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Sudden job loss


The following story is reflective of a real-life customer situation that we have seen and helped. We have changed the name, exact events and used photos of actors in order to maintain confidentiality.

When Finn lost his job, he could no longer afford to make his loan repayments on top of his other bills. He spoke to us, and we worked out a solution together.

Drafty is flexible enough that if you’re a bit late paying, you won’t be charged fees. You’ll be charged interest. It will be reflected in your credit rating. It’s designed to be a bit more flexible than high-cost short-term loans.

But what if you’re suddenly unlikely to be able to repay any time soon? This is what happened to Finn when he lost his job. The company he was working for suddenly closed down leaving him redundant without any notice period. For a couple of months Finn was able to use his savings to cover regular bills and credit commitments.

But these were running out. Luckily Finn had been successful in securing a new job offer. But it would still be a couple of months before any new wages would come in. He told us about this after we queried why he was using his credit card to make his Drafty repayment. Paying off debt by taking on other debt just makes things more expensive, it’s something we don’t want for our customers.

After discussing Finn’s full financial situation, we suggested a payment holiday instead. This meant he would get some breathing space. We did need to report his situation to the credit reference agency, but this was fully explained to Finn. We also gave him the details of MoneyHelper for some free independent financial advice.

We agreed that, after the payment holiday had ended if Finn was still unable to resume his payments, he could contact us again to look at alternative solutions. Sudden life events can have a huge impact on both finances & emotional wellbeing, but we’re here to help. We will always listen and work together with you to find the right solution. We’ll advise you where to find free and independent help.

Note: As a business, we have removed the ability for people to make their repayments to us using their credit cards. This is to avoid them getting caught in a cycle of debt.

Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty.  If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.

We are a lender and may pay commissions to credit brokers or other intermediaries who introduce customers to us. The amount of commission we pay can vary depending on the broker, the product offered, and the terms agreed with the broker. This commission is not charged to you and does not affect the total cost of your loan.

Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty.  If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit.

*We send cash to your bank in under 90 seconds if you are approved. It may take longer to reach your account depending on your bank’s processes.

#Call charges apply. Standard charges from landlines, mobiles and other providers may vary.

Drafty is a trading name of GAIN Credit LLC

Contact Address: PO Box 10756, Leicester, LE3 4GX, E-mail: info@drafty.co.uk | Registered Address: 251 Little Falls Drive, Wilmington, DE 19808, USA | Registered in the State of Delaware, USA | Registration Number: 4124111 | Authorised and Regulated by the Financial Conduct Authority. Registration Number 689378

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