Concerns over coronavirus and how your finance may be affected

If you can afford to make repayments you should continue to do so, but we understand that Coronavirus (Covid-19) has impacted people differently and your circumstances may have changed. We have provided details below of the options available.

Payment Arrangement

This is an arrangement where you continue to pay your loan, but we reduce your monthly payments to help make the loan more affordable. This can be for a short period until your circumstances improve, or for a longer term if needed whilst you are adjusting to a revised financial position.

This maybe suitable if your circumstances have changed and you are unlikely to be able to catch up on any arrears.

It’s important to remember that this may have an impact on your credit file, as any arrears and the arrangement would be reported to the Credit Reference Agencies.

Breathing Space

If you can’t make your next payment or are already in arrears and need some time to get debt advice, we can put your agreement on hold for 30 days whilst you do so.

  • This would be suitable if your circumstances have changed and you need time to work out your new financial circumstances.
  • This would also be suitable if you expect your circumstances to improve within the next month.
  • It’s important to remember that this may have an impact to your credit file, as any arrears would be reported to the Credit Reference Agencies.

You can get advice from a number of charities and not-for-profit organisations, such as the ones listed below:

  • StepChange Debt Charity
  • National Debtline
  • Citizens Advice Bureau
  • Money Advice Service

Payment Holiday Extension

We may be able to extend your payment holiday by a further 3 months, but only where this is in your best interests, and where you expect to be able to resume payments in full at the end of the extended period.

Please remember that a Payment Holiday will have an impact on your loan, so please consider the following:

  • You will need to resume payments at the end of the payment holiday
  • You will have to pay additional interest, which means the total amount you pay may increase
  • The term of your agreement and the number of repayments will increase

We will confirm the amount of additional interest and the number of additional payments to you in writing – and you will have a chance to change your mind.

There will be no impact your credit file, however there may be an impact if you decide not to take a payment holiday and you fall behind, or are already behind, with your repayments.

Please note that lenders take other information into consideration, which means taking a payment holiday may affect your ability to obtain credit in the future even if this is not shown on your credit file.

If you can afford to make payments you should do so, as this could mean you may pay less interest over the life of your loan.

How do I get in touch?

Once you have decided on an option to suit your personal circumstances, please fill in our web form and we will be in touch to confirm.

What should I do if I’m concerned that I might not be able to maintain my repayments?

If you are worried that coronavirus will impact on your ability to keep up with your payments, we want to reassure you that we’re here to help if your ability to pay becomes impacted.
If you are still able to maintain your monthly payments, please do so. However, if you have found yourself in financial difficulty and need to discuss your circumstances, please read about the options available to you here. This includes the opportunity to potentially defer your loan payments for up to three months.

Managing your account online

Please remember that many enquiries can be managed online using our online account MyHPF or our App. This can save you time and will help reduce wait times into our contact centre so we can prioritise those customers most in need.

In your online account you can:

  • Make a payment
  • Change your payment date (from your second payment onwards)
  • Go paperless and get all of your statements online
  • Find out how much it would cost to pay your loan in full (called a `settlement figure`)

Log in to our online account at my.hpf.co.uk.

You can also download our mobile app found here:

If you are a first time user you will need your email address and your agreement number (you can find this 10 digit number on your bank statement as the direct debit reference or on any letter we have sent you)

During this time if it is easier for you to make payments via your own banking app or your online bank you can do that using our banking details; 

Sort code 40-02-50 
Bank Account 71411101  

Please use your customer agreement as the reference number.

How is Hitachi Capital able to support me if I’m currently unable to maintain my repayments?

We are able to offer you breathing space from making your payments should your ability to pay be impacted. This means that you will have time to understand how coronavirus will impact on your situation.   

If you have missed a payment or have found yourself in financial difficulty and need to discuss your circumstances, please complete our loan repayment form so we can  provide you with the right support.

You can also call us on 0344 375 5488. It may take us a little longer than normal to answer the phone so your patience is much appreciated.

Credit Reference Agencies

It has been agreed by the UK Credit Reference Agencies that during the period that payments have been frozen due to the Covid19 outbreak, reporting will be made using the same status that was provided before the emergency payment freeze period started.

For example, if your agreement was up to date it will continue to be shown as such, if it was 1 payment in arrears it would show 1 payment in arrears etc. Any cases not affected by the emergency payment freeze will be reported as normal.

Further help if you’re worried about coronavirus and your money

This is an unprecedented time and we know that this virus is impacting people's lives in all kinds of ways. Here are some of the places you can go for further support on getting through this difficult and uncertain time.

The Money Advice Service
For free impartial information and tools on how to deal with your money, the Money Advice Service has set up a hub dedicated to managing the impact of the virus.

HMRC
HMRC has a set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to coronavirus.  The helpline allows any business or self-employed individual who is concerned about paying their tax due to coronavirus to get practical help and advice.

For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to review your options. The helpline number is 0800 0159 559 or visit their website here

Step Change
You can also contact a specialist free debt advice charity, particularly if you have other creditors. Step Change offer confidential advice and practical help and you can contact them on 0800 138 1111 or visit their website at www.stepchange.org.

Financial help for freelance and contract workers
The government website is the best place for information on universal credit and statutory sick pay.

NHS Live Well

For advice and support on dealing with illness and staying healthy, visit the NHS Live Well website.

What effect will delays in the postal system have on my Agreement

Coved -19 has caused delays in Postal deliveries across the UK, which may mean information takes longer than expected to reach you. It may also cause a delay in us being able to process items we expect to receive in the post, such as cheques which relate to payments, or changes in your Agreement.

Please be assured that, if a cheque was received on time, but not processed in a timely manner, we will ensure that you will not incur any additional charges and that your credit file will not be affected.

To avoid potential concerns, if you can, please use CHAPS or Faster Payments through your bank to make payments instead of sending cheques in the post. You can also manage your account online through our MyHPF portal or the MyHPF App, which will save you time.

What happens at the end of my Payment Holiday?
At the end of your payment holiday, your payments will resume as normal, with both the same amount and date of collection. We will send you a reminder 2 weeks before your payments are due to start again with full details of the next steps. If you have cancelled your direct debit during this payment holiday period, we will request your bank set this back up. You can however manage this yourself on our secure customer portal. If you're coming to the end of your initial Payment Holiday and you do not believe that you will be able to resume your normal contractual repayments then we have a range of options to support you. These include the option of a potential 3-month extension to your Payment Holiday, where this is in your best interests.
Can I make additional payments to catch up the 3 month Payment Holiday?

Yes, additional payments may be made at any time via the secure customer portal. You can also increase your payments to pay back your loan within the original term or a shorter term if you wish.  This could mean you may pay less interest over the life of your loan.

If you can afford to make partial payments during the holiday, you should do so.

Can I extend my Payment Holiday for longer than 3 months?

We may be able to extend your payment holiday by a further 3 months, but only where this is in your best interests, and where you expect to be able to resume payments in full at the end of the extended period.

Please remember that a Payment Holiday will have an impact on your loan, so please consider the following:

  • You will need to resume payments at the end of the payment holiday
  • You will have to pay additional interest, which means the total amount you pay may increase
  • The term of your agreement and the number of repayments will increase

We will confirm the amount of additional interest and the number of additional payments to you in writing – and you will have a chance to change your mind.

There will be no impact your credit file, however there may be an impact if you decide not to take a payment holiday and you fall behind, or are already behind, with your repayments.

Please note that lenders take other information into consideration, which means taking a payment holiday may affect your ability to obtain credit in the future even if this is not shown on your credit file.

If you can afford to make payments you should do so, as this could mean you may pay less interest over the life of your loan.

Payment holiday request

If you are requesting a payment holiday please use our loan repayment form.

You don’t need to call us - we’ll be in touch once the payment holiday application has been accepted.

Payment holiday request


Contact us

For general enquiries telephone our Customer Experience Team on 0344 375 5500.

Opening Hours for our Customer Experience Team

Mon-Fri:  8:15am to 5:45pm
Saturday and Sunday: Closed


To process a personal loan, telephone our Loans Team on 0343 351 9112.

Opening hours for the Loans Team

Mon-Fri: 8:15am to 5:45pm
Saturday and Sunday: Closed


If you are in financial difficulty and need to discuss your circumstances, call 0344 375 5488.

Opening Hours

Mon-Fri:  8:15am to 5:45pm
Saturday and Sunday: Closed

Email

If you would prefer to email us, you can contact us on
customerservice@hitachipersonalfinance.co.uk


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