Clients Experiencing Financial Difficulties
On the 18th of May 2020 the Financial Conduct Authority introduced new measures for insurance and premium finance firms to help clients in financial difficulty. Should you be experiencing financial hardship or if things change at work or home we may be able to help by:
• Reassessing your demands and needs
• Reviewing levels of cover
• Adding or removing optional covers such as legal expenses
• Adding or removing people on your policy
Where amendments to your insurance cover does not alleviate your payment difficulties, you should contact your finance provider directly as further support may be available which could potentially include:
• Possibility of deferring payments
• Reduced payments or rescheduled term
• Waiving missed or late payment fees
It is important clients do not leave themselves uninsured so we encourage you to contact us to discuss the options available if you are struggling to afford your payments during this uncertain time. You may be able to request a payment deferral under which a firm permits a customer that pays their insurance premium in instalments to make no payments for a specified period. You should apply for a payment deferral to your insurer or finance provider direct. If you are granted payment deferral you will not be classed as being in arrears with your payments nor would the provider or any third party such as broker or debt collector be allowed to cancel the policy or collect payments during the deferral period. You may defer payments from one to three months however the provider can grant a longer extension should they wish to do so.
Post and Paper-based Documents
We will continue to handle all post incoming and outgoing and paper based documents such as cheques as quickly and efficiently as possible to ensure they are processed in a timely manner to safeguard policy cover. Should you have any concerns about instructions or cheques you have sent which may not have been processed or documents you believe you are due from us please contact us urgently.