Vertbaudet Credit Account Coronavirus Support
If you’re struggling with your finances at the moment, you’re not alone and there’s help available from us and others (e.g. credit card payment deferrals, mortgage holidays, other assistance with bills).
As you may be aware, the Financial Conduct Authority (FCA) has recently asked lenders to put in place support in exceptional circumstances arising out of the coronavirus pandemic. That support is intended to provide help to those who might be having temporary difficulty making their payments due to a loss or reduction in personal or household income, or to those who expect to experience such difficulties. It is not intended to apply in other circumstances.
Where customers are in pre-existing financial difficulty, our usual policies and procedures will apply.
The support we can offer includes payment deferrals (i.e. an arrangement where customers can make zero payments or a reduced payment for up to 3 months).
Consider whether these options are right for you
Coronavirus support is designed to help you during this difficult time but:
Who can make a request for coronavirus support?
You can submit a request if:
If this doesn't currently apply to you, please don't make a request now. You'll be able to make a request for coronavirus support up until 14th July 2020 if your circumstances change.
When this applies
You will be able to request help under these measures for a period of up to 3 months.
How will this work?
If we provide coronavirus support to you, we'll write to you about the changes. Other than this, there'll be no changes to your Credit Account terms and conditions, which will continue to apply during the payment deferral period.
If you make your payments by Direct Debit, we'll collect the reduced sum each month during this period. If your payments are zero, the Direct Debit will remain in place. Please do not cancel this so we can continue to collect your payments after the payment deferral period.
If you pay by standing order, you'll need to contact your bank to amend this.
At the end of the payment deferral period, your usual minimum payment calculation will apply and you will need to pay at least your minimum payment as set out in your current terms and conditions.
Will this affect your credit file?
If we accept your request for a payment deferral (reduced payment or full deferral), this won't impact your credit file. If you're already in arrears, however, this will continue to be recorded on your credit file (unless you can show that this was due to the coronavirus and we're able amend your record with the Credit Reference Agencies). The FCA have stated that firms should not report a worsening arrears status on customers' credit files during payment deferral periods but that where additional forbearance is required by customers, they would expect this to be reflected on credit files as usual.
What if you still can’t afford to make your Credit Account payments after the deferral period?
If you're worried about being able to start making at least your minimum monthly payment again after the deferral period, you should contact us to see what options we have available to support you outside of coronavirus support. We have a range of other solutions available to support with longer term difficulties (there may be an impact on your credit file). We'd spend more time reviewing your financial position with you to determine what you can afford.
How do you request Vertbaudet Credit Account coronavirus support?
You can contact us:
Information we need from you to consider your request for coronavirus support
So that we can consider your request for coronavirus support, please would you provide the following information: