Extend Loan Payments

You need to extend your Loan Payment Break

If your income is still impacted temporarily by COVID-19 and you still expect to go back to your employer, complete our online application then we will do the rest.  Your Loan Payment Break will be extended for another three months.

Why does a Payment Break cost me more in the long run?

This is also known as the ‘cost of credit’.  It costs you more in the long run because interest continues to be charged on the total balance owing. The total balance you owe will not reduce as quickly as it would if you didn’t take a Payment Break.

If you provide your email address within the online application, we may use this to contact you in future in relation to your payment break.

If you haven't received a letter from us about the expiry of your Payment Break you won't need to take any action at this time.  Please do not go any further with this application unless you have received a letter.

If you have already availed of a Loan Payment Break can you apply for an extension? 

You can apply for a Loan Payment Break extension for another three months (total six months) if:

Your ability to pay your loan is still affected by Coronavirus (COVID-19)

You have consent from everyone named on the loan

You have drawn down your loan before 16th March 2020

You have received your letter outlining the different options available to you, this will be issued to you prior to your Payment Break expiry date

What is Cost of Credit?

‘Cost of Credit’ is the total amount of money that you are charged when borrowing from a credit provider. For loans, this is the additional amount, over and above the amount borrowed, that you pay, including interest, fees and charges over the life of the loan.  There is no fee or charge when you take a Payment Break.

Why is the Cost of Credit higher if you take a Payment Break? 

As we suspended your monthly repayments for three months, the balance of your loan is higher at the end of your Payment Break than it would have been if you had continued to make your monthly repayments without a Payment Break.


Therefore, as your loan balance will be higher so will the 'Cost of Credit'.  Interest is charged on your total loan balance, the monthly interest cost will be higher after your payment break.


How do I know how much higher the Cost of Credit is because of this Payment Break?


The initial ‘Cost of Credit’ is calculated when you first take out your loan and this amount is detailed within your original loan agreement.


However, the Cost of Credit can change over the life of your loan any time an adjustment is made to your loan.


Adjustments such as moving to a higher or lower interest rate will change the cost of credit over the life of your loan.


Taking a payment break or missing a payment can increase your cost of credit while making a higher monthly repayment or paying a lump sum to your loan can decrease your cost of credit.


Please tick to confirm you have received your pre-expiry letter and that you have read and understood all of the information provided to you in the letter.


If you don't understand any of the information in your pre-expiry letter, please request a call back.


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