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What does the FCA guidance on Motor Finance mean for me?

As a result of guidance from the Financial Conduct Authority on motor finance, from Monday 27 April 2020 and updated from Friday 17 July we can now offer an online Payment Deferral process to support customers experiencing temporary financial difficulty as a result of COVID-19.

During a Payment Deferral customers will not be required to make payments for up to three months and the length of their finance agreement (known as ‘term’) will be extended by the same period, up to three months. As you will take longer to pay back the amount borrowed, there will be additional costs to pay.

If at the end of the initial deferral you remain in temporary difficulty and are unable to resume your monthly payments you can then request an additional payment deferral of up to three more months. If you are able to resume your monthly payments, it will be in your interests to do so rather than apply for a further deferral.

For more information on Payment Deferrals and to apply please click here

See our Covid-19 related FAQs for more information.

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