Will financial support impact my agreement with Oodle or my payment term?
A full payment break or a reduced payment option is not a variation of your agreement.
Effect of a full payment break granted under the FCA deferrals guidance:
The total number of monthly payments still due and the total amount payable will remain the same as before your payment break began.
You will need to resume making your regular repayments once your payment break period has ended, for the number of monthly repayments still unpaid before the break period.
Effect of a reduced payment option (partial payment break) granted under the FCA deferrals guidance:
We will allow you to pay reduced monthly payments during a reduced payment option period, typically followed by increased payments, for the remaining term of your agreement, to make up the difference (i.e. spreading the underpaid amounts from the reduced payment period in equal amounts between the number month remaining under your agreement). The total amount payable will remain the same.
If your financial situation at the end of the reduced payment option period does not allow to make up the difference over the remaining term, we will seek to find an alternative solution appropriate for your circumstances.
Effect of “tailored support” granted under the FCA tailored support guidance:
If you have already been granted full payment breaks or reduced payment options (or a combination of these) of up to 6 months in total, or where you’re not/no longer eligible for either of these options, we may grant you an alternative form of support, which could include agreeing to accept a payment arrangement for a period of time. Such alternative forms of support will usually be regarded as payment arrangements. We’ll provide more details as applicable.