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CORONAVIRUS (COVID 19)
​​​​​​​ADDITIONAL SUPPORT

HELPING OUR CUSTOMERS DURING CORONAVIRUS


We know that many of our customers have been impacted by coronavirus. This help page explains the support that we can provide to you. It also answers some of the questions that you may have at this time.

PAYMENT HOLIDAYS
If your income has been impacted by coronavirus, we have a range of options to help you. We may be able to give you a payment holiday or offer you other help if you need it. If you need a payment holiday, you may be able to defer your payments for 1 month or for 3 months.

In most cases, you can make your request online using ‘Manage My Account’.  If you are unable to process your request online, you can call us on 0344 8248888. Please try the online option first as this is the quickest way to make a request.

You can find out more about payment holidays below. Go to the Payment Holidays section which explains:


  • How to ask for a payment holiday online
  • How a payment holiday works
  • How you will know the payment holiday is in place
  • Why you pay more for a payment holiday
  • What happens when the payment holiday ends

CORONAVIRUS RELATED QUESTIONS
If you need help with any coronavirus related queries, please go to the Coronavirus Related Questions section below. Here you should find answers to the common questions that customers have at this time.


PAYMENT HOLIDAYS

How to ask for a payment holiday online


  • If you only need a payment holiday for one month, log into your account.  You can then use the ‘Change Payment Date’ option to move your payment date by up to 30 days.  If you have changed your payment date before, you will not be able to make the request online.  You will need to call us on 0344 8248888.
  • If you need a payment holiday for 3 months, log into your account.  You should then follow the instructions on the home page to make your request.

If your payment is due within 5 days, you will not be able to have a payment holiday:


  • 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.

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.

How a payment holiday works
  • If you defer your payments by 3 months, you will not make any payments for 3 months. This means your agreement term will be 3 months longer.
  • Your credit file will not be adversely impacted.
  • You will pay more 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. 
  • You will be asked to pay the extra amount the month after your final payment is due.  If it 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.

How you will know that the payment holiday is in place
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.

Why you pay more for a payment holiday
We will need to adjust the amount you pay as you will take longer to pay back the amount borrowed. 

What happens when the payment holiday ends?
At the end of the 3 months, your payments will start again and will be for the same amount as before the payment holiday. Your monthly payments will run on for 3 months longer than we agreed at the start.  After you pay the last payment, you will pay the extra amount.  If it 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.


CORONAVIRUS RELATED QUESTIONS


PCP END OF CONTRACT

I am due to reach the end of my PCP contract and need to check on next steps.
​​​​​​​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.   There will be a delay as the company that collects the vehicles for us is currently closed. 
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 can cancel your motor insurance after the end of contract date.  We will arrange cover for the vehicle.  
  • You will need to keep the vehicle safe and in your possession until we collect it.
  • 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.  We will contact you about any charges that may be due AFTER the vehicle has been collected.

I am waiting for my vehicle to be collected and don't know what is happening.
We are sorry but we will not be able to collect the vehicle yet.  The company that collects vehicles for us is currently closed.  We will be back in touch as soon as we can to arrange collection.
We understand you may have some questions about what this means for you in the meantime so we have provided more information below:
  • 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 can cancel your motor insurance after the end of contract date.  We will arrange cover for the vehicle.  
  • You will need to keep the vehicle safe and in your possession until we collect it.
  • 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.  We will contact you about any charges that may be due AFTER the vehicle has been collected.

VOLUNTARY TERMINATION
I am waiting for my vehicle to be collected and don't know what is happening.
We are sorry but we will not be able to collect the vehicle yet.  The company that collects vehicles for us is currently closed.  We will be back in touch as soon as we can to arrange collection.
We understand you may have some questions about what this means for you in the meantime so we have provided more information below:
  • 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 now.
  • As you will not be using the vehicle, you can cancel your motor insurance.   We will arrange cover for the vehicle.  
  • You will need to keep the vehicle safe and in your possession until we collect it.
  • When you told us that you wanted to terminate your agreement, we wrote to you explaining how this works.   In this letter, we explained if any further payments would need to be made.  If you were told that you would need to pay further sums, you will still need to pay this.  We will contact you about this AFTER the vehicle has been collected.

I want to exercise my right to terminate my agreement.
If your income has been impacted by coronavirus, we have a range of options to help you.  We may be able to give you a payment holiday or offer you other help if you need it to give you time to get back on your feet.  See the Payment Holidays section above for further information.


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.


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.


CHANGE MY PAYMENT DATE - 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. 
MAKE A PAYMENT - ​​​​​​​You can make a payment online. Select the ‘make a payment’ button.  You can also make a payment by calling us on 0344 8248888 and selecting the ‘make a payment’ option.
CHANGE MY ADDRESS - You can change your address online.  Select the ‘update address’ button and you can input your new address.
CHANGE MY BANK DETAILS - ​​​​​​​You can change your bank details online.  Select the ‘update bank details’ button and you can input your new bank details.
REQUEST A SETTLEMENT FIGURE - You can obtain a settlement figure online. Select the ‘settlement figure’ button.  You can also obtain a settlement figure by calling us on 0344 8248888 and selecting the settlement figure option.
REQUEST A STATEMENT - You can obtain a statement of account online. Select the ‘request a statement’ button. 
UPDATE CONTACT DETAILS - You can update your contact details online. Select the ‘update contact details’ button. 
CHECK MY ACCOUNT DETAILS - You can check details of your account online. You can check the balance, term, APR, last payment date and amount and your next payment date and amount.