As the impacts of coronavirus continue to be felt across the UK, you might have some worries about how it could affect you and your money. If you're concerned about your finances or your loan, please continue to read the information below.
Due to the ongoing pandemic, Satsuma is not currently offering new loans. For the latest information on this, please click here.
Accessing information about your loan
Help with your loan
If you’ve found yourself in a situation where you’re not able to make your next payment, please don’t worry. We won’t ever charge you for missed or late payments, but you’ll need to let us know as soon as you are or will be affected so we can help you.
We've got a range of options available to either reduce your payments, or allow you to take a payment deferral - a period where you don't have to make any repayments.
During this arrangement, we're normally required to report your arrears to the Credit Reference Agencies (CRAs).
However, because of the exceptional circumstances of the pandemic, we have agreed with the CRAs that we do not need to report any arrears for the period of the temporary arrangement. Instead, we will freeze the status of your account at the CRAs immediately before this arrangement was put into place. We cannot guarantee that this will not impact your ability to get credit but believe this is a fair outcome.
By requesting a payment deferral, you're confirming:
- You've been financially impacted by the coronavirus
- You want to proceed with the payment deferral
- You'll be able to start to repay your loan once the payment deferral ends
Please note that if you delay any payments, you'll still have to make these payments at a later date.
Once the payment deferral ends, you'll need to continue to make your regular payments. If the payment deferral ends and you're unable to make your payments, please get in touch with us.
If the arrangement ends and there's no new arrangement in place, or if you break this arrangement, we may record any arrears accrued on your account during the period of the payment deferral at the Credit Reference Agencies. This may negatively impact your credit file.
It's very important that you discuss with us any change to your financial circumstances during the payment deferral and in particular before the end date so that we may review the arrangement.
Getting in touch with us
Many of our colleagues are working remotely, and because of this we’ve got fewer people in the office able to answer your calls. We recommend that you try using the app or login area to manage your account in the first instance. You can also use our online form. If you’re not able to do so, then do give us a call. If our call waiting times are longer than usual, we’ll tell you via our social media page.
If you’re worried about debt or would like more information on how to manage your money, there are a number of free, independent organisations which can help.
Below is a list of organisations that can help you if you require additional support with the management of your account:
Stay safe from fraud
As the BBC have reported, there’s been an increase in the number of fraudsters taking advantage of the coronavirus outbreak.
If it looks like Satsuma are contacting you, make sure it’s really us. We’ll be sending customer emails about the coronavirus, but we won’t be asking you to provide your bank details or share your passwords.
If you’re unsure, use your login area or your app to manage your account in the first instance.