Wednesday, May 22, 2024
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MotoNovo support

The announcement by the Financial Conduct Authority (FCA) on April 17th of its proposed help for motor finance customers has been welcomed by MotoNovo Finance which, has already introduced the measures outlined; these include:

  • A flexible period of breathing space, or zero or reduced payments for up to three months can be offered to ease any immediate anxiety associated with a customer’s ability to meet their regular monthly repayments;
  • No customers will be charged default interest or arrears related fees during this period of uncertainty. Refunds will also be given for any fees that have applied in recent weeks. 
  • Protecting the credit file of people who take advantage of any of MotoNovo’s ‘forbearance’ support offers with credit reference agencies implementing a measure called ‘Emergency Payment Freeze.’

Commenting on the FCA’s proposals and the measures already implemented at MotoNovo, CEO Mark Standish notes; “The announcement from the FCA reaffirms the steps that we and I’m sure other motor finance lenders have taken to help customers facing an unexpected financial challenge, as a result of COVID-19 impact are on the right track. It also underlines the importance of providing support at an individual level, recognising the 3-month payment freeze that has grabbed the headlines, may not be suitable to everyone.” 

The value of providing a solution to each person impacted  by COVID-19 was emphasised by the FCA’s interim Chief Executive Christopher Woolard, in announcing the FCA proposed measures when he noted;

“We have tailored our measures to specific products. For most of these proposals, firms and consumers should consider the amount of interest which may build up, and balance this against the need for immediate temporary support. If a payment freeze isn’t in the customer’s interests, firms should offer an alternative solution, potentially including the waiving of interest and charges or rescheduling the term of the loan.’

Standish concludes; “We have already agreed support for circa 20,000 customers. We have also deployed an additional 122 people to our customer support teams, taking the total workforce to 288 to meet the increase in demand. These teams are primarily focused on calls and online responses, but we also have a number of digital solutions available to support customers to self-serve. 

“Even with additional measures in place, the crucial importance of responding to each person that contacts us and understanding their circumstances means it will take time to respond to every person. This is far from ideal, but every person can be assured that our simple aim is to help as many people as possible to continue their car finance in a manner they can afford, minimising the financial stress they might otherwise face. It is a message we want to ensure all of our customers know and that dealers, who may be contacted by their customers can share.”

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