If you have a Payment Deferral agreed with us, we will be in touch with you before your normal monthly payments under your finance agreement are due to restart, to explain what will happen next and the options we have available for you, including what you should do if the impact of COVID-19 on your finances means that you are not able to restart your normal monthly payments.

In the meantime, you can find all of the information you need to consider your next steps, including our Payment Deferral Interest Calculator, on these pages.

If you do not have a Payment Deferral and want to know more about what it involves please go to our Coronavirus Support page.

Your Payment Deferral

We have offered Payment Deferrals of up to 3 months to provide short-term support to customers who were financially impacted by COVID-19, and in line with FCA Guidance. The Deferred Payments were postponed, not cancelled so they still need to be made up. 

At the end of your Payment Deferral period, your normal monthly repayments will restart and before the first of those payments is due you will need to let us know your choice for making up your Deferred Payment(s).

There is no cost to you, if your Deferred Payment(s) are made up before your first restarted normal monthly payment is due.  However, if you would like to spread making up the Deferred Payment(s) you can do that but there is an interest cost for doing so.

We have a range of options to assist you with making up your Deferred Payment(s).  The right option for you will depend on your personal financial circumstances so please consider all of the options carefully.

Your options for making up your Deferred Payment(s) can be found below.

You can click here for our payment deferral FAQs.

Choosing how to make up your Deferred Payment(s)

After considering the options, you can let us know which one you have chosen by clicking here.

Help Managing Your Money

If you are worried about your debts, you can get free, impartial debt advice and information about managing your money from the Money Advice Service’s Money Navigator tool and the FCA’s ‘Dealing with financial difficulties during the coronavirus pandemic' page.


Options for making up your Deferred Payment(s)

We have a range of options to assist you with making up your Deferred Payment(s),

Some of the options may be more suitable for your situation than others so please read through the full range of options carefully before choosing your option.

For more information about each option, click on the headings below.

1) Pay Now

If you can make your normal monthly payment under your finance agreement and your financial situation also allows you to make up your Deferred Payment(s) straight away, Pay Now could be a good option for you. The FCA (MotoNovo’s regulator) have confirmed that if customers can start making full repayments, it is likely to be in their best interest to do so.   

By making up all of your Deferred Payment(s) in one payment, before or with your next monthly payment, you will not incur any additional costs and your account will immediately be back up to date.

Once we receive your Deferred Payment(s) your Payment Deferral arrangement will be completed and all you then need to do is continue making your normal payments, until the end of your finance agreement.

2) Spread the Cost

If you can restart your normal monthly payments but can’t afford to make up all of your Deferred Payment(s) in one go, Spread the Cost could help you to keep your payments at a level that is affordable within your overall budget.

There is an interest charge for Spread the Cost so, while you will not be charged any interest for your Deferral Period, interest will be charged on your Deferred Payment(s) at  a rate equivalent to the APR for your finance agreement, from the end of the Deferral Period until your Deferred Payment(s) are made up.

Spread the Cost will cost you more than Pay Now.

3) Pay at the End

If you can restart your normal monthly payments but your finances are tight right now, so you cannot afford any extra on top, Pay at the End allows you to postpone making up the your Deferred Payment(s) until the end of your finance agreement, whenever that occurs.

Keep in mind that if you choose Pay at the End, interest will be charged on your Deferred Payment(s) from the end of your Deferral Period until your Deferred Payment(s) are repaid and the interest rate will be a rate equivalent to the APR for your finance agreement.

When your finance agreement ends you will need to make up your Deferred Payment(s) and pay the interest due.

To make up your Deferred Payment(s) and the accrued interest, the total due for your Deferred Payment(s) will then be divided into three monthly payments, with the accrued interest being covered by a fourth and final monthly payment.  Those four payments will then be collected from your account, using your existing Direct Debit, over the four months following the date on which your normal final payment under your finance agreement would otherwise have been made. 

As Pay at the End gives you the most time to make up your Deferred Payment(s) it is the most expensive option.

Click on the heading above for more detail about each of the options.

If you have a question on your Payment Deferral next steps, please visit our FAQ page.


Important Information

We need you to tell us which option you want for making up your Deferred Payment(s) before your normal monthly payments restart. To make your choice, please click here.

If you do not tell us which option you want, we will automatically put you into the Pay at the End option, which will give you the most time to make up your Deferred Payment(s) but is also the most expensive option.