Financial support from Moneyboat
Financial circumstances can change, and sometimes keeping up with repayments can become more difficult than expected.
If you have a Moneyboat loan and you're worried about an upcoming repayment, have already missed a payment, or your situation has changed, please contact us. We'll listen to your circumstances and explain any support that may be available.
You don’t need to wait until you have missed a payment to contact us.
✔ Talk to our UK-based support team
✔ Explain what has changed
✔ Understand the options available to you
✔ Access free and independent debt support if you need it
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
Worried about making a repayment?
If you think you may struggle with an upcoming repayment, contact us as soon as you can.
Financial difficulties can happen for many reasons. Your income may have changed, an essential cost may have increased, or something unexpected may have affected your budget.
Whatever has happened, speaking to us gives us the opportunity to understand your situation.
You might want to contact us if:
Your income has changed
For example, your working hours have reduced, or your employment circumstances have changed.
Your essential costs have increased
Household bills, housing costs, or other essential spending may be taking up more of your income.
An unexpected expense has affected your budget
A one-off essential cost may have left less available for a scheduled repayment.
You think you may miss a payment
You do not need to wait until a repayment has been missed before speaking to us.
You have already missed a repayment
Contact us so we can understand what has happened and discuss the next steps.
You are dealing with wider money difficulties
If several bills or debts are becoming difficult to manage, we can also signpost you to free, independent support.
The Moneyboat blog also contains more in-depth guidance on what to do if you’re struggling to repay your loan, including links to free, independent support.
What happens when you contact Moneyboat?
Asking for help can feel daunting, but knowing what to expect when you do might help:
Step 1 – Tell us what’s happening
Explain what has changed and why you’re concerned about your repayments.
You do not need to have everything worked out before getting in touch.
Step 2 – We’ll listen to your circumstances
We’ll review the information you provide so we can better understand your current financial situation.
This may include discussing your income, essential outgoings and other financial commitments, so that any support or repayment arrangement considered takes account of what you can reasonably afford alongside essential living costs.
Step 3 – We’ll explain the support available
The appropriate next step will depend on your individual circumstances.
Depending on your situation, support may include changes to when or how much you pay for a period of time, or another repayment arrangement.
We’ll explain any options available to you clearly, including what they would mean for your repayments, before you decide how to proceed.
Step 4 – We’ll keep you informed
If anything is agreed, we’ll make sure you understand what happens next and what you need to do.
You can contact us before you miss a payment
You do not have to wait for a repayment to become overdue before asking for help.
If you can see that your budget is becoming difficult to manage, getting in touch early gives us more information about what is happening and allows us to explain what support may be available.
For example, you may already know that:
- Your income will be lower this month
- An essential bill has increased
- You have had an unexpected essential expense
- Another financial commitment has changed
- You are unlikely to have enough available for your next scheduled repayment
Contacting us does not guarantee a particular outcome, as the appropriate support will depend on your circumstances.
What if I’ve already missed a repayment?
If you have already missed a Moneyboat repayment, contact us as soon as you can.
We’ll talk to you about your circumstances and explain the next steps.
Missing a payment may affect your credit file and could result in additional charges, subject to regulatory limits. Continuing to miss payments may also make future borrowing more difficult.
Getting in touch can help us understand what has happened and explain what support may be available based on your circumstances. If you’re able to, please contact us as soon as you can.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
How responsible lending works at Moneyboat
Responsible lending starts before a loan is offered and continues throughout the time you are a customer.
Moneyboat provides high-cost short-term credit (HCSTC). Before offering a loan, we assess each application individually and carry out credit and affordability checks based on the information available at the time.
However, circumstances can change after a loan has been taken out. If your financial situation has changed and you’re worried about making a repayment, please contact us so we can understand your circumstances and explain what support may be available.
What responsible lending means in practice
Affordability checks before lending
We assess whether repayments appear manageable before making a lending decision.
Your essential costs have increased
Household bills, housing costs, or other essential spending may be taking up more of your income.
An unexpected expense has affected your budget
A one-off essential cost may have left less available for a scheduled repayment.
Moneyboat and the Financial Conduct Authority
Moneyboat is authorised and regulated by the Financial Conduct Authority (FCA).
The FCA sets rules for consumer credit firms, including requirements around responsible lending and the treatment of customers experiencing financial difficulty.
These requirements are intended to help ensure customers are treated fairly and that lenders take individual circumstances into account.
Our FCA status should not be viewed as an endorsement of Moneyboat or as an indication that borrowing is right for you.
If you’re experiencing wider financial difficulty
A Moneyboat repayment may be only one part of your financial situation.
If you’re finding it difficult to cover regular bills, rent or mortgage payments, essential costs or several debts, taking out more credit may not be appropriate.
Free and independent debt advice can help you look at your finances as a whole, including your debts, priority bills and the options that may be available to you. This can be particularly useful if you are dealing with several creditors or are unsure which payments to prioritise.
The organisations below offer free support and can help you understand your wider financial situation.
MoneyHelper
Government-backed guidance on money, debt, budgeting and financial decisions.
StepChange
Free debt advice and support for people who are struggling with debt.
National Debtline
Free and independent debt advice online and by phone.
Citizens Advice
Support with debt, benefits, bills, employment and other financial issues.
Shelter
Housing advice and support if money problems are affecting your housing situation.
You can also see our full list of free and independent support organisations here.
Borrowing more is not always the answer
If you’re struggling to repay existing borrowing or regularly finding that your income does not cover essential costs, another loan may make your situation harder to manage.
Before taking on further credit, you may want to consider other forms of support, such as:
- Speaking to existing lenders or creditors
- Asking a provider about a payment plan
- Checking whether you qualify for benefits or other support
- Speaking to a credit union
- Getting free, independent debt advice
Moneyboat only provides one Moneyboat loan at a time. You would need to repay your current Moneyboat loan in full before applying again, and any future application would be subject to a new affordability assessment.
If you’re currently having difficulty with a Moneyboat repayment, please contact our support team so we can understand your circumstances and explain the support that may be available.
What if my circumstances have changed?
Different changes can affect your ability to keep up with repayments.
I’ve lost my job or my income has fallen
If your employment or income has changed and you’re worried about a repayment,
contact us so we can understand your current circumstances.
It may also be worth checking whether you are eligible
for benefits or other financial support. Our Help Centre has specific information on what to do if you lose your job or are struggling financially.
My household costs have increased
Changes to rent, mortgage payments, energy bills, food costs,
or other essentials can put additional pressure on a budget.
If this means a Moneyboat repayment
may become difficult to manage, let us know.
I have several debts or repayments
If you are finding it difficult to keep up with several lenders or creditors,
taking on further borrowing may make your financial situation harder to manage.
Free and independent debt advice can help you look at your debts and priority bills
as a whole and understand the options that may be available to you.
Support is available from organisations, including
MoneyHelper, StepChange, National Debtline and Citizens Advice.
Something unexpected has happened
Illness, bereavement, relationship changes
and other personal circumstances can all affect finances.
If something has changed and it is affecting your ability to make repayments,
you can speak to our team about your circumstances. The Moneyboat Help Centre also has advice on what to do about your loan if you have unexpected life events.
Our approach to customers who need additional support
Everyone’s circumstances are different.
Some customers may find communicating by phone difficult. Others may need information explained differently or need extra time to understand their options - you can find everything you need in our Help Centre.
If there is something we can do to make communicating with us easier, please tell us when you get in touch. For example, you can let us know if you need information explained in a different way, would prefer a particular method of communication or need more time to understand your options.
We’ll explain what information may be needed to understand your circumstances and the support available.
FAQs about financial support from Moneyboat
Contact us as soon as you think you may have difficulty making a repayment. You do not need to wait until the payment has been missed.
We’ll ask about your circumstances and explain what support may be available.
Simply contacting us to discuss your circumstances is different from missing a contractual repayment.
However, missed or late repayments can affect your credit file. If a change is made to how your account is repaid, there may also be implications for how information is reported to credit reference agencies.
We’ll explain relevant information about your account and any agreed-upon next steps.
Missing a payment may affect your credit file and could result in additional charges, subject to regulatory limits.
If you think you may miss a repayment, or have already missed one, contact us so we can discuss your circumstances.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
No. Moneyboat only provides one Moneyboat loan at a time, and borrowing more to repay existing credit can make financial difficulties harder to manage.
You would need to repay your current Moneyboat loan before applying again. Any future application would be assessed separately and approval is not guaranteed.
If you are struggling with your current repayments, contact us or consider free, independent debt support instead.
The support that may be appropriate will depend on your circumstances.
When you contact us, we’ll talk through your situation and explain any options that are available. Depending on your circumstances, this could include changes to when or how much you pay for a period of time or another repayment arrangement.
Any arrangement needs to be appropriate and sustainable based on your circumstances. Where we need to assess your income and spending, we’ll take account of essential living costs and priority financial commitments.
We can’t promise that a particular option will be available, but we’ll explain the relevant options clearly and what they would mean for you.
We may ask for information about your circumstances so we can understand your financial situation and consider what support may be appropriate.
The information needed will depend on your circumstances, and our team will explain what is required and why.
If you have several debts or regular commitments that you are finding difficult to manage, free independent debt advice can help you look at your finances as a whole.
MoneyHelper, StepChange, National Debtline and Citizens Advice all provide free support.
You can also see a full list of free and independent support organisations here.
No. Moneyboat does not offer traditional payday loans that are repaid in one lump sum on your next payday.
Moneyboat provides high-cost short-term credit (HCSTC) with fixed repayments over 2 to 6 months, subject to affordability checks.
Traditional payday loans and Moneyboat loans can both fall under HCSTC rules, but their repayment structures differ.
Yes. Moneyboat is authorised and regulated by the Financial Conduct Authority.
This means Moneyboat must comply with relevant rules for the consumer credit activities it carries out. FCA regulation should not be viewed as an endorsement of a particular loan or a reason to borrow.
Need to talk to us?
If you’re worried about an upcoming payment or your circumstances have changed, contact our team.
You do not need to wait until you have missed a repayment.
If your financial difficulties extend beyond your Moneyboat loan, free and independent support is available from MoneyHelper and other debt advice organisations.
