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frequently asked questions
Will my account be in arrears if I have a Payment Deferral?
The terms of your finance agreement haven’t changed so your account will technically be in arrears until your Deferred Payments are made up. However, you will not be reported to credit reference agencies as being in arrears due to a Payment Deferral and as long as you continue to make you normal monthly payments, the Payment Deferral will not appear on your credit profile as arrears.
Any arrears that occurred before your Payment Deferral will remain on your credit profile, even if you have a Payment Deferral, and any failure to make your normal monthly payments under your finance agreement or to keep to the terms agreed for making up your Deferred Payments will also be reported to the credit reference agencies.
You should also be aware that, although Payment Deferral will not be reported to credit reference agencies as negative impacts on your credit profile, lenders may, when making credit decisions in the future, consider a range of information. This may include information you provide, information the lender already has and information from our bank account, including information relating to Payment Deferrals.