Loan repayment holiday and additional payment calculator
Our loan calculator can show you how making additional payments, or taking a repayment holiday, could change the end date of your loan and the amount of interest paid overall.
You’ll need your loan balance, regular monthly payment amount and the APR of your loan ready for the next sections. Please call us on 0330 678 1430 to confirm any of these you’re not sure about. Alternatively, you can find your monthly repayment amount on the bank statement where the loan Direct Debits are paid from, and the APR on your loan agreement paperwork.
Repayment holiday information:
- The loan term and amount of interest you have to pay may increase if you take a repayment holiday.
- Your agreed monthly Direct Debit payments will stop during a repayment holiday. You’ll receive a letter to let you know when they’ll start again.
- Additional payments you make won't replace regular monthly repayments after your repayment holiday ends.
- As long as you’re not in arrears, any payments made during a repayment holiday are treated as additional payments, and can reduce the overall interest and term of your loan.
- You can make additional payments by phone.