During this difficult time, we want to continue supporting you and provide various solutions to help you through any financial difficulties you’re facing due to COVID-19. 

In line with FCA Guidance, one of the solutions we are now able to offer is a 3 month payment deferral.

You can find more information about the three month payment deferral and how to apply for one in the FAQs below.

We are trying to continue providing the high standards of service that you expect but lots of customers are contacting us at the moment and our call wait times can be much longer than usual. We are also receiving an unprecedented volume of emails and messages so we cannot always respond as quickly as we would like to.

We want to give priority to our most vulnerable customers and those in the most immediate need so, to help us do that, please only telephone us if your enquiry is urgent or we have asked you to do so.  It may take a while to get through but please rest assured that we will get to you as quickly as we can.

We really appreciate your patience during this exceptionally difficult time.  

Here are some tips on how to manage the situation from home:

  1. If you are worried about future financial difficulties or want to know what we are doing to respond to COVID-19, please read through the FAQs below.
  2. If you have been directly affected by COVID-19 and are already experiencing financial difficulties as a result, please get in touch with us to discuss matters further. The quickest way to do this is via MyMoneyManager, our self-service portal: moneymanager.motonovofinance.com
  3. You can also use MyMoneyManager to apply for a three month payment deferral.
  4. If you wish to make a payment, obtain a settlement figure, update your details or change your direct debit, you can do that using our ‘MyMotoNovo’ service using the ‘Log In’ or ‘Register’ buttons at the top right of your screen. If you haven’t already registered it’s quick and easy to do using the link or you can download our app from the appstore by searching for ‘MyMotoNovo’.


FAQs

Is MotoNovo currently operating as usual?

In line with Government advice on social distancing MotoNovo’s entire team is now working remotely and has been equipped with the technology they need to provide our normal range of services

I have been financially impacted by COVID-19, can I have a payment holiday?

We are here to help and have a number of options available, to support customers impacted by COVID-19, including a period of ‘breathing space’, reduced payments or a three month payment deferral. 

What is a payment defferal?

A payment deferral means that the requirement to make your normal monthly repayments is effectively frozen for a period of up to three months and we will not collect your payments during this period. It is important you understand that the payments are only being deferred and not cancelled so they will still need to be made during the term of your Agreement.

In other types of finance, such as mortgages, ‘payment deferrals’ are also referred to as ‘payment holidays’ and may operate slightly different.

How do I apply for a payment deferral?

Please contact us using one of the following options

Just to make you aware, if you wish to apply for a payment deferral and have a payment due in the next 7 days, the payment may have already been submitted to the banking system for processing and we will not be able to stop it.  As a result, payment deferrals can only start 8 days from the date of request and so it is important to contact us as soon as possible, if you think you might need a payment deferral.

I am already in arrears but am impacted COVID-19, can you provide any further extension or support?

We can support you. If you are already behind with your payments and financially affected by COVID-19, you can sign in to our self-serve portal: moneymanager.motonovofinance.com.

We are also available by telephone but as lots of our customers are contacting us at the moment; our call waiting times are much longer than usual.

If your need is not immediate and you are not already behind with your payments (see below if you are) but would like to discuss your situation with us, please complete our form and we will get back to you as quickly as we can, typically in 7 to 10 days following receipt of your request.

Will my credit profile be impacted if we agree a period of reduced payments or payment deferral as a result of COVID-19?

No, providing we have agreed an appropriate arrangement or payment deferral with you, your credit profile will not be impacted.

However, if you fall into arrears without agreeing an arrangement with us we will have to report that to the credit reference agencies as normal, so it’s essential you speak to us and agree an appropriate arrangement.

If your credit profile improves, for example by your repaying any previously outstanding arrears, then we will also report that improvement to the credit reference agencies.

How much will a payment defferal cost?

Nothing.

Will I incur any additional charges if we agree a period of reduced payments or a payment defferal?

No. We will not charge for arranging payment deferrals or payment reductions. We will also not charge any additional payment fees or any interest on arrears during your COVID-19 deferral or reduced payment period.

We will be reviewing the situation on an ongoing basis and may update our position in the future.

If you have been charged fees in respect of an agreed arrangement since 1st April they will automatically be refunded to you. You do not need to contact us to arrange a refund.

Should I cancel my Direct Debit ? What if I have already cancelled it?

No, please do not cancel your direct debit. We understand that you may be worried about your financial position but please do not cancel your Direct Debit without talking to us first. Cancelling your direct debit will not get you a faster response and keeping your Direct Debit in place will make it easier for us both to manage that arrangement.

We can also adjust the date of your direct debit payment, if that might help.

If your account falls into arrears as a result of your cancelling your Direct Debit without agreeing an arrangement with us in advance, your credit profile may be adversely affected.

You need to speak to us as soon as possible, if you have already cancelled your Direct Debit and haven’t told us about it.

We are a business; can we have a payment defferal?

The FCA guidance on payment deferrals only applies to consumers but we do understand that COVID-19 is having a significant impact on businesses and will endeavour to help you where we can. Please contact us to discuss how we might help you.

Your phone lines are busy or I am getting an engaged tone, why?

We’re really sorry if you are having difficulty getting through to us. We are receiving lots of calls and have assigned lots of extra staff to try and help but we appreciate it can still be difficult to get through.

You can also get in in touch via our online portal MyMotoNovo, or via email, see details below.

Customer Services
Self-serve portal: MyMotoNovo
Email: [email protected]
Telephone 0333 200 0030 
Opening hours: Monday-Friday 9am - 6pm

Collections (if you are behind with your payments, or likely to get behind, with them)
Self-serve portal: moneymanager.motonovofinance.com
Email: [email protected]
Telephone:  0333 200 0030 
Opening hours: Monday-Friday 8am - 6pm 

Additional support:

Further help and support maybe available from the Government, local council and other organisations, depending on your circumstances.  The Government’s portal for coronavirus advice might be a good place to start and can be found here.

Additional information from the FCA on arrears and late payments can be found here.

I have MotoNovoCare Insurance, how do I claim?

Please call Sterling Client Services (who deal with claims under the insurance policy for Covéa Insurance) directly on 0330 134 8455 to begin your claim. Alternatively, please visit our dedicated claims information page which can be found here.

I am worried about budgeting and making payments, what should I do?

There are some useful external resources to support you to make a budget plan and prepare for any changes in circumstances. The Money Advice Service provides a free online budget planner and advice on how to complete a budget plan.

This can help you to:

  • Increase control over your money
  • Provide an early warning for potential problems
  • Stay on top of what is coming in and what is going out
  • Decide in advance how your money will work for you
  • Determine how much surplus income you have

In addition to this, you may be eligible for reduced monthly payments or government assistance should you be affected by COVID-19. If you continue to be worried about future financial difficulties, please contact us to discuss this.

Can I still get a finance agreement with MotoNovo?

Yes, we are continuing to accept finance proposals. On 7th May we lifted previous restrictions that had been put in place, and can now complete new finance deals for all accepted customers.

I’ve heard that fraudsters may take advantage of the COVID-19, how can I protect myself from being scammed?

You do need to take extra care COVID-19 related scams at the moment.  Please read our article for some useful tips and resources on how to avoid and report fraud.

I believe I have received fraudulent calls/messages in relation to MotoNovo Finance and coronavirus, what should I do?

Please read this article to find out more about current fraud.

If you believe someone has been trying to impersonate MotoNovo Finance or a dealership, please contact [email protected]