Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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  • Coronavirus

    You’re not alone

    We understand that you may be worried about how the Coronavirus will affect your financial situation. We want you to know that the financial wellbeing of our customers remains our top priority.

    In the past months, the accelerated spread of Covid-19 [Coronavirus] has resulted in an unexpected economic downturn around the world and in the UK.

    For employees in many industries, this means loss of wages and/or employment, and all-around uncertainty about the near future.

    We’re here to help

    We are here to make sure you remain supported, with access to the service and information you need.

    In April, we introduced Coronavirus assistance measures for existing customers experiencing difficulties. The quickest way to find out about these is through the Oakam mobile app. Log in regularly to stay up to date.

    Deferring my loan repayment / requesting a payment holiday

    If you have experienced a loss of income due to Coronavirus, and you are having trouble repaying your loan, you may be able to defer your payment for a month by requesting a payment holiday if you have not already had one.

    This will pause your repayment for one month without affecting your credit file. There will be no additional interest or other charges applied during this payment holiday period. And, should you already have a payment deferral, we will not report any further arrears to credit reference agencies.

    However, The FCA have stated that it is important that customers who can afford to do so, continue to make repayments and that borrowers should only request a payment holiday if they need it. Although your credit file will not be adversely affected by a payment holiday, lenders may use other methods (other than your credit file) to assess you for credit. So, if you can make payment on your account, the FCA have advised that it is in your best interest to do so.

    The Financial Conduct Authority have also published specific  Coronavirus information for consumers.

    In order to request a payment holiday, please get in touch with our customer service agents on coronavirus@oakam.com or 02039 111 777. You can request a payment holiday at any point up to 31 January 2021.

    What you should know

    Our customer services teams are ready to help but we are receiving more calls than usual. Please bear with us! Where possible, please send an email to coronavirus@oakam.com instead of calling.

    To speak to us urgently or if you are immediately concerned with your ability to repay on an existing Oakam loan, please contact us on 02039 111 777.

    How has Coronavirus affected you?

    Let us know how Coronavirus has affected your financial circumstances by taking a short  Coronavirus Customer Impact survey. Customers can also access the survey in the Oakam app.

    Resources

    Here is a collection of quick links to important resources:

    Keeping informed

    Improving our customers’ financial lives is our top priority. Here is personal financial management information that can benefit you during time of uncertainty: