A forbearance arrangement is a plan for a moment in time, and business rarely stands still. Your company's position can improve faster than expected or take another hit. Either way, an arrangement can be revisited, and you should tell us rather than quietly drift off the plan.
If things improve
If trading recovers ahead of schedule, that is good news for everyone. You may be able to return to your normal payments sooner, or clear the deferred amount more quickly. Returning to a sustainable footing earlier usually reduces the overall cost of the difficulty.
- Let us know your cash flow has steadied.
- Ask about moving back to your normal schedule.
- Discuss clearing any deferred balance ahead of plan.
If things get harder
If the difficulty deepens, do not wait until you miss a reduced payment. Tell us, and we can look at extending the arrangement, lowering it further, or moving to a different option. Breaking an arrangement silently causes far more harm than asking to change it.
Keeping us in the loop
The principle is simple: an arrangement works when we both have an accurate picture. Update us when anything material changes and we will adjust the plan around it, explaining any effect on your balance, the rate shown in your offer, and your term. These are commercial arrangements with limited companies and LLPs, and flexibility is part of working with us.
See also: What to do if you can no longer keep to an existing arrangement, What happens if I break a payment arrangement we agreed?, How to set up a repayment arrangement, step by step.