Payment and financial support

What happens next?

We have been supporting our customers through Covid-19 by announcing a range of measures to help those impacted financially. Here is all you need to know about what happens next, if you are currently receiving financial support with any of these products:

Personal Loans

If you have been receiving financial support by deferring your monthly repayments, please read the following information which explains what happens next after the three month period ends:

What happens next?

We'll be in touch with you, by letter or email, before your repayments are due to resume, to explain what happens next. If you had a Direct Debit set up, it will be automatically restarted on your next repayment date after your deferral period ends.

Also, if you were on an agreed repayment plan with us, prior to the holiday, we will restart your agreed plan.

Do I need to do anything?

If you are happy for your monthly repayments to resume, you don't need to do anything.

Please note, if you have cancelled your Direct Debit or standing order, you will receive a letter or an email outlining what you need to do.

If you are worried about making your monthly repayments, we are contacting all customers individually depending on payment restart date, so please bear with us. You will receive a letter or an email, outlining what you can do if you need more support.

What can I do if I am concerned about making repayments?

If you are worried about making your monthly repayments, we are contacting all customers individually depending on payment restart date, so please bear with us. You will receive a letter or an email, outlining what you can do if you need more support.

M&S Credit Card

If you have been receiving financial support through a payment holiday, please read the following information which explains what happens next after the three month period ends:

What happens next?

We'll be in touch with you, by letter or email, before your payments are due to resume, to explain what happens next. If you had a Direct Debit set up, it will be automatically restarted on your next payment due date after your payment holiday ends. Your minimum payment will be calculated as normal – this is based on the amount you owe, taking into account any interest or charges added to your account.

Also, if you were on an agreed repayment plan with us, prior to the holiday, we will restart your agreed plan.

Do I need to do anything?

If you are happy for your monthly statemented payments to resume, you don't need to do anything, we will automatically restart your Direct Debit for you. Please note, if you have cancelled your Direct Debit you will need to set it up again with us. To find out more about how you can make payments to your credit card online or change your Direct Debit, visit our ways to pay page.

You can also find out how much you are due to pay on your monthly statement. We have recently added this feature to our mobile app, visit mobile statements for more information.

If you are worried about making your monthly statemented payments, we are contacting all customers individually depending on payment restart date, so please bear with us. You will receive a letter or an email, outlining what you can do if you need more support.

What can I do if I am concerned about restarting my repayments?

If you are worried about making your monthly statemented payments, we are contacting all customers individually depending on payment restart date, so please bear with us.

You will receive a letter or an email, outlining what you can do if you need more support.

M&S Budgetcard, Chargecard & Personal Reserve

If you have been receiving financial support through a payment holiday, please read the following information which explains what happens next after the three month period ends:

What happens next?

We'll be in touch with you, by letter or email, before your payments are due to resume, to explain what happens next. If you had a Direct Debit set up, it will be automatically restarted on your next payment due date after your payment holiday ends. Your minimum payment will be calculated as normal – this is based on the amount you owe, taking into account any interest or charges added to your account.

Also, if you were on an agreed repayment plan with us, prior to the holiday, we will restart your agreed plan.

Do I need to do anything?

If you are happy for your monthly statemented payments to resume, you don't need to do anything, we will automatically restart your Direct Debit for you. Please note, if you have cancelled your Direct Debit you will need to set it up again with us. To find out more about how you can make payments to your credit card online or change your Direct Debit, visit our ways to pay page.

You can also find out how much you are due to pay on your monthly statement. We have recently added this feature to our mobile app, visit mobile statements for more information.

If you are worried about making your monthly statemented payments, we are contacting all customers individually depending on payment restart date, so please bear with us. You will receive a letter or an email, outlining what you can do if you need more support.

What can I do if I am concerned about restarting my repayments?

If you are worried about making your monthly statemented payments, we are contacting all customers individually depending on payment restart date, so please bear with us.

You will receive a letter or an email, outlining what you can do if you need more support.

Mortgages

If you have been receiving financial support through a payment holiday, please read the following information which explains what happens next after the three month period ends:

What happens next?

We'll write to you before your payment holiday ends to let you know what your new monthly payments will be. Payments will likely be higher than before your payment holiday as interest has continued to accrue on your mortgage balance and your mortgage term is unchanged.

If you're happy to accept the revised monthly payments detailed in your letter, you don't need to do anything.

What can I do if I am concerned about restarting my repayments?

If you don't think you'll be able to afford your next, and future payments and need more support, please call us on 0345 002 1127.

Lines open Monday - Friday 8am - 8pm, Saturday 9am -1pm (excluding bank holidays).

Financial Support FAQ's

We may be able to answer and resolve your queries online. Here are some of our most frequently asked questions about our financial support options linked to Covid-19

Can I have financial support if I haven't requested a payment holiday/loan deferral?

If you haven't requested financial support but would still like help, please call 0345 900 0900 (local rate) and we can review your current situation to see what options are available for support. As a responsible lender we will work with you to ensure you can keep in control of any money concerns you may have, whether they are short or long term.

Can you end the payment holidays/loan deferral periods early?

Card Payment holidays - No, you wont be able to cancel a payment holiday once it's been confirmed, because we'll have changed your terms and conditions so there are no payments due during this period. But you can still choose to make payments during the payment holiday period – we just won't collect any by Direct Debit

Loan repayment deferrals - No, you won't be able to cancel a loan repayment deferral once it's been confirmed. However, you can still choose to make repayments during the deferral period – we just won't collect any by Direct Debit.

Can you still apply for a payment holidays/loan deferral periods?

If you haven't already applied and you're interested in a payment holiday or loan repayment deferral, you can apply until the following dates:

Mortgage payment holiday: 31 October 2020
Credit card payment holiday: 9 July 2020
Loan repayment deferral: 9 July 2020