CORONAVIRUS (COVID 19)
Coronavirus: Help & Support
If you’ve been impacted by coronavirus we’re here to help. We have options available if you’re worried about making your payments and tools to help you manage your money in uncertain times.
If you’re coming to the end of a Payment Holiday, we have options available to support you.
If you think your money worries might be long term or you’re not sure which option is right for you, use our online tool first to work out what you can afford to pay. You can then call us on 0800 151 2454 so we can talk it through.
Free, independent support
If you’d like to speak to someone independent, below is a list of other organisations that give free debt advice and can help with whatever money worries you have.
If you don’t know where to start, the Money Navigator Tool on the Money Advice Service gives instant help based on what you tell it about your circumstances.
You can also get advice on how to deal with financial difficulties as a result of coronavirus on the FCA website.
Useful links and telephone numbers:
Money Advice Service (0800 138 7777)
Citizens Advice Bureau (03444 111 444)
National Debtline (0808 808 4000)
Step Change Debt Charity (0800 054 6734)
Is this your first payment holiday? Do you need a payment holiday for 3 months?
If you log into your online account*, you can follow the instructions on the home page to request a 3 month payment holiday. If you’re not able to login online then call us 0344 8248888.
If you have had a payment holiday for 3 months or more and you cannot restart your payments, you may be able to extend your payment holiday to up to 6 months.
Your payment holiday can be extended by one month at a time. This will include the Payment Holidays that you have taken so far.
If you log into your account*, you can click on 'Manage my payment holiday' and follow the instructions to make your request. Please make your request at least 5 working days before your next payment is due, or your payment holiday may not be processed. You can extend your Payment Holiday up to a maximum of 6 months in total by logging into your online account or calling us.
If you do not ask us to extend your Payment Holiday again, we will assume that you can start making your payments.
*If you are a business, you may not be able to use our online service. If you are unable to use the online service, call us on 0344 8248888.
Before extending your payment holiday, you should think about whether you can start your payments again. When you take a payment holiday, you pay more overall as you take longer to pay back the amount borrowed. The longer your payment holiday, the more you pay. You may also incur extra vehicle related costs if you keep the vehicle for longer.
If you have had a payment holiday for 6 months and you cannot restart your payments, contact us on 0800 1512454 to discuss your options.
Are your money worries longer term?
A payment holiday can help if you need to take a short break from making your payment. This may be due to a short term loss of or reduction in your income or your household income. If your money worries are longer term, please call us on 0800 151 2454 so we can discuss if a payment holiday is right for you
To ensure we can give you the best support when you call us, please get all details of your income and expenditure ready before you call. This may include wage slips, bills and bank statements.
If your payment is due within 5 days, you will not be able to have a payment holiday for this payment:
If you can make the payment, you can come back and request a payment holiday for your next payment.
If you cannot make the payment, you can stop it by speaking to your bank and asking them not to pay the Direct Debit. You will then need to call us on 0344 8248888 so that we can discuss your options with you. We may able to back date your payment holiday to cover your missed payment.
If you are more than two payments behind, you may not be able to have a payment holiday. Please call us on 0800 1512454 so that we can discuss other ways that we can help.
A payment holiday can help if you need to take a short break from making your payments. This may be due to a short term loss of or reduction in your income or your household income. If you are concerned the impact may be longer term, a payment holiday may not be right for you. Please call us on 0800 151 2454 so that we can discuss other options to help you.
If you defer your payments by 3 months, you will not make any payments for 3 months. If you defer your payments by 6 months, you will not make any payments for 6 months.
You will pay more overall as you take longer to pay back the amount borrowed. We will work out how much extra you will need to pay and we will add this to your agreement.
We will work out how much is due by using the interest rate shown in your agreement. The extra amount will not be more than £100 for each month that we defer your payments. This means if you defer your payments by 3 months, the extra amount will not be more than £300. If you defer your payments by 6 months, the extra amount will not be more than £600.
You will be asked to pay the extra amount the month after your final payment is due by making additional monthly payments. If the amount is more than your monthly payment, it will be split over a number of months. This means that you will not pay more than your normal monthly payment each month.
You do not need to ask your bank to make any changes to your direct debit. We will take care of this for you.
You can take an initial payment holiday of up to 3 months. If your payment holiday has come to an end and you cannot restart your payments, you can extend your Payment Holiday to up to 6 months. You will need to extend your Payment Holiday one month at a time. This means that you only take a break from your payments for as long as you need.
A Payment Holiday will not show as missed payments on your credit file but lenders may take it into account when making future lending decisions. You should keep in mind that lenders may use other sources of information when they make a decision to lend to you in the future.
We will defer your payments one month at a time. Each month you will receive a letter confirming your next payment date has been moved by one month. This letter will tell you how much you will pay each time we defer your payments. You will need to add up the amount shown in each of the letters to work out the extra amount that you will pay overall.
You will pay more overall as you will take longer to pay back the amount borrowed.
You may have to pay other costs if you extend your Payment Holiday.
If you keep your vehicle for longer, you will need to pay for your insurance and road tax for longer.
If you have a warranty or breakdown cover, it may not cover you for the extended time that you will have the vehicle. You may also need to pay for an additional MOT or service.
The value of the vehicle will reduce over time. As you take longer to pay back the finance, the vehicle may be worth less than the outstanding balance.
If you have a PCP finance agreement, your maximum permitted mileage will stay the same. If you hand your vehicle back and you have exceeded the permitted mileage, you will be charged for excess miles.
If you have missed up to 2 payments, you can still ask for a 3 month or more payment holiday.
If your missed payments relate to payments that were due in or after March 2020, you may be able to include these in your payment holiday. Please call us on 0800 151 2454 so that we can arrange this for you.
If your missed payments relate to payments that were due before March 2020 and you have not yet spoken to us about the missed payments, call us on 0800 151 2454 so that we can discuss your options.
A payment holiday can help if you need to take a short break from making your payment. This may be due to a short term loss of or reduction in your income or your household income. If your money worries are longer term, please call us on 0800 151 2454 so we can discuss if a payment holiday is right for you.
CORONAVIRUS RELATED QUESTIONS
PCP End of Contract
Keep the vehicle
If you wish to keep the vehicle, you will need to pay the optional final payment. You can do this online or by calling us on 0344 8248888 and selecting the make a payment option.
Return the vehicle
If you wish to return the vehicle to us, we can arrange this for you. Due to Government guidance our collection process might take longer than usual. So get in touch as soon as you can.
If your end of contract date is more than 28 days away, you do not need to take any action at the moment. Please come back to us when your end of contract payment date is within 28 days and we will tell you what to do.
If your end of contract date is within 28 days, you should do the following:
Email us at Mbox-PCPReturns@lbgassetfinance.co.uk to confirm that you wish to return the vehicle. You will need to include your agreement number. We will be back in touch as soon as we can to arrange collection.
If you have not already done so, please cancel your direct debit so that no further payments are made to us. Your agreement will be placed on hold until the vehicle is collected. You will not be charged any late payment fees. We will also ensure that there is no negative impact on your credit file.
You must stop using the vehicle with effect from your end of contract date. This is the due date for your optional final payment. You will find this in the reminder letters that we sent you advising that your contract is coming to an end.
You must keep your insurance and Road Tax in place until your vehicle is collected
You will need to keep the vehicle safe and in your possession until we collect it. We do ask that you ensure the vehicle is maintained. Please top up oil and water levels when needed and start the engine and let it run for 15 minutes each week.
You will still have to pay any charges that may be due if you have exceeded the mileage allowance. You will find your mileage allowance and excess mileage rate on your agreement. You will also have to pay any charges that may be due for damage to the vehicle other than fair wear and tear. We will contact you about any charges that may be due AFTER the vehicle has been collected.
If you want to end your agreement and return the vehicle, please send an email to Collections.VTMailbox@lbgassetfinance.co.uk. You will need to include your agreement number and a telephone number so that we can call you back. We will call you back as soon as we can to explain how this works. We are receiving a very high number of calls and emails at present so it may take us a few days to call back.
Due to Government guidance our collection process might take longer than usual. So get in touch as soon as you can.
Maintaining My Vehicle During Coronavirus
We ask that you ensure the vehicle is maintained in accordance with the manufacturer’s handbook including topping up oil, water and tyre pressures regularly.
Please read the AA’s advice on how to look after your vehicle if you are not using it regularly.
For diesel cars (from 2009) fitted with a Diesel Particulate Filter (DPF) please read the AA’s advice on how to maintain the performance of the DPF.
If your vehicle is registered in Northern Ireland (NI). From 20th July 2020 test centres started back up on a phased basis and with decreased capacity. This means if you have a certain type of vehicle, you may be able to book an MOT. If you can book an MOT, a Temporary Exemption Certificate (TEC) will no longer be issued. If you can’t book an MOT, the TEC will still be available. Please see the NI Governments website for more information about vehicle testing www.nidirect.gov.uk
In all other areas, MOTs were reintroduced from 1st August 2020. If the MOT was due before 1 August you will still receive a 6 month exemption from testing but you can get an MOT done before the end of the 6 month exemption if you want. All vehicles must continue to be properly maintained and kept in a roadworthy condition.
You can read more information on the Government’s website www.gov.uk
If your MOT was due before the 6 month exemptions started the MOT must still be arranged. You should check the circumstances for which you can drive your vehicle if the MOT expired prior to 30th March. All vehicles must be kept in a roadworthy condition and garages will remain open for essential repair work.
Department for Transport Website: https://www.gov.uk/guidance/coronavirus-covid-19-mots-for-cars-vans-and-motorcycles-due-from-30-march-2020
MANAGE MY ACCOUNT ONLINE
You can use our online service to complete the actions below. You will need to log in to your account using your date of birth, postcode and agreement number. You then need to click on the relevant button. If you are a business, you may not be able to use our online service. If you are unable to use the online service, call us on 0344 8248888.
You can change your payment date online. Select the ‘change payment date’ button. You will be shown the amount that will be due for changing your payment date. You will need to make the changes at least 5 days before your next monthly payment is due. If you are unable to process a payment date change online, you can call us on 0344 8248888.
You can change your address online. Select the ‘Update address’ button and you can input your new address.
You can change your bank details online. Select the ‘Update bank details’ button and you can input your new bank details.
Finance is subject to status and is only available to UK residents aged 18 and over. Finance provided by Black Horse Limited, St William House, Tresillian Terrace, Cardiff CF10 5BH.
Black Horse Limited Registered in England and Wales with registered number 661204.
Registered Office: 25 Gresham Street, London EC2V 7HN