Financial Wellbeing

Loans and Credit Cards

Use this calculator to see how much a loan will cost you or how quickly you can pay off your existing loans.

Simply add a loan below to get started:


Use this calculator to see how much a credit card will cost you or how quickly you can pay off your existing cards.

Simply add a card below to get started:


  • If you have a personal loan, credit card, store card or catalogue credit, you can also ask for a freeze on repayments of up to three months.
  • You must agree the payment freeze in advance with your lender. You can’t just stop paying or this could have an impact on your credit rating.
  • The payments you miss (plus interest) are added to the amount you owe. When the holiday is over either your monthly payments will go up or the term of your loan will be extended.
  • Some lenders are offering other help such as waiving fees for missed payments, offering to reduce your monthly payments or allowing you to increase your credit limit, but this will depend on your circumstances.
  • You can ask your bank for a three-month interest-free overdraft up to £500 on your main current account.
  • If you don’t have an overdraft, or your current overdraft is less than £500, you can ask for a new or an increased overdraft. This will be subject to a credit check.
  • If your overdraft is over £500, only the first £500 will be interest free.
  • This doesn’t apply to basic bank accounts (which don’t have an overdraft facility).

If you are worried about your credit rating – Your credit score won’t be affected during the payment freeze, as long as you get it agreed in advance. If you asked for a payment freeze and missed a payment while you were waiting for the answer, you should ask your lender or provider to work with the credit ratings agencies to make sure there is no negative impact on your credit score.


Information sourced from the Money Advice Service