If you can afford to continue your vehicle finance payments, it’s in your best interest to do so. However, if you’ve been financially impacted by coronavirus (COVID-19) then we want to help you.
In line with regulatory guidance, you can request an initial payment holiday for up to 3 months. If you then need further support, we can offer up to a further 3 months (i.e. a total payment holiday of up to a maximum of 6 months).
To request a payment holiday please fill out the payment holiday request form here.
Please carefully consider the length of payment holiday you need – any payments you defer will be added to the end of your original agreement term and taken in monthly instalments at that point.
If a payment holiday is agreed, we won’t report any account changes to your credit file whilst payments are frozen. This means you shouldn’t see a long-term negative impact on your credit score if payments return to normal after the payment holiday. However, your credit score could still change over this period, as it’s impacted by a wide range of factors that we do not control. If you see an impact initially, this is because we are in the process of adjusting your credit score, but we will amend it as soon as we can.
A full payment holiday might not be the best option for everyone. It may be possible, or a better option, for you to pay reduced payments instead. Please fully complete our payment holiday form, and when we assess your request, we can explain the ways you make manual payments during a payment holiday or the other forms of support and payment options we can offer depending on your circumstances.
We’ll be doing everything we can to help customers stay in their vehicle and maintain their finance agreement with us. If we do need to explore the option of returning the vehicle and ending the agreement, we’ll work that through with you so you can make an informed choice about the best way forward. Our aim will always be to help minimise any outstanding debt, so that you’re in the best financial position you can be in, given your specific circumstances.
For any other queries regarding your account please contact us via our My Moneybarn online portal. Here you can send us a secure message including full details of your current circumstances.