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Helping customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus.

We have tried to be as clear as possible in our communications with customers, including explaining the different solutions available to customers, and we would encourage them to make contact if they are experiencing temporary financial difficulties.

Customers who are struggling to afford their insurance or premium finance payments because of the impact of coronavirus should contact us their insurance broker to discuss options. It is important people do not leave themselves uninsured and should not hesitate to contact us.

The Financial Conduct Authority (FCA) working in conjunction with the industry has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus.

Many firm’s like ourselves have already taken some of the actions below to support customers, such as premium reductions, discounts, waiving fees, and payment deferrals. These measures should provide urgent support to those that need it. These actions could result in a reduction in the monthly premium for some customers paying by instalments.

Close Brothers are aware that many customers holding a finance agreement could struggle to pay their insurance premiums due to Coronavirus.

For any Close Brothers customers who are having difficulties with their monthly payments and would like to discuss the options available then you can contact Close Brothers directly via the following methods,

Telephone 0333 321 8566

Or email them at [email protected]

Ocaso policyholders paying by direct debit who might anticipate having trouble paying their direct debit then they can also contact Ocaso directly.

Contact Ocaso directly on 0207 377 6465

Or email them at [email protected]

Options include amending the payment schedule to say miss 2/3 months of instalments and then take larger instalments for the remainder of the term.   

The payment deferral could be granted for a period of between 1 and 3 months, though firms can go beyond 3 months should they wish to do so, and it is in the customer’s interests. Customers should be able to request a payment deferral at any point during the period up to 18 August 2020 while the window for requesting a payment deferral is open.