Repayment holidays

The option to take a break from paying off your loan

If you have a personal loan with Lloyds TSB and have made at least 6 monthly payments on your loan, you have the flexibility to request a repayment holiday – a one month break from your loan repayments. Certain conditions apply.

How do I take a break from my loan repayments?

If you want to ask about a repayment holiday on your next monthly payment call us on 0800 096 1282 between 8am and 10pm, seven days a week, or call into your local branch.

If you took out your loan before 20th April 2006, you and any joint holder of the loan will first have to sign and return to us a modifying agreement which will vary your existing agreement so that you can request your first repayment holiday.  There is no charge for this.  When you contact us we will make the necessary arrangements.

What do I need to know?

• If you’ve made six consecutive loan repayments you can ask us about taking a repayment holiday.
• Your loan must also have a valid direct debit in place, must not be in arrears, must have more than 90 days left on the term and not have an open loan protection insurance claim.
• You will also have to meet other conditions before you can take a repayment holiday – we will tell you if you meet these conditions when you call to ask for a repayment holiday.
• If you choose to take a repayment holiday interest will continue to accrue at your contracted loan rate during your repayment holiday and the extended period of your loan.
• Your loan term will be extended to collect the repayment you have missed and the additional interest charged. This will be collected using your normal monthly loan repayment amount and will be taken at the end of your loan term.
• Where the loan has loan protection, the cover will be extended to cover the extended term at no extra cost.
• Either party of a joint loan may request a repayment holiday.
• A repayment holiday cannot be cancelled once agreed.
• Repayment holidays cannot be taken in consecutive months.
• Repayment holidays are not guaranteed.  The number of repayment holidays you can take and their frequency is subject to change without notice.

As a responsible lender Lloyds TSB repayment holidays aren’t intended to help solve money troubles. If you are struggling to make your repayments, please let us know. We are happy to talk through the options with you.

I haven’t yet got a loan – how do I apply?