If approved, you will be charged a fee of £15 if you choose to take a one-month repayment holiday, and a fee of £30 if you choose to take a two months repayment holiday. During a repayment holiday you do not need to make your normal monthly payment, but interest will continue to be charged. At the end of your holiday period, you will be able to choose whether:
(i) to keep the amount of your monthly payment the same but with an extended loan duration; or
(ii) to keep the loan duration the same but increase the amount of your monthly payment instead.
If this happens, you will pay more interest overall, the duration of your agreement will increase, and the number of monthly payments may increase.
This feature can be used multiple times over the life of your loan, however there must be an interval of at least four months between successive payment holidays.
