Business Finance FAQsGo back
Asset Finance Coronavirus FAQ's
Is a Payment Holiday the right thing for me?
If you are worried about not being able to make payments in the short term due to Coronavirus, then you can contact us to make a request to defer payment (sometimes referred to as a “payment freeze” or “payment holiday”) for up to three months.
The payments will be added to the end of your agreement. As this will extend the term of your agreement please be mindful of any additional implications this may have, such as interest, insurance, warranties, breakdown cover or MOT.
Although freezing your payment is designed to help you during this difficult time, it will result in increased costs in the longer term because of additional interest or hire charges that will become payable due to the missed payments during the payment holiday. You should consider the following carefully before requesting a payment holiday:
- Do you need immediate and temporary financial assistance?
- Don’t cancel your direct debit or reduce payments until we have confirmed your application has been successful.
Our FAQs may help to answer any questions you have so take a quick look.
You must be the agreement holder to make a request and if you have more than one agreement with us please specify all agreement numbers applicable.
If you can afford to, you should continue to make your normal monthly payment on your agreement until we confirm that your payment holiday has started.