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 may also answer some of the questions that you have at this time.

Request a payment holiday

If you are struggling with your car finance payments because of coronavirus, one of the things you may want to consider is taking a payment holiday, by deferring your payment for up to 3 months.

Our new online process is now live and is the quickest way to apply for a payment holiday. Simply login to your online car finance account.

 

Login to manage your agreement

 

If you’re unable to process your request online, you can call us on 0333 202 7968.

A payment holiday can help if you need to take a short break from making your payments due to a short-term change in your income. If you are concerned the impact may be longer term, a payment holiday may not be right for you. Please call us on 0333 202 7968 so that we can discuss other options to help you If you need extra help, you can also visit our Money Worries page.

Coronavirus related questions

If you need help with any coronavirus related questions, here you should find answers to the most common queries customers have at this time such as:

  • end of contract returns for flex car finance agreements also known as personal contract purchase (PCP)
  • voluntary termination
  • maintaining my vehicle during coronavirus.
Coronavirus related questions

Manage my account

Find out more about managing your account where you can:

  • change a payment
  • make a payment
  • change your address
  • change your bank details
  • request a settlement figure
  • request a statement
  • update contact details
  • check my account details

You will need your agreement number, date of birth and postcode to login.

More about managing my account

Request a payment holiday

Applying online is the quickest way to apply for a payment holiday. If you are concerned the impact may be longer term, a payment holiday may not be right for you. Please call us on 0333 202 7968 so that we can discuss other options to help you.

  • 1.
    How to ask for a payment holiday online
    • If you only need a payment holiday for 1 month, login to 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 0333 202 7968.
    • If you need a payment holiday for 3 months, login to your account. You should then follow the instructions on the home page to make your request.
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  • 2.
    How a payment holiday works
    • A payment holiday can help if you need to take a short break from making your payments due to a short-term change in your income. If you are concerned the impact may be longer term, a payment holiday may not be right for you. Please call us on 0333 202 7968 so that we can discuss other options to help you.
    • If you defer your payments by 3 months, this means that you will not make a car finance payment for 3 months.
    • 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 take a 3 month payment holiday, 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 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.
    • We can defer your monthly payments by a maximum of 3 months. If we have already done the first month for you, we will only defer your payments for a further 2 months.
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  • 3.
    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 extra you will pay as the result of deferring your payments by taking a payment holiday that month. 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.

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  • 4.
    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 you’ve borrowed.

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  • 5.
    What happens when the payment holiday ends?

    You will restart your monthly payments 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.

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If your income is still impacted by coronavirus and you cannot restart your payments we have options available to help.

Use our online tool link to first to work out what you can afford to pay You can then call us, on 0333 202 7968 so we can talk it through.

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.

Coronavirus related questions

  • 1.
    I am due to reach the end of my Flex car finance (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 202 7968 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 . We know wait times have been longer than usual to have your vehicle collected and we’re sorry about this. Our collection service is now back to usual and more information on what this means for you is below.

    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
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  • 2.
    Voluntary Termination - I want to exercise my right to terminate my agreement.

    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.

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  • 3.
    I am not using my vehicle due to coronavirus and want to know how to maintain it.

    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.

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  • 4.
    My vehicle is due for an MOT but I cannot get it to a garage

    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 Government’s website for more information about vehicle testing.

    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.

    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

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Manage my account online

You can use our online service to complete the actions below. You will need to login to your account using your date of birth, postcode and agreement number. You then need to click on the relevant button.

  • 1.
    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 0333 202 7968.

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  • 2.
    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 0333 202 7968 and selecting the ‘make a payment’ option.

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  • 3.
    Change my address

    You can change your address online. Select the ‘update address’ button and you can input your new address.

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  • 4.
    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.

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  • 5.
    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 0333 202 7968 and selecting the settlement figure option.

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  • 6.
    Request a statement

    You can obtain a statement of account online. Select the ‘request a statement’ button.

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  • 7.
    Update contact details

    You can update your contact details online. Select the ‘update contact details’ button.

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  • 8.
    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.

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