What happens after a loan payment break ends?

Here’s what you need to know about restarting your loan payments. If you’re worried you won’t be able to do this, find out how we can help

If you haven’t yet applied for a payment break on your loan, you still can. Simply go to our Loan COVID-19 payment break page by 31 January 2021.

    How do I restart my loan payments?

    You don’t need to do anything - we’ll automatically restart your Direct Debit and take the same monthly payment as before. If you cancelled your Direct Debit, we’ll reinstate it.

      How do I pay the monthly payments that I missed?

      You have a choice of two ways, either by:

      • Paying off your delayed payments within your original loan term - if you do this no additional interest will be charged.

        You can make payments online with Faster Payments using your Tesco Bank Loan sort code and account number. Alternatively, you can make debit card payments on 0345 600 6016. We’re unable to accept payment by credit card.

        If you choose early settlement on your loan or refinance, no additional interest will be charged.

        Please note, to avoid being charged three months additional interest, you must pay the total amount of your delayed payments within the original loan term.

      • Extending the term - this will happen automatically, additional interest will be charged.

        If you’re unable to make up your delayed payments within your original loan term, we’ll extend your term. We’ll extend it by an additional three months to cover the delayed payments, plus the number of months needed to pay the interest charged from extending the term. Make sure you read how interest is calculated to understand the cost involved.

      What happens if my COVID-19 payment break ends and I still can’t make my payments?

      If you’re on a COVID-19 payment break – or have been - and can’t restart your payments, we have different options for you to consider depending on your circumstances.

      If you can afford to restart your payments without any further support, it’s best for you to do so.

        Once your payment break ends, we have two options for you - depending on your situation:

        You could request a Payment Break Extension if you can restart your payments in the next 3 months

        Don’t think you’ll be able to restart your usual payments in the next 3 months, or you’re unsure right now?

        You can also contact our Financial Assist team directly on 0345 051 0769. Please bear in mind that while we’re here to help, our phone lines are currently very busy, so you may have to wait to speak with someone.

          Alternatively, you might want to talk to someone else

          You can also get expert support from:

          StepChange are a national charity providing free, personal debt advice over the phone or online. To find out more, visit Stepchange or call them on 0800 138 1111.

          Citizens Advice offer free, independent and confidential advice on a wide range of issues, including money matters. Call their Advice line on 0344 411 1444 or visit Citizens Advice.

          PayPlan are a trusted free debt advice provider. You can speak to one of their expert advisers on 0800 280 2816 or try their free online service.

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