If your loan is in arrears or in default, or you're finding it hard to keep up with your repayments, we understand this can be a stressful time. You're not alone. There are things you can do, and organisations and charities that can help.
1. Contact Prodigy Finance
What should I do if I can't pay my loan instalments?
Contact us as soon as you can. We may be able to offer you suitable forbearance options to help while your circumstances improve. To find out more, see our FAQ: What is forbearance?
You can email us at payments@prodigyfinance.com or call us using the details on our contact page.
2. Get free debt advice (UK customers)
If you live in the UK, you can also get help from free debt advice organisations.
Debt advice is free help from organisations and charities that specialise in dealing with debt. They can contact the lenders you owe money to on your behalf and help you set up a repayment plan you can stick to.
Customers who get advice sort out their issues more quickly than those who don't, and hundreds of thousands of customers get free debt advice every year. Whatever your situation, debt advice can help.
What is Breathing Space?
You may be entitled to 'breathing space'. This is a set period where you have legal protections from action taken by your lender. Speak to a debt advice organisation, who can explain your options.
Where do I start?
Your first port of call should be MoneyHelper's Debt Advice Locator Tool at www.moneyhelper.org.uk/debt-advice-locator, phone 0800 138 7777 or WhatsApp +44 7701 342744. You can also contact any of the organisations below directly.
Free debt advice organisations
These not-for-profit organisations offer free, non-judgemental and impartial debt advice by phone, online and face to face.
| Organisation | Who it's for | How to contact |
|---|---|---|
| MoneyHelper | Anyone in the UK. Free, unbiased and easy-to-access money tools, information and advice |
0800 138 7777 |
| StepChange Debt Charity | Debt advice throughout the UK |
0800 138 1111 |
| National Debtline | England, Wales and Scotland |
0808 808 4000 |
| Citizens Advice | Advice and information on debt and other topics. Visit your local Citizens Advice or go online | www.citizensadvice.org.uk |
| Citizens Advice Wales | Wales |
Adviceline 0300 330 1313 (12p per minute from a landline, 3p to 45p from a mobile) |
| Money Advice Scotland | Scotland. Find contact details for debt advice in your local area | www.moneyadvicescotland.org.uk |
| Advice NI | Northern Ireland |
0800 915 4604 advice@adviceni.net |
| AdviceUK | Member centres offer debt advice, including specialist advice for minority communities and people with disabilities |
0300 777 0107 |
| Christians Against Poverty (CAP) | Free debt advice in your home. Check your postcode is covered first |
0800 328 0006 |
| Business Debtline | Free and confidential debt advice for the self-employed and small businesses |
0800 197 6026 |
Other useful organisations
| Organisation | How it can help | How to contact |
|---|---|---|
| Civil Legal Advice | You may get legal aid if your home is at risk |
0345 345 4345 |
| Financial Ombudsman Service | If you have a complaint you can't resolve with your lender |
0300 123 9123 or 0800 023 4567 |
| Samaritans | Free and confidential wellbeing support if you're struggling to cope, 24 hours a day, 365 days a year. They can't offer debt advice |
116 123 jo@samaritans.org |
3. What happens if I do nothing?
Doing nothing could make things worse. If you don't make your repayments or contact us:
- Your loan will fall further into arrears, and interest will continue to be charged on your outstanding balance.
- If your arrears continue to build up, your loan may be terminated and go into default. If this happens, the full outstanding balance becomes due immediately.
- We may refer your account to an external debt collection agency or take legal action to recover what you owe. Reasonable legal and collection costs may be added to your balance.
- Missed payments could affect your credit rating and make it harder to get credit in the future.
The sooner you contact us, the more options we can explore with you. Email payments@prodigyfinance.com or call us using the details on our contact page.