Your Instalment Plan, or Fixed Payment Option (FPO), will effectively be paused for the duration of your approved payment deferral, meaning you will not be required to make any repayments.
Some more information you should know:
- Any instalments that were due in the statement you receive prior to the commencement date of your deferral period, and which remain unpaid, will be added to your outstanding balance and interest will be charged at the applicable APR in accordance with your product Terms and Conditions.
- During the payment deferral period you will be charged interest at the applicable FPO rate on the outstanding principal component of your FPO balance.
- This interest will appear on your first monthly statement after the deferral period ends, as a separate instalment plan with the same remaining term as your original FPO.
- At the end of the payment deferral period, your monthly FPO payments will resume with the same number of remaining monthly instalments to be paid at the same amount.
- Please refer to your first statement after the payment deferral period for the new instalment amounts.
For more information about your Fixed Payment Option, if you are a Coles Mastercard customer please refer to the Coles Mastercard Terms and Conditions and Other Important Information.
If you are a Coles Personal Loans customer, please refer to the current Terms and Conditions relating to your Account.