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.


Payment holidays

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 sign in to your online car finance account.

Sign in to manage your agreement

If you’re unable to process your request online, you can call us on 0333 202 7967.

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 7967 so that we can discuss other options to help you.  If you need extra help, you can also visit our Money Worries page.


Payment holidays - further information

If you need a payment holiday, further information can found about:

  • how to ask for a payment holiday online
  • how a payment holiday works
  • how you will know the payment holiday is in place
  • why you pay more for a payment holiday
  • what happens when the payment holiday ends.

Coronavirus related questions

If you need help with any Coronavirus related questions, here you should find answers to the common queries that 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.

Manage my account

Find out more about managing your account online 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 sign in.


Payment holidays

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 7967 so that we can discuss other options to help you.

How to ask for a payment holiday online

  •  If you only need a payment holiday for 1 month, sign in 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 7967.
  • If you need a payment holiday for 3 months, sign in to your account. You should then follow the instructions on the home page to make your request.

If your payment is due within 5 days, you will not be able to have a payment holiday for this payment:

  • If you can make the payment, you can come back and request a payment holiday for your next payment.
  • If you cannot make the payment, you will need to call us on 0333 202 7967 so that we can discuss your options with you.

If you are more than two payments behind, you may not be able to have a payment holiday. Please call us on 0333 202 7967 so that we can discuss other ways that we can help.

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 7967 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.

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.

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.

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.


Coronavirus related questions

I'm reaching 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 0333 202 7967 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. There will be a delay as the company that collects the vehicles for us is currently closed. You must stop using the vehicle by your end of contract date, which is the date that your optional final lump sum payment would be due.

If your end of contract date is more than 28 days away, you do not need to take any action at the moment. Please contact 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 impact on your credit file.
  • You must stop using the vehicle by your end of contract date. This is the due date for your optional final lump sum payment. You will find this in the reminder letters that we sent you advising that your contract is coming to an end.
  • You can cancel your motor insurance after the end of contract date. We will arrange cover for the vehicle. You must not drive the vehicle as you will not be insured to do so.
  • You can apply to the DVLA to SORN the vehicle so that you do not have to continue paying road tax. Usually, if you SORN a vehicle, it must be kept off a public road. The DVLA has confirmed that this is still the case but they may consider taking a more lenient approach if they think it is right to do so.
  • 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. We will contact you about any charges that may be due after the vehicle has been collected.

I am waiting for my vehicle to be collected and don't know what is happening.

We are sorry but we will not be able to collect the vehicle yet. The company that collects vehicles for us is currently closed. We will be back in touch as soon as we can to arrange collection.

We understand you may have some questions about what this means for you in the meantime so we have provided more information below:

  • 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 impact on your credit file.
  • You must stop using the vehicle by your end of contract date.
  • This is the due date for your optional final lump sum payment. You will find this in the reminder letters that we sent you advising that your contract is coming to an end.
  • You can cancel your motor insurance after the end of contract date. We will arrange cover for the vehicle. You must not drive the vehicle as you will not be insured to do so.
  • You can apply to the DVLA to SORN the vehicle so that you do not have to continue paying road tax. Usually, if you SORN a vehicle, it must be kept off a public road. The DVLA has confirmed that this is still the case but they may consider taking a more lenient approach if they think it is right to do so.
  • 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. We will contact you about any charges that may be due after the vehicle has been collected.

Voluntary termination - I am waiting for my vehicle to be collected and don't know what is happening

We are sorry but we will not be able to collect the vehicle yet. The company that collects vehicles for us is currently closed. We will be back in touch as soon as we can to arrange collection.

We understand you may have some questions about what this means for you in the meantime so we have provided more information below:

  • 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 now.
  • As you will not be using the vehicle, you can cancel your motor insurance. We will arrange cover for the vehicle. You must not drive the vehicle as you will not be insured to do so.
  • You can apply to the DVLA to SORN the vehicle so that you do not have to continue paying road tax. Usually, if you SORN a vehicle, it must be kept off a public road. The DVLA has confirmed that this is still the case but they may consider taking a more lenient approach if they think it is right to do so.
  • 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.
  • When you told us that you wanted to terminate your agreement, we wrote to you explaining how this works. In this letter, we explained if a further sum would need to be paid. If a further sum is due, you should pay this as soon as you can as it became due when we terminated your agreement. If you do not pay this sum, we will contact you after we have collected the vehicle to discuss how you can pay it.

I want to exercise my right to terminate my agreement.

If your income has been impacted by coronavirus, we have a range of options to help you. We may be able to give you a payment holiday or offer you other help if you need it to give you time to get back on your feet. See the payment holidays section above for more information.

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 currently receiving a very high number of calls and emails so it may take us a few days to call you back.

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

Please see the advice from the AA on how to look after your vehicle if you are not using it regularly.

I cannot get my vehicle to a garage for MOT.

You don’t need to worry about this. The Government has agreed a 6 month extension for MOTs so you can continue to use the vehicle as long as it is in a roadworthy condition.


Manage my account online

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

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 7967.

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 7967 and selecting the ‘make a payment’ option.

Change my address

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

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.

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 7967 and selecting the settlement figure option.

Request a statement

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

Update contact details

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

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.