Northridge Finance > Customer Tool Kit > End of your Payment Break

End of your Payment Break

Your Options

This page is for customers of Northridge Finance who have a product other than a personal loan and are approaching / have reached the end of their payment break and are not in a position to resume repayments

If you are a personal loan customer, please see Question 5 on the ‘Payment Break Customers’ section of this website’. Northridge is committed to ensuring the fairest possible treatment of its customers at this difficult time, and will adhere to the Guidance provided by the Financial Conduct Authority (FCA) that came into force 17 July 2020.

If you are in a position to resume payments it is in your interest to do so.

The most appropriate option available to you will be dependent upon several factors, including whether you are a personal customer or a business customer.

Personal Customers

Please consider your personal circumstances carefully, both now and in the medium / long term. The nature of your Northridge agreement and stage at which your agreement has run may influence what is the most appropriate action to now take.  Personal customers can apply for an extension on their original payment break by completing the form below. Payment break extensions are available only to customers where there is a short term requirement as a result of the impact of Covid 19. If customers can resume repayments, or can make reduced payments, it is in their interests to do so.

For Payment Break extensions, please be aware:

  • Personal customers will not be charged any additional interest as a result of a payment break extension; however payments deferred under any additional granted payment break will be required to be repaid within the current existing term of the agreement. ie As a result, monthly instalments will increase upon resumption of repayments at the end of the additional deferral period.
  • If your application for a further payment break extension is successful, you will be advised of your new monthly instalments and when repayments will recommence. Please review these new repayments carefully to ensure that they would be affordable. If you feel that the new repayments may not be affordable please contact us immediately via northridgecollections@northridgeuk.com so we can discuss your particular circumstances and review options available.
  • For customers with hire purchase or PCP agreements regulated by the Consumer Credit Act, ‘Voluntary Termination’ may be an option that you may wish to consider. If you would like more information on Voluntary Termination and eligibility, please visit our ‘Voluntary Termination ’ page.
  • While your Credit File record will not reflect arrears, you should bear in mind that lenders may take information from other sources into account when making lending decisions such as from your bank account, where they will be able to see changes to your regular payments, or information you provide to them about your payment break.
  • In requesting a payment break extension, and accepting this concession, please be aware in all likelihood your asset (vehicle) may depreciate over time. If at some point in the future, there is a requirement to sell the vehicle (voluntarily or otherwise), the value achieved may be less resulting a larger outstanding balance / liability.
  • If your agreement has a mileage cap (eg PCP), please note that where a second payment break extension has been applied for, the contractual mileage cap (ie the maximum miles as per your credit agreement) remains valid. Any excess mileage will be payable at the rate outlined in your agreement.
  • Per terms of your agreement, you will remain responsible for licence fees, duties, fines, insurance premiums or any other sums due in relation to the Goods (e.g. MOT, Car insurance) and please continue to keep the goods in good repair and condition and regularly maintained and serviced in accordance with the recommendations of the manufacturer.  We would also recommend that if you have ancillary products or services obtained from other suppliers in relation to the goods (e.g. warranty, breakdown cover etc.), that you contact the provider of these products/services.

If you’re struggling with your finances and worried about whether you’ll be able to resume or maintain your repayments, please click here for more information about what steps you can take. If you would like to discuss options available prior to applying for a payment break, or if you feel that the increased repayments may cause you financial difficulty, please contact us at northridgecollections@northridgeuk.com* or calling 0800 9170932 (please note that as a result of Covid 19 impact, we are experiencing higher than normal call volumes so there may be a delay in connecting your call to an agent).

You can find additional information on the FCA information page ‘Dealing with financial difficulties during the coronavirus pandemic‘ and the Money Advice Service “How to prioritise your debts” page.  The Money Advice Service also have a “Money Navigator Tool” which can help you create an action plan based on your individual circumstances.

To Proceed with your application for a further Payment Break extension, please complete the attached form .

 

Business Customers

Although the FCA Guidance does not apply to finance agreements for business purposes, we understand that these are difficult times for you and your business. In order that we can carefully assess the particular needs and circumstances for your business, and provide you with all the options available, please contact us at northridgecollections@northridgeuk.com* or calling 0800 9170932.

 

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