Partial Settlements

If you have a regulated Hire Purchase or Loan Agreement partial settlements, or over-payments, can be paid into your account at anytime throughout your agreement.

In order to benefit from a saving in the overall amount of interest you will pay, it is necessary for you to advise us how to apply these payments.  You have the option to either reduce the term of the agreement or to reduce the amount of the monthly payment¹.

By making a partial settlement, you will be entitled to a partial rebate of interest already applied to your agreement.  The value of rebate is calculated in line with consumer credit regulations² and is based on a ‘rebate date’ which is 1 month and 28 days from the date of receipt of any payment.  Any structure changes (reduction in monthly instalment or term) will also take effect from that date.

If requested by you³, we will advise you, by letter, within 7 days of receiving your over-payment as to how your agreement has been affected and how much interest has been saved.

Should you wish to make a partial settlement, please click here.

Partial Settlements can be made by:

Online PaymentsWorldPay

Payments can be made online using World Pay, our payment partner for secure payments, by Debit Card up to the amount of £10,000.  If you chose this payment option you will be directed to World Pay once the form has been submitted.

Making an electronic bank transfer

You can do this using your online banking facility or via a bank transfer.  We do not charge for this facility but your bank may do so.  The details for our bank account are as follows:

Payee: Northridge Finance

Sort Code: 56-00-05

Account Number: 21339406

Reference: Please quote your 12 digit Northridge Finance agreement number.  If this number is not quoted there may be a delay in allocating any payment to your account.

Forwarding a cheque

Cheques should be made payable to “Northridge Finance”.  Please ensure that you write your 12 digit agreement number on the reverse and post to:

Northridge Finance
5th Floor, Bank of Ireland,
1 Donegall Square South,
Belfast BT1 5LR
 
 
 
 

¹   On PCP agreements, where you opt to make an early partial settlement only, your remaining instalments can be reduced; you cannot make an early partial settlement of the Optional Final Balloon/Guaranteed Residual Value payment.

²   See Guidance on the regulations implementing the Consumer Credit Directive updated for EU Commission Directive 2011/90/EU (effective 1 January 2013) in particular pages 98 (Partial Early Settlement) and 102 (Example 3 – Rebate calculated at 28 days and deferred by a month under regulation 6),

³  See section 97A of Consumer Credit Act