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Deferring M&S Personal Loan repayments

If you’ve been financially impacted by Covid-19 and are worried about making your M&S Personal Loan repayments, you can request to defer three repayments.

This gives you the chance to pause repayments for three months, without it impacting your credit file.

Who can make a request to defer loan repayments?

You can submit a request if:

  • you hold an M&S Personal Loan
  • you’ve been directly or indirectly impacted by Covid-19.
  • your ability to repay your loan has been temporarily affected – for example, you’ve lost your job or you’re having to work less hours

If this doesn’t currently apply to you, please don’t make a request. You’ll be able to make a request until 31 October 2020 if your circumstances change.

How do you request to defer your loan repayments?

To submit a request to defer your loan repayments, you can fill out our online form. You’ll receive an automated e-mail to confirm we’ve received your request, and we’ll be in touch as soon as possible to let you know if it’s been accepted. We’re anticipating a high number of requests, so please bear with us.

To fill out the form, you’ll need:

  • your loan account number
  • your next payment date to hand

You can find these details on your loan agreement, statements or the account summary screen in Internet Banking.

How will this work?

If you defer your monthly loan repayments, it means we won’t collect them by Direct Debit when they’re due under your loan agreement. If you make repayments by standing order or bill payment, you’ll need to cancel these payments yourself.

At the end of the deferral period, you can just resume making your usual monthly repayment (if you pay by Direct Debit, we’ll start collecting this again), or you could choose to make the deferred repayments earlier. If you just resume making your usual monthly repayment, it will take you longer to repay your loan overall (although the total amount you repay won’t change as there won’t be any charges or additional interest).

This won’t change the terms of your agreement with us, so we’ll still send you notices about the delayed repayments when we’re legally required to. You won’t need to do anything in response to these notices as long as you don’t miss any repayments outside of the deferral.

Will this affect your credit file?

If we accept your request to defer your repayments, we’ll record this arrangement to make sure it doesn’t impact your credit file.

If you haven’t arranged to defer your repayments and you miss one, your credit file could be impacted. If you’re not able to make your repayments, please complete and submit our online form as soon as possible.

If we need to speak with you, or if your circumstances mean your credit file may be impacted, we’ll contact you to discuss your options.

Which loan repayments will this apply to?

If your request is accepted, we’ll be in touch to confirm which repayments will be deferred. If you’re currently up to date with your repayments, this will usually be your next three regular monthly repayments. However, if your next repayment is due shortly, this may start the following month.

What if you’ve already missed a repayment?

You can still request to defer your repayments using our online form. If we accept your request, your missed repayment will count as one of your three deferred repayments.

If you’ve missed more than one repayment, we’ll review your request and contact you either to confirm this has been accepted or to discuss options that may be more suitable for you, depending on your circumstances.