The most important thing to do is to talk to us

The more we know about your situation, the better we’ll be able to help. So get in touch with your account manager, email payments@iwoca.com or call us on 020 3778 0274.

How might we be able to help?

  1. We can give you a couple of weeks’ breathing space. If you just need more time, we can postpone your payment for a week or two. We won’t need any documents to do this.
  2. We can find an amount that’s more affordable for you for your next payment. We’ll talk about what you can pay and go through a few questions. So we can understand your situation, we’ll also ask you to fill in a short form and link your business account with Open Banking (or upload bank statements).
  3. We take it a month at a time. Nobody knows what’s going to happen in the months to come, so we review your account once you’ve made your next payment. If you still need support, we can talk about a longer-term payment plan tailored to you. We find this works better than a blanket payment holiday because you:
  • avoid a big future payment: you’re spreading the cost, rather than putting it off
  • cap your interest: you won’t pay more for your loan than what we first agreed
  • protect your credit report: if you keep paying the agreed amount, your credit score should stay the same – even though it’s a reduced rate.

Why should I use Open Banking to share my account information?

You can link your iwoca account to your bank account on your account page under ‘business information’. Most major banks support Open Banking: it’s only available through FCA-regulated firms, and it helps us give your answers as quickly as possible.

  • You won’t need to upload statements, and we won’t need to process them: everything happens automatically, which makes it much speedier.
  • We can only see your account, not change it: only you’ll be able to trigger payments or change standing orders.
  • Once you’ve linked, it lasts 90 days. You won’t need to link your account again till then. After 90 days, it disconnects automatically (or earlier if you’d like it to).

If you prefer, you can stick to uploading your bank statements, but it’ll take us longer to give you a decision. We need up-to-date information before we can arrange new repayment amounts, and Open Banking’s the quickest and easiest way to get it. That said, if you’re more comfortable sharing information this way, just tell us and we’ll let you know the docs we need.

Where can I get more support or advice?

Find out if you can get financial help from the government

It’s worth finding out if you could benefit from any of the tax cuts, cash grants , sick-pay rebates or loans (CBILS) the government is offering. We’ve put together an overview of government financial support to help you find out what’s out there.

Talk to these organisations for free, impartial debt advice

The bottom line: if you’re concerned about your payments in any way, get in touch and we’ll help. Call your account manager, email payments@iwoca.co.uk or send us a chat message.

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