We understand that circumstances can change unexpectedly. If you think you’re going to have difficulty making a payment - or are already struggling - please read this carefully.
The Most Important Thing: Contact Us Immediately
If you’re worried about your finances, the best thing you can do is talk to us as soon as possible.
Contacting us early won’t affect your credit score and allows us to discuss options that may help.
We have a dedicated UK-based team who specialise in supporting customers facing financial difficulty. All conversations are confidential and non-judgmental.
Please don’t wait until you’ve missed a payment - the sooner you get in touch, the more we can do.
How to contact us:
In-app chat (secure and fastest)
Email: support@updraft.com
What Happens if You Miss a Payment?
If a payment is missed and we haven’t heard from you:
We’ll contact you: You’ll receive reminders via in-app notifications and email. Our team may also reach out to understand what’s happened.
Interest continues to accrue: Interest will continue to apply on your outstanding balance as set out in your loan agreement.
Your credit file may be affected: If your account remains in arrears, we are required to report this to the credit reference agencies (we use TransUnion). A missed or late payment can stay on your file for up to six years and may reduce your credit score, making future borrowing more difficult or more expensive.
How We Can Help if You're Struggling
We’re committed to treating all customers fairly and will work with you to agree a sustainable plan. Options may include:
A short-term, affordable repayment plan based on your current circumstances.
A temporary payment reduction to give you breathing space.
A short “breathing space” period where payments are paused while you seek independent advice under the Government’s Debt Respite Scheme (if eligible).
We’ll always take your individual situation into account, and if you tell us you’re vulnerable or facing exceptional circumstances, we’ll handle your case with extra care and flexibility.
These options are only available if we are aware of your situation, which is why it is so crucial to get in touch with us.
Get Free, Independent Debt Advice
If you’re worried about your debts, we strongly recommend seeking free, impartial support. These organisations can help you manage your budget and may liaise with creditors on your behalf:
StepChange Debt Charity: www.stepchange.org
National Debtline: www.nationaldebtline.org
Citizens Advice: www.citizensadvice.org.uk
Your financial wellbeing is important to us. Please don't struggle alone – reach out to us or a free debt advice service today.