COVID-19 Three Month Business Finance Payment Break

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Bank of Ireland Finance (BIF) – COVID-19 Three Month Business Finance Payment Break (“Payment Break”)

We’re here to help and are working hard to support you during this unprecedented and challenging time.

NOTE: Closing date for applying for your first COVID-19 payment break is 30th June 2020.

On this page you can apply for a 3 month Payment Break for the first time for Business Hire Purchase (incl. Contract Hire), Business Lease or Insurance Premium Finance (IPF) agreement. In addition, if you have already availed of a 3 month payment break, you can apply to extend your existing 3 month payment by an additional 3 months (6 month Payment Break in total).

Payment break criteria

  • This a precautionary request or reflects a temporary reduction in my income which has occurred as a result of the current health crisis and I am not in financial difficulty and/ or was not concerned about my ability to meet future payments
  • I am not in a forbearance arrangement with the Bank or, if I am, I have met all terms and conditions for a minimum of 12 months
  • Prior to 1st March 2020, I was not in arrears, and I am not currently in arrears for 2 months or more on any finance agreement or any other BOI business or personal finance.
  • Your credit agreement must have been drawn down prior to the 16th March 2020 in order to avail of the 3 month Payment Break

For more information in relation to a COVID-19 Payment Break please visit our Frequently Asked Questions (FAQs).

(If you need assistance and feel you don’t meet these criteria we may still be able to help you – please call us on 1890 66 44 66 – our lines are open 9am to 5pm, Monday to Friday).

Applications are subject to approval. Qualifying criteria and terms and conditions apply.

To apply online, please select the option that relates to you.


  • I wish to apply for a COVID-19 Payment Break for the first time

    On this page you can apply for an initial COVID-19 Payment Break1 on your consumer credit agreement with Bank of Ireland Finance, if you meet our Payment Break criteria and if the impacts on your income are temporary in nature.

    If you are looking to apply for an initial COVID-19 Payment Break, please select ‘No, this will be my first Payment Break’ to the first question on the form and complete the details required online by 30th June 2020.

    In the meantime, please take care of yourself and your family.

    Apply Now

    COVID-19 Credit Agreement Payment Break FAQs

    In our FAQs you will find a number of examples showing the implications on the total cost of credit for your credit agreement. You will also find information in our FAQs in relation to what your options are after your 1st Payment Break comes to an end.

    1You should only apply for a Payment Break if you are satisfied that it suits your circumstances, please refer to the criteria above. Please see examples that will show you how much extra in interest you could have to pay as a result of taking a Payment Break in the FAQs guide. These examples are to help illustrate how Payment Breaks work. The figures for your own credit agreement will be different but will give you an indication of how much extra you could have to pay as a result of taking a payment break. Your balance will be higher at the end of the Payment Break period, the term of your credit agreement may be extended by the Payment Break period and you will pay more interest (increased cost of credit) as a direct result of taking a COVID-19 Payment Break.

  • I am coming to the end of my first Payment Break

    On this page you can apply for an additional COVID-19 Payment Break1 on your business credit agreement with Bank of Ireland Finance, if you meet our Payment Break criteria and if the impacts on your income are temporary in nature.

    If you are coming to the end of your first COVID-19 Payment Break, the options available will be detailed in your ‘Options Email’ which is sent out to you towards the end of your initial Payment Break and they are also detailed on this page. Please review your options carefully as it sets out important information before you apply for your chosen option.

    1You should only apply for a Payment Break if you are satisfied that it suits your circumstances, please refer to the criteria above. Please see examples that will show you how much extra in interest you could have to pay as a result of taking a Payment Break in the FAQs guide. These examples are to help illustrate how Payment Breaks work. The figures for your own credit agreement will be different but will give you an indication of how much extra you could have to pay as a result of taking a payment break. Your balance will be higher at the end of the Payment Break period, the term of your credit agreement may be extended by the Payment Break period and you will pay more interest (increased cost of credit) as a direct result of taking a COVID-19 Payment Break.


Options available to you at the end of your COVID-19 Payment Break:

Depending on the option you choose the cost of credit will differ. There are no additional charges if you wish to apply for an additional Payment Break apart from the additional interest that continues to apply during the term of the Payment Break.


  • Option 1: You do not need to extend the existing COVID-19 Payment Break and want to recommence your credit agreement payments as outlined in your recent ‘Provision of Payment Break’ letter

    No action is required on your part if you have not cancelled your direct debit and payments will recommence after the initial 3 month Payment Break ends. However, if you have cancelled your direct debit, please contact us at bifcollections@boi.com and we will assist you to put it back in place.

    If you do not take any action and do not notify us of your preferred option, your revised payments will recommence at the end of the initial Payment Break period.

    The ‘Provision of Payment Break’ letter we sent to you via email after you applied for your first Payment Break outlines when the COVID-19 Payment Break comes to an end, the additional interest that will you will now need to pay, your new monthly payment amount and the date the payments will recommence. Please refer to this letter for further details.

    What does this mean for you?

    • Your direct debit will commence on the date outlined in the ‘Provision of Payment Break’ letter we sent you and the new payment amount will be collected from this date.
    • Option 1 will result in a higher cost of credit than option 4 (below).

    It is important that there are adequate funds in your paying account on the date on which payments will re-commence.


  • Option 2: You continue to experience a temporary reduction in your income and you want to apply for an additional 3 month COVID-19 Payment Break and extend the revised term by 3 months.

    Please note that this option is not available for Contract Hire Agreements (Business Lease with a buyback).

    If your income continues to be temporarily affected by the COVID-19 crisis you can consider applying for a 3 month extension to your current Payment Break1 by completing the online form here.

    1. If you choose option 2, select, ‘Yes, I am currently availing of a 3 – Month Payment Break’ on the online form to the first question.
    2. Once you have chosen the product your request relates to; select ‘Option 2- Apply for an additional 3 month Payment Break extension’ and follow the instructions.

    What this Payment Break means for you?

    • If you take up this 3 month extension to your Payment Break, you will not be required to make any payments to your credit agreement during this time.
    • Interest will continue to accrue during the additional Payment Break period.
    • Availing of this additional Payment Break will cost you more in interest and the amount due to be repaid on the credit agreement will increase.
    • The term of your original credit agreement will be extended by an additional 3 months.
    • Option 2 does attract a higher cost of credit than other options outlined here.
    • Under the Credit Reporting Act 2013, we are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register (“CCR”). A Payment Break will not be marked as a missed payment and will not be reported as ‘Payments Past Due’.
    • A Payment Break will not be marked on your Irish Credit Bureau (“ICB”) credit record.

    When a Payment Break has been processed by us you will receive a ‘Modification Letter’ confirming it has been put in place.

    Apply Now

    COVID-19 Credit Agreement Payment Break FAQs

    In our FAQs you will find a number of examples showing the implications on the total cost of credit for your credit agreement. You will also find information in our FAQs in relation to what your options are after your 1st Payment Break comes to an end.

    1You should only apply for a Payment Break if you are satisfied that it suits your circumstances, please refer to the criteria above. Please see examples that will show you how much extra in interest you could have to pay as a result of taking a Payment Break in the FAQs guide. These examples are to help illustrate how Payment Breaks work. The figures for your own credit agreement will be different but will give you an indication of how much extra you could have to pay as a result of taking a payment break. Your balance will be higher at the end of the Payment Break period, the term of your credit agreement may be extended by the Payment Break period and you will pay more interest (increased cost of credit) as a direct result of taking a COVID-19 Payment Break.

  • Option 3: You continue to experience a temporary reduction in your income and you want to apply for an additional 3 month COVID-19 Payment Break but want to keep the term (duration) the same as agreed on your original credit.

    If your income continues to be temporarily affected by the COVID-19 crisis you can consider applying for a 3 month extension to your current Payment Break1 but keep the term the same as agreed on your original credit agreement, by completing the online form here.

    1. If you choose option 3 select, ‘Yes, I am currently availing of a 3 – Month Payment Break’ on the online form to the first question.
    2. Once you have chosen the product your request relates to; select ‘Option 3- Apply for an additional 3 month Payment Break but keep the term the same as on your original agreement’ and follow the instructions.

    What this Payment Break means for you?

    • If you take up this 3 month extension to your Payment Break, you will not be required to make any payments to your credit agreement during this time.
    • Interest will continue to accrue during the additional Payment Break period.
    • Availing of this additional Payment Break will cost you more in interest and the amount due to be repaid on the credit agreement will increase.
    • The term of the credit agreement will be amended back to the original term of your credit agreement.
    • Option 3 results in a lower cost of credit than in option 2 but it will mean your payments will need to increase to clear the outstanding balance and additional interest over the original term.
    • Under the Credit Reporting Act 2013, we are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register (“CCR”). A Payment Break will not be marked as a missed payment and will not be reported as ‘Payments Past Due’.
    • A Payment Break will not be marked on your Irish Credit Bureau (“ICB”) credit record.

    When a Payment Break has been processed by us you will receive a ‘Modification Letter’ confirming it has been put in place.

    Apply Now

    COVID-19 Credit Agreement Payment Break FAQs

    In our FAQs you will find a number of examples showing the implications on the total cost of credit for your credit agreement. You will also find information in our FAQs in relation to what your options are after your 1st Payment Break comes to an end.

    1You should only apply for a Payment Break if you are satisfied that it suits your circumstances, please refer to the criteria above. Please see examples that will show you how much extra in interest you could have to pay as a result of taking a Payment Break in the FAQs guide. These examples are to help illustrate how Payment Breaks work. The figures for your own credit agreement will be different but will give you an indication of how much extra you could have to pay as a result of taking a payment break. Your balance will be higher at the end of the Payment Break period, the term of your credit agreement may be extended by the Payment Break period and you will pay more interest (increased cost of credit) as a direct result of taking a COVID-19 Payment Break.

  • Option 4: You do not need to extend the existing COVID-19 Payment Break and want to recommence your credit agreement payments in line with the term of your original credit agreement.

    Please note that this option is not relevant for Contract Hire customers.

    If you do not need another Payment Break and your circumstances have improved since you took the original Payment Break1 and would therefore like us to put your credit agreement back in place under the original term (remaining duration) before your current Payment Break, then option 4 may be the most suitable option for you. To avail of this option, please contact us by email at the following address; bif.credit@boi.com and one of our dedicated team will contact you to discuss the required amendments on your credit agreement.

    What does this mean for you?

    • If you take this option, you will recommence payments to clear the remaining balance within the original term of your credit agreement.
    • The payments will be higher than you would have made prior to you availing of your initial Payment Break. The reason for this is that interest is applied over the 3 month COVID-19 Payment Break and your credit agreement balance is now higher than before the initial Payment Break.
    • We will increase your payments to ensure the credit agreement is cleared within the original term.
    • By choosing option 4, there will be a lower cost of credit than option 1, 2 or 3 but it will mean that your payments will be increased to clear the outstanding balance and additional interest on your credit agreement.
    • Under the Credit Reporting Act 2013, we are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register (“CCR”). A Payment Break will not be marked as a missed payment and will not be reported as ‘Payments Past Due’.
    • A Payment Break will not be marked on your Irish Credit Bureau (“ICB”) credit record.

    Email Us

    COVID-19 Credit Agreement Payment Break FAQs

    In our FAQs you will find a number of examples showing the implications on the total cost of credit for your credit agreement. You will also find information in our FAQs in relation to what your options are after your 1st Payment Break comes to an end.

    1You should only apply for a Payment Break if you are satisfied that it suits your circumstances, please refer to the criteria above. Please see examples that will show you how much extra in interest you could have to pay as a result of taking a Payment Break in the FAQs guide. These examples are to help illustrate how Payment Breaks work. The figures for your own credit agreement will be different but will give you an indication of how much extra you could have to pay as a result of taking a payment break. Your balance will be higher at the end of the Payment Break period, the term of your credit agreement may be extended by the Payment Break period and you will pay more interest (increased cost of credit) as a direct result of taking a COVID-19 Payment Break.

  • Option 5: You are concerned that you may experience longer term financial pressure and you would like to explore additional supports to help you to pay your credit agreement.

    If you are concerned that the impact on your finances of COVID-19 could be longer lasting or that you may not be able to meet payments on your BIF credit agreement after your Payment Break1, please contact us on 1890 66 44 66.

    Our team are trained to discuss the measures available and will help determine the most appropriate action for your particular circumstances.

    Contact Us

    COVID-19 Credit Agreement Payment Break FAQs

    In our FAQs you will find a number of examples showing the implications on the total cost of credit for your credit agreement. You will also find information in our FAQs in relation to what your options are after your 1st Payment Break comes to an end.

    1You should only apply for a Payment Break if you are satisfied that it suits your circumstances, please refer to the criteria above. Please see examples that will show you how much extra in interest you could have to pay as a result of taking a Payment Break in the FAQs guide. These examples are to help illustrate how Payment Breaks work. The figures for your own credit agreement will be different but will give you an indication of how much extra you could have to pay as a result of taking a payment break. Your balance will be higher at the end of the Payment Break period, the term of your credit agreement may be extended by the Payment Break period and you will pay more interest (increased cost of credit) as a direct result of taking a COVID-19 Payment Break.