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Existing Loans Customers
As an existing Bank of Scotland Loan customer, we are here to help.
How can we help?
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If your circumstances have changed, you can alter the repayment date of your existing loan. You can also change the account from which your loan repayments are made.
To do this, please call us 15 days before your next repayment is due.
If you want to restart your Direct Debit online, you can reinstate it here.
You can set up push notifications to remind you when your payments are due, see how to manage notifications here. You can also sign up for text alerts.
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You can make extra payments to your loan, which will reduce the interest you’ll pay and may reduce your loan term. Payments can be made from a Bank of Scotland current or savings account with Internet Banking. If you make extra payments to your loan, you must continue to pay your monthly repayments. Our calculator can help by showing you how.
Log in to Internet Banking or use the Mobile Banking app to make an extra payment by selecting your loan from the account overview page.
You can also visit us in branch, or if you’d prefer to speak with someone on the phone, give us a call.
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You can apply for up to two repayment holidays of 1 month in a rolling 12-month period, if approved. Interest will still be charged for the months that you don’t make any payments. This means you'll pay more interest overall and your original term will increase. Our calculator can show you before you apply.
You need to inform us at least five working days before your next loan repayment is due for this to take effect on your next payment.
Take a one-month repayment holiday
- A repayment holiday gives you a one-month break from your loan repayments.
- You’ll have the option to apply for up to two non-consecutive repayment holidays in a rolling 12-month period (subject to approval).
- You won’t need to make your usual repayment during your repayment holiday, but we’ll still charge daily interest on your loan balance. This means that you’ll pay more overall, and your loan’s end date will be extended by one month each time.
- We’ll tell you what the additional interest will be before we confirm and start your repayment holiday. You can also use the calculator to get an idea of how much extra your interest charges are likely to be before you apply.
If you would like to take a repayment holiday, you’ll need to let us know at least five working days before your next loan repayment is due.
You can ask for a one-month payment holiday at any time, providing you are up-to-date with your loan repayments and have 30 days or more remaining on your loan term.
You can request a repayment holiday by:
- using Internet Banking or the Mobile Banking app and selecting your loan from the account overview page
- calling us
- visiting your local branch.
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You can change the address we hold for your loan using the Mobile app, or Internet Banking. See change your address. You can also do this by visiting your local branch.
Money worries
If you are having financial difficulties and are unable to make your normal monthly loan repayment, it's always better to let us know. We're here to listen and help, without any judgement. Picking up the phone alone won't affect your credit score.
Please take a look at our money worries page, call us or visit a Bank of Scotland branch.
How to manage your loan
You can manage your loan quickly and easily by using the app, or by logging in to Internet Banking.
You can do things like:
- View your loan statement
- Apply for a repayment holiday
- Make extra payments - with no charge
- Get an early settlement quote
- Pay off your loan early.
Looking to borrow more?
Decided on a new car, home improvements, or tidying up your finances?
With Bank of Scotland, you can replace your current loan agreement with a new one or apply for a second loan.
