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Questions and answers

Coronavirus Barclayloan for Business full repayment holiday

A full repayment holiday is relevant if you have an existing Barclayloan for Business and you need a break from making repayments. This is different from the Bounce Back Loan scheme, which you can apply for separately as well as applying for a full repayment holiday.

We understand the coronavirus pandemic could have affected your income. We’re offering payment holidays on Barclayloans for Business to help you if you’re in this position. Please read these questions and answers carefully. We know it’s a worrying time, which means lots of people are trying to get through to us on the phone. There’s no need to call unless you’re worried about an immediate impact on your finances caused by the coronavirus pandemic. Thanks for bearing with us – and check back regularly, as we’ll update the information here as the situation changes.

I’m worried about making my loan repayments. Is there anything you can do to help me?

If you have a Barclayloan for Business, you might be able to apply for a full repayment holiday to help you through this difficult time. We’re offering a number of ways to support business customers who are, or might soon be, financially affected by the ongoing coronavirus situation. You’ll find lots of helpful advice in the ‘Help with your finances’ section of our coronavirus help and support pages.

What is a full repayment holiday?

A full repayment holiday lets you take a three-month break from making your monthly Barclayloan for Business payments.

Am I eligible for a Barclayloan payment holiday?

You could be eligible if

  • You have a Barclayloan for Business where your original loan was up to £25,000 (other types of loans aren’t eligible at the moment)
  • Your business’ income has been directly or indirectly affected by the ongoing coronavirus situation (we won’t ask you to prove this)
  • You haven’t already had a Barclayloan for Business full repayment holiday because you’re affected by coronavirus

If your business is experiencing longer-term financial difficulties, for example, if you’ve been behind with your Barclayloan for Business payments for some time, or if the coronavirus outbreak has made your business’ existing financial difficulties worse, we need to talk to you so we can find the best way to help you. Please bear with us as call-waiting times are longer than usual at the moment.

The coronavirus situation is changing rapidly, so this might change, too. If you don’t meet the criteria now, please keep checking this page. We’re continuously reviewing the best way we can support you and will update it when things change.

What if my next repayment’s due within ten days?

We’d have to start the full repayment holiday from next month, which would mean you’d need to make your next repayment.

What if I’m behind on my repayments?

Don’t worry if you’ve already missed a repayment because of coronavirus – we’re working out how we can help. We’ll keep updating this page with more information as it becomes available. 

Will I be charged interest on my Barclayloan for Business while the full repayment holiday’s in place?

Yes, we’ll continue charging interest on your Barclayloan for Business and on the deferred payments during the full repayment holiday, at the rate stated in your loan agreement. This will increase the total amount you’ll need to repay.

We won’t increase your monthly repayment amount to include this interest when your repayments restart though, so there’ll be an outstanding balance at the end of the loan that you’ll need to pay. You can pay back this interest whenever you like – you don’t have to wait until the end of your loan term.

Will taking a full repayment holiday affect my credit score?

No, because it won’t result in missed payments. The full repayment holiday won’t be recorded on your credit file.

We’ll continue to provide general information about your account in line with the guidance received from credit reference agencies. 

This includes information about the level of debt facilities and how you’re using them, and credit scores take this into account.

If you 

  • Don’t start to make repayments again at the end of the full repayment holiday
  • Don’t make the additional repayments during the extended duration of the loan
  • Don’t pay the extra interest due at the end of the loan
  • Simply stop making repayments without agreeing a full repayment holiday with us

We’ll report this to the credit reference agencies, which could have a negative impact on your credit file and your ability to borrow in the future.

Please contact us to discuss your situation if you don’t think you’ll be able to

  • Restart payments at the end of the full repayment holiday, or
  • Meet the additional payments due as a result of the extended term

How will this affect my Barclayloan for Business repayment when the full repayment holiday ends?

The payments we defer in the full repayment holiday will still need to be paid. At the end of the holiday, your standard monthly repayments resume. We’ll extend the length of your loan so the deferred repayments will be due in the last three months of your extended term. 

When will my repayments stop and start again?

If we agree to a full repayment holiday, we’ll do our best to start it in time for your next Barclayloan for Business repayment. If your repayment is due in less than ten days, we’ll have to start the holiday payment from the following month, which means you’ll still need to make the next repayment. We’ll confirm everything when we get back to you.

If we approve your full repayment holiday and you pay by Direct Debit, don’t cancel it with your bank – we’ll stop collecting your repayments when the full repayment holiday starts. If you pay by another method, after we’ve confirmed your full repayment holiday, you’ll need to stop the repayments and make sure they start again when the full repayment holiday ends.

How do I ask for a full repayment holiday if I have more than one Barclayloan for Business?

You’ll need to complete this form separately for each loan.

How do I apply for a Barclayloan for Business full repayment holiday?

The quickest and easiest way is to fill in our online form. There’s no need to call us afterwards – if we accept your request, we’ll send confirmation and apply it automatically. 

If your Barclayloan for Business sort code starts with ‘20’, you can’t apply online – please request a call back instead.

How can I contact you if my question isn't covered here?

We have fewer colleagues than usual answering the phones right now because of the coronavirus situation. This is having a big impact on our call-waiting times – we’re truly sorry about this. If you have an immediate financial problem that isn’t covered above, and which can’t wait, call us on 0800 197 1086 1.