If you’ve been impacted by the coronavirus outbreak and are worried about making your HSBC Personal Loan repayments, you can request to defer your next 3 repayments.
This gives you the chance to pause repayments for 3 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 HSBC Personal Loan
- you’ve been directly or indirectly impacted by coronavirus
- 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 9 July 2020 if your circumstances change.
How will this work?
It depends on how you make your repayments.
Direct Debit: if you defer your next 3 monthly loan repayments, it means we won’t collect them when they’re due. We’ll do this automatically, so you don’t need to cancel these payments.
Standing order or bill payment: if you defer your next 3 monthly loan repayments, you’ll need to cancel these payments yourself.
We will automatically suppress the collection of your Direct Debit, so you don’t need to cancel this.
At the end of the 3-month period, we’ll contact you about your options for making the deferred repayments. You can just resume making your usual monthly repayment or you could choose to make these 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 need to 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 payments outside of this deferral.
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. Once we’ve processed your request, we’ll be in touch as soon as possible but this could take up to 7 working days as we’re anticipating a high number of requests, so please bear with us.
To fill out the form, you’ll need your:
- loan sort code
- loan account number
- next payment date to hand
You can find these details on your loan agreement, statements or the account summary screen in online banking.
Once your request has been processed and a decision has been made, we will contact you by email or send you a letter with an update. We won’t be able to provide this decision over the phone.
Will this affect your credit rating?
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 3 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 1 of your 3 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.
If you’ve already spoken to our financial guidance team and an alternative solution or payment arrangement has been set up, this will remain in place whilst we review your payment deferral request. If your request is accepted, we will take care of this and update the solution or payment arrangement without you needing to contact us.