Important Information About Arrears Notices

Entering into a payment freeze arrangement means that we will not expect you to make any payments that fall due within the duration of the arrangement until after the end of the agreement term, and in the meantime we will not regard you as being in arrears because of this. We need to make you aware that we are required by law to send you a Statutory Arrears Notice at any point where your agreement becomes two payments overdue, and then again at six-monthly intervals until the account is brought up to date. Unfortunately, the concessions that we have agreed under the payment freeze arrangement do not change our legal obligation to send these notices.

You should therefore be aware of the likelihood of receiving such notices, and to ask you to understand that any sum listed as overdue will include any due payments that have been postponed under the payment freeze arrangement. We would therefore ask you to interpret the notice accordingly and, if there are no other arrears other than the frozen payment, to ignore the notice.

We apologise in advance for any inconvenience or confusion that these notices may cause, but ask you to understand that we are bound by legislation in this respect. You can also be assured that your credit file will not be negatively affected by having entered into a payment freeze arrangement or by sending a statutory arrears notice in respect of frozen payments.