We're not able to freeze policies, but we can offer payment options if you find that you can't pay for your policy this month. Please contact us as soon as possible to discuss the options available.
For example, we may be able to support you by:
- Reviewing your levels of cover
- Changing your payment date
- Offering a payment deferral
A payment deferral means putting off your payments for a short period. When you start paying again, the amount that has been "missed" gets spread over the remainder of the agreement.
We will not charge any additional interest to you so the total payable won't increase as a result.
Payment deferrals should only be used when absolutely necessary, the full credit agreement balance will still be due, but will be paid for over a shorter period.
Agreed payment deferrals will not have a negative impact on your credit score.
If you have closed your business temporarily, we have waived our administration fees for cancellation during this pandemic, allowing you to cancel your policy without charges. When you’re back up and running, you can take out a new policy with us.
What should I do next?
If you're struggling financially then please contact us and we'll see what we can do to help. Don't cancel any payments or direct debits through your bank as this can affect your policy with us.
For free and impartial money advice, please refer to the Money Advice Service's 'Money Navigator Tool' at
https://www.moneyadviceservice.org.uk/en/tools/money-navigator-tool, the Business Debtline at
https://www.businessdebtline.org or visit https://www.fca.org.uk/consumers/dealing-financial-difficulties-coronavirus
for advice on dealing with financial difficulties through Coronavirus.