send to us, or emails you request from us, may not be protected in transit.

Alternatively you could call us on 03457 212 212, 8.00am to 6:00pm Monday – Friday and 9.00am to 5.00pm Saturday and Sunday.

Please note that if you have a non UK address and postcode, you will need to contact us directly to apply for a payment holiday.

We’ll do our best to process your payment holiday within the next 7 working days. If your next payment is due within this period then you may be expected to still make that payment. We will of course endeavour to process your request as soon as possible and will let you know in writing whether your application has been successful.

If you also hold credit card accounts with us and need to request a payment holiday for them, please complete another application for these accounts separately.

Do I need to amend my standing order?

If the standing order set-up to make payments to this account is from a current account held with us (Co-operative Bank p.l.c or smile), we will adjust your standing order to start again after the payment holiday ends.

If your standing order is set-up from a current account not held with us, you should amend the standing order date to make payments after the holidays ends, this is to make sure that you don’t miss your required payments after your payment holiday which may impact your credit file.

Will my credit file be affected?

Payments we’ve allowed you to miss during your payment holiday will not be reflected on your credit file as missed payments, however please be aware that other lenders may take your payment holiday into account which could impact your ability to obtain credit in the future.

How do I apply for a payment holiday extension?

After 31 March 2021, payment holiday extensions will only be considered for customers that have a payment holiday arrangement in place at the time of the request for an extension. All payment holiday extensions must end by 31 July 2021.

Once you have submitted this form, we will assess your account and call you within 14 days to discuss your request and agree with you the most suitable outcome given your financial circumstances.

To apply you will need to complete the pdf form below, save it and then email to the specified email address. Please note we will only be able to process completed forms. 

Apply for a loan payment holiday extension 

Where possible please complete this form using a desktop and if using Chrome we would recommend saving in a PDF format. 

Please note: We use Transport Layer Security (TLS) to encrypt and protect email traffic. This encrypts data sent over the Internet to ensure that hackers are unable to see what you transmit which is particularly useful for private and sensitive information. Most modern email services support TLS. If your mail server does not support TLS, you should be aware that any emails you send to us, or emails you request from us, may not be protected in transit.

Alternatively you could call us on 03457 212 212, 8.00am to 6:00pm Monday – Friday and 9.00am to 5.00pm Saturday and Sunday.

If your application is accepted, we will apply a payment holiday extension for up to 3 months, but you have the option to make additional repayments during this period if you can afford to do so.

Please note, that if we don’t hear from you by the date your first repayment following your payment holiday is due, we will assume you intend to start making your monthly payments again. To remind you, if you miss payments and have not contacted us first then this may impact your credit file.

How we can help you if you have already received 6 months of payment holidays

If have already been subject to a full payment holiday/extension period of 6 months and you are still experiencing financial difficulties, please contact us to discuss this us on 03457 212 212, we are available 8am – 6pm Monday to Friday, and 9am – 5pm Saturday and Sunday (call charges). We may be able to support you with alternative payment plan arrangements.

Protecting you from fraud and scams

We may contact you about your payment holiday request, by phone, letter or email. To protect yourself from scams, it’s important that you remember the following advice;

The Bank, police or any other trusted organisations will never contact you out of the blue by phone, email or text message and then ask you to:

Download an app or software on to your device and then ask you to log in to your online banking or tell them your online banking verification codes.

Move your money to a new or ‘safe’ account, or ask you to help with an investigation.

Ask you for your card details or bank security information in full.

If we do contact you by email, we will not include any links or attachments within the email asking you to complete more information.