If your circumstances have changed—whether due to a change in employment, illness, or an unexpected increase in living costs—the most important thing you can do is get in touch with us as soon as possible.
We are here to help, not to judge. The earlier you speak to us, the more options we have to support you.
How we can support you
Every situation is unique, but some of the ways we can help include:
Breathing Space: We can offer a temporary pause on your repayments to give you time to get your finances back in order.
Reduced Payment Plans: We may be able to lower your monthly payments for a set period by extending your loan term.
Payment Holiday: In specific cases of temporary hardship, we can discuss a short-term deferral.
Fee Waivers: As mentioned in our fees section, if you need to change your loan agreement because of financial difficulty, we will waive or refund the £30 variation fee.
Where to get free, independent advice
If you are worried about debt, there are several organisations that offer free, confidential, and impartial advice. They can help you manage all of your creditors, not just Abound.
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StepChange Debt Charity: The UK’s leading debt advice charity.
www.stepchange.org | 0800 138 1111
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MoneyHelper: Free and impartial help with money, backed by the government.
www.moneyhelper.org.uk | 0800 138 7777
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National Debtline: An independent charity providing free debt advice over the phone and online.
www.nationaldebtline.org | 0808 808 4000
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Citizens Advice: Provides free, confidential advice on a wide range of issues, including debt.
What happens to my credit score?
Communicating with us is the best way to protect your credit score. If we agree on a formal support plan, we are required to report this to credit reference agencies. While this may stay on your file for a period, it is far better than having "unpaid" or "defaulted" markers, as it shows other lenders that you are proactively managing your situation.
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