Existing Customers
This page contains useful information to help our existing customers. We also have a frequently asked questions page that may able to assist you.
If you would like to make a payment, please visit our payments page. Remember to have your agreement number to hand as this will be required when making a payment.
An important message about incoming and outgoing post (including cheques)
Although we are working remotely at the moment, we are still sending and receiving post. To comply with government guidelines and to keep our staff safe however, we are not collecting or sending post as frequently as usual. If we need to contact you in writing, where possible, we will do this by email. There are some documents that we have to send to you by post by law – we have put systems in place to ensure we can still do this.
Our staff are working hard to deal with your calls and emails as quickly as possible, but if you would prefer to contact us or send anything to us by post, you can do so. All cheques received are banked each week. We would however ask for your patience as it may take us a little longer than usual to deal with your correspondence. In particular, if you have sent us a Direct Debit Mandate or anything that you feel requires an urgent response and you haven’t heard back from us within 5 working days of sending, please call us on 01604 402204.
Please remember that you can use our Customer Portal to check your balance and make a payment. Payments can also be made any time on our Payment page, or by calling us on 01604 402204 and choosing option 1. You can also contact us using our Contact Us page.
Thank you for your understanding and please stay safe!
Coronavirus Information
We know many of you may be worried about how your finances might be affected by coronavirus (COVID-19). Please be assured that we are committed to doing all we can to help you during these difficult and uncertain times.
We are regulated by the Financial Conduct Authority (FCA), and are offering assistance to our customers in line with the FCA’s guidance in this area. You can find the FCA’s guidance for consumers on finance products here.
We have also added a “Useful Links” section below with further details on the assistance which may be available to you, together with details of independent advice organisations which may be able to assist you.
If you are experiencing or expect to experience a temporary loss in household income as a result of COVID-19 we would like to help you. We have a number of options available to assist you, which may include a reduced repayment plan a full payment deferral or a partial payment deferral of up to three months. You can find information about payment deferrals below. If you would like to discuss this or alternative assistance options, please contact us.
Payment Deferral - About Payment Deferrals
What are full and partial payment deferrals?
A full payment deferral is an agreement where we permit you to make no payments for a specified period without considering you to be in arrears.
A partial payment deferral is an agreement where we permit you to make reduced payments of any amount for a specified period whilst deferring one or more normal monthly instalments without considering you to be in arrears.
It is important that you consider whether a payment deferral is right for you.
Whilst payment deferrals are designed to help you during this difficult time, they may not be the best solution for you. So:
- please think carefully before entering into one of these arrangements;
- only do so if you need immediate and temporary financial assistance;
- if you can afford to make some repayments, even if it is a smaller amount than usual, you should continue to do so.
Remember, please do not cancel or reduce payments until you’ve contacted us and we’ve agreed an arrangement. If you cancel or reduce your payments without contacting us and agreeing this beforehand, this could have a negative impact on your credit file.
If you opt to take a full payment deferral, you will not make any payments to us until the agreed deferral period ends. If you opt to take a partial payment deferral, we can defer your payments and arrange for you to make a reduced payment that is affordable for you.
We will not expect you to make up the deferred payments at the end of the deferral period, we will move any deferred payments to the end of your agreement. This is not an extension of your agreement, but you will be bound by the terms of your agreement until your account is settled in full (you can find further details about this below).
There is no charge for taking a payment deferral and the total amount payable under your agreement with us will not change – you will not pay any extra interest.
We would be happy to discuss your options with you, let you know whether you are eligible for a payment deferral and help you to decide whether a payment deferral is the right option for you. If you would like to do this, please contact us on 01604 402204 or email us at creditcontrol@billingfinance.co.uk.
We have set out some information below to assist you in considering whether a payment deferral is right for you.
Payment Deferral - Points to Note
The purpose of a payment deferral is to assist where there is a temporary reduction income. If your financial difficulties are likely to last longer than three months, a full payment deferral might not be the best solution for you. If that is the case please contact us so we can work with you to find the best option to suit your needs, this may include a partial payment deferral or a temporary reduction in payments.
Please consider the period for which you expect your income to be reduced when choosing the duration of your payment deferral. Likewise if your reduction in income is partial, a partial payment deferral (a temporary reduction in payments) may be more suitable for you. Please contact us to discuss your circumstances so that we can help, or if you would like further information.
If you take a payment deferral, you can pay the deferred payments after your contractual term ends. Alternatively, you can make up the missed payments at any time during the remainder of your finance agreement with us. If you choose to pay them after your term ends, you will remain bound by the terms of the agreement until the payments are made in full. This means that Billing Finance will still own the vehicle and you must abide by the terms of your agreement until it is settled, including the requirement to keep the vehicle fully comprehensively insured and maintaining it to a reasonable standard. You will also not be able to sell it until your finance is paid off in full. We would suggest that you refer to your copy of your agreement for full details of your obligations. Alternatively, you can contact us for further details.
You should also note that if you take payment deferral and you have a warranty or breakdown cover, it may not cover you for the extended time that you will have the vehicle. You may also need to pay for an additional MOT or service on the vehicle and insure the vehicle for a longer period of time.
As a vehicle is a depreciating asset, its value will likely depreciate further by the time you have fully repaid us than it would have done if you had not taken the payment deferral.
A payment deferral could affect the amount payable on any future voluntary termination of your agreement, as you will have paid half of the total amount payable later than if you had not taken the payment deferral. (It will not affect your right to terminate your agreement however, which you can do at any time).
Your credit file will not be negatively affected by taking a payment deferral, and any deferred payments will not show as missed or late payments on your credit file. If your account was up to date before taking the payment deferral, it will continue to show as up to date on your credit file throughout the period of the payment deferral. Likewise if your account was in arrears before taking a payment deferral, your credit file will show the same level of arrears throughout the payment deferral (however, if you choose to make payments to clear your arrears during a payment deferral, we will update your credit file to show this).
You should also remember that credit files aren’t the only source of information that lenders can use in lending decisions. Factors other than payment history may also be relevant, such as information you provide to them, your bank account information, use of credit products or how much debt you are in.
If you choose to pay your deferred payments at the end of your contractual term, your agreement with us will not be marked as settled on your credit file until all payments are made, which will be longer than it would have done had you not taken the payment deferral. You should consider if this will impact your ability to obtain further credit.
If you are confident a payment deferral is right for your circumstances, you can request it online by choosing the appropriate option below. In doing so you will not have the benefit of us assessing your circumstances and offering you the options available to you.
Payment Deferral Coming to an End or Already Ended?
If you have already had a payment deferral and it is due to come to an end, or has already ended and you require further support from us, please contact us as soon as possible so that we can help you.
We will write to you when your payment deferral is due to end but if we don’t hear from you, we will assume that you are able to continue to make your full monthly payments, they will continue to fall due and if you have a live Direct Debit set up, your payments will be collected by Direct Debit on your usual payment dates. Any missed or partial payments will be treated as arrears and may have a negative impact on your credit file.
If you do need further assistance, it is important that you contact us as soon as possible. If your next payment is due within the next 5 working days please call us so that we can ensure that we are able to help you before your payment is taken.
Additional Support Needs
If you have any additional support needs that you would like us to be aware of, please let us know and we will do our best to accommodate you.
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