Late payments and payment difficulties

If your financial situation has changed, it’s time to check your repayment plan

There will occasionally be harder times in life when you may be worried about money and struggling to repay your loans due to job loss, illness or unexpected expenses.

Don’t forget that your loans come with flexible features which can help take some of the pressure off and that you can always update your repayment plan. We recommend that you do this before you miss a payment to avoid having to pay any late fees and ending up with a default on your credit record.

Read more about the flexible features our loans offer. If you’re worried about your ability to pay back your loan, we encourage you to get in touch with us as soon as possible.

Take advantage of the flexible features of your home loan

It’s never a good idea to miss a home loan payment. If you’re struggling to repay your loan, you can temporarily reduce your loan payment or request other changes to your loan.

Free FlexiPayment feature

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Our FlexiPayment feature allows you to decrease or increase your home loan payment in Nordea Mobile or Netbank without asking us first. When you see your next instalment in your upcoming payments, you can reduce it to an amount you can afford. Using FlexiPayment doesn’t cost you anything.

Payment holiday and other changes

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If you need a payment holiday from your home loan, you can request to take instalment-free months. It’s also possible to apply for changes to your repayment schedule if you need to adjust your monthly loan payment, change your repayment method or switch your reference rate, for example. Please note that you may be charged a fee for making these changes.

Relief for families with children

Free payment holiday for people on parental leave

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You can now apply for a six-month payment holiday on your home loan free of charge when you’re on parental leave.

Don’t forget our flexible card, consumer credit and student loan features

You can flexibly adjust the repayment plan you’re on to manage your credit card and other loans. If you’re expecting to have to pay for a large expense, you can also opt in for an instalment-free month to take a break from your repayments.

Adjust your credit card payment

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You can easily select instalment-free months, adjust your instalment percentage and change the due date of your credit card invoice in Nordea Mobile or Netbank.

Adjust your FlexiCredit payment

You can easily select instalment-free months, adjust your instalment percentage and change the due date of your FlexiCredit invoice in Nordea Mobile or Netbank.

Manage your student loan repayment

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You can apply for an instalment-free period for your student loan or change the amount and due date of your monthly repayment, the management account and the repayment method.

Do you have multiple debts? If your repayment ability is sufficient, you could be eligible for a debt consolidation loan.

A debt consolidation loan is a way to combine all your small loans, credit card debts or hire purchase debts with different lenders into one loan before these expensive and scattered debts become a significant burden on your finances.

A debt consolidation loan is a loan you can take out to pay off your other debts. It’s an arrangement that can help make your loan payments more manageable and reduce your monthly loan costs. Debt consolidation loans can be unsecured or secured loans.

For us to be able to grant you a debt consolidation loan in the form of FlexiCredit, you need to have a clean credit record and a stable source of sufficient income. Our calculator will help you work out whether a debt consolidation loan from us would be a more affordable solution for you.

Try our debt consolidation loan calculator

Get further help sorting out your loans from the Guarantee Foundation

Visit the Guarantee Foundation’s website for advice on debt arrangements and several other issues related to payment difficulties. You can also apply for a separate guarantee from the Guarantee Foundation for a debt consolidation loan granted by your bank.

What to do if you’re behind on your loan payments

If the direct debit of your loan payment fails, you will see it under rejected payments in Nordea Mobile and Netbank after a few days. At this stage, you still have the opportunity to make the payment manually. You don’t need to let us know that you have paid the rejected payment. You’re all set once we have received the payment from you. If you can no longer see the payment under rejected payments, it has been added to your next upcoming payment. Please note that default interest will start to accrue from the original due date of the late payment.

Read more below on what to do in different situations.

Frequently asked questions

What to do if you have late payments or can’t pay back your loan

What should I do if I can’t repay my home loan?

Contact us as soon as possible so we can find a solution for your situation together. You can call us from the Nordea Mobile app with your identity already verified or send us a message in Nordea Mobile or Netbank.

If your loan includes our FlexiPayment feature, you can also adjust your home loan payment in Nordea Mobile or Netbank without asking us. Using FlexiPayment doesn’t cost you anything.

Read more about FlexiPayment

You also have the option to make other changes to your loan, such as change your repayment method or select instalment-free months. To request these changes, simply fill in our online form. Please note that some of the changes are subject to a fee.

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My account didn’t have enough money to cover a loan payment. What should I do?

We debit loan payments to your account on the agreed due dates. If your loan account doesn’t have enough money to cover a payment on the due date, the payment will fail. We will try to debit the payment again over the next two days. If the payment continues to fail, it will be moved to rejected payments. If you see it under rejected payments, you still have the opportunity to make the payment manually. You don’t need to let us know that you have paid the rejected payment. The payment will be registered in our systems automatically.

If you don’t make the late payment before your next monthly payment is created, it will be added to your next upcoming payment.

Please note that default interest will start to accrue from the original due date of the late payment.

Tip: When you receive your salary in a Nordea account, it will be easier for you to make sure that your account has enough money to cover your loan payments. To move your salary payments to a Nordea account, provide your Nordea account number to your employer’s payroll department.

I have multiple debts. Which one should I make changes to first?

You should consider all your debts as a whole. It’s important to make all your repayments on time because late payments could affect your chances of getting a loan or a credit card in the future.

We offer many options for you to adjust your loan and credit repayments. Read more about your alternatives:

What is a late payment?

A payment becomes late when you don’t pay your invoice by the due date. When you are late on your payments, you will have to pay default interest. The longer your payment remains outstanding, the higher your late fee will be.

At what point will my late payments be passed to a collection agency?

There are several stages to the debt collection process. We will first contact you if you have any late payments.

If we fail to debit a loan payment to your account multiple times, you will receive a text message about the failed payment. If your late payment remains unpaid, you will receive a reminder notice and a letter by post.

If your payment has been overdue for a long time, we may pass your debt to a collection agency which will pursue repayment.

How do you identify a good loan?

Mies keltaisessa sadetakissa etsimässä kotia

Read how you can compare the costs and features of different loans.

Positive credit register

Did you know that you can set a voluntary ban to prevent lenders from granting you credit?

Other sources of support

Financial and debt counselling servicesOpens new window

Guarantee Foundation: Get your debt under control (in Finnish)Opens new window

Finnish Competition and Consumer Authority: Debt collection and payment arrangementsOpens new window

Don’t hesitate to reach out to us if you’re having payment difficulties

We’re here for you. Call us or send us a message and let’s work out the best solution for you together.

How to contact us

Help with late payments

If your financial situation has changed, it’s time to check your repayment plan