Christopher Woolard, Interim Chief Executive at The Financial Conduct Authority (FCA) has recently said: “For those who have already taken a payment freeze and can afford to start making payments, even partially it is in their best interest to do so.”

Therefore if you are able to resume your normal monthly instalments this would be our recommendation as a vehicle is a depreciating asset.

However, if you have previously had a payment deferral but continue to be financially impacted by Coronavirus, we have a number of available options that will allow us to continue to provide you with some additional assistance should you need it, in line with the FCA guidelines.

These options may not be suitable for everyone and we will assess each request individually.

What if I have not had any previous assistance?

If you are experiencing difficulties as a result of COVID-19 and have not already received assistance from us, you can find out more about the options available to you here:

Click here to find out more

What help is available?

We may be able to reschedule your agreement to extend the term for an additional period of time, which will effectively reduce your monthly instalment amount. Any reschedules are subject to eligibility and will be assessed based upon your circumstances.

What is a reschedule?

A reschedule will increase the term of your agreement by a specified period of time. Your original payments will be spread across the new term, which will effectively lower your normal monthly payment. Please note that the additional months will attract interest, which will be charged at the rate stated on your original agreement documentation, so please carefully consider this option as the overall cost of credit will increase.

How do I apply for additional help

If your payments are up to date

We will need you to complete the following form, which will allow us to assess your circumstances and determine the most appropriate help for you.

Click to apply

If your payments are currently not up to date

Someone from our dedicated team will be in contact with you before your current deferral period comes to an end. They will discuss your current circumstances and the options available to you going forward.

What happens once I have completed the additional help form?

One of our dedicated team will be in contact within 5 - 7 working days to discuss the available options.

What happens once the reschedule has been accepted?

You will be sent new documentation which will confirm your new payment schedule, interest and total cost of credit. All other terms and conditions will remain the same as your original agreement.

You will be required to sign and return the documentation in order for the changes to take effect.

Will it affect my Credit History?

No, you will be signing a new agreement and this will be reflected on your credit file. Provided that you maintain the new payment schedule this will not adversely affect your credit file.