FCA Confirm Three Payment Holidays for All

Published 27 April 2020
in

As a part of the club at Pike + Bambridge, we wanted to remind you that we are here to support and advise you with regards to your vehicle(s) through this challenging time.

Pike + Bambridge supports clients with around 2000 vehicles on the road. We are always here to support you, and particularly at times such as these.

As you may have seen in the media, Friday saw an important update from the Financial Conduct Authority (FCA.) regarding the current situation around COVID-19 and car finance agreements. The announcement included the following:

"where a customer is already experiencing or reasonably expects to experience temporary payment difficulties as a result of circumstances relating to coronavirus, and wishes to receive a payment deferral, a firm should grant the customer a payment deferral for 3 months unless the firm determines (acting reasonably) that it is obviously not in the customer’s interests to do so."

From April 27th 2020, customers with a hire purchase (such as a personal contract purchase (PCP) agreement), conditional sale or contract hire agreement are permitted to make no payments for a period of three months, without being considered in arrears.

The FCA said in its statement:

“The guidance is intended to provide help to those who might be having temporary difficulty in making their finance or leasing payments due to a loss of or reduction in their income (or income of other members of their household) or to those who expect to experience such difficulties.”

It is important to note that a payment deferral will not happen automatically and customers must contact their finance company directly to process. Finance companies are being inundated with calls and we would recommend such requests are made through the finance companies online forms.

We advise all looking to make payment holidays to contact your funder online, to find more details on your funder, please click here and find your funder with further contact details here

 

Our Pike + Bambridge virtual offices are very much open, as all our systems allow working from home without interruption, so please be reassured that we can still support and manage all enquiries and requests.

Stay safe. And we look forward to supporting you further with your mobility in the future. 

The Pike + Bambridge Team