Financial Difficulties FAQs
We’re here to help
Blue understands that circumstances change and that your financial position may mean that you are at risk of missing payments, or already struggling to make your loan repayments.
We’ve set out below a number of helpful frequently asked questions and answers to assist you.
Please do get in touch with us and our trained agents who will discuss your options with you – we will always try to work with you to put in place a suitable and sustainable arrangement, so it is very important that you contact us to discuss any concerns that you have – we are here to help.
Q - When should I contact Blue?
If you are experiencing financial difficulties, whether you have missed a payment already or not, it is important that you let us know as soon as possible so that our dedicated team can work with you to put in place the most appropriate solution for you.
Speaking to us early can help take much of the worry out of the situation and means the options available to you are greater.
Q - How can I contact Blue
You can call us on 020 8126 5532
Or email us at collections@bluemotorfinance.co.uk
Q – How can Blue help me?
We have a range of ways we can help. Our friendly and dedicated team will take the time to understand your specific circumstances, will explain the range of options and support available to you, and will work with you to put in place the most appropriate solution for you.
Our commitment to you
- We won’t ask you to pay more than you can afford
- We will take the time to understand your situation
- We will help by offering you a range of options for you to choose from
- We provide you with support tailored to you, to meet your needs and take the worry out of the situation
- We will explain the impacts and risks associated with each option
Q - Will my credit file be impacted?
We have a duty to report a true and accurate reflection of our customers arrears status to the credit reference agencies. Missing payments or ignoring a debt problem is likely to adversely impact your credit file, which in turn may make it harder to obtain credit in the future. Your vehicle could also be at risk of repossession.
The longer a debt is left, the more damaging the record is likely to become. This is why early engagement is key as the options available to you will be greater.
If we arrange to accept lower repayments from you, we will let you know whether this is likely to have an impact on your credit file, making lower payments may be considered as ‘falling behind with repayments’ and consequently reported to credit reference agencies.
Q – How can I find out about my credit score?
You can check what information the credit reference agencies have about you by contacting the following:
- Equifax equifax.co.uk/Products/credit/statutory-report
- Experian experian.co.uk/consumer/statutory-report.html
- TransUnion transunion.co.uk/consumer/consumer-credit
Q – When might Blue try to contact me?
There are a number of scenarios when we will get in touch with you. If we receive a notification from your bank in relation to your direct debit, or if you miss a loan repayment, we will send you reminder letters, emails, and sometime SMS text messages. We may also call you to discuss your account.
Q – What will happen if I ignore attempts to contact me?
You should not ignore our letters, emails, messages, or calls. We want to understand how we can help you. Ignoring the debt and not responding to our contact will only make the situation worse and is more likely to affect your credit file.
If you do not respond to our attempts to contact you, we may pass your account to an authorised third-party collections company, we will ask them to contact you on behalf of Blue.
Ultimately, ignoring our contact or not bringing your account up to date could put your vehicle at risk of repossession.
Q - I’ve received a formal debt notice, what does it mean?
In certain circumstances when you are behind with your loan payments, we have a legal obligation to send you formal, legal notices. These include:
- Notice of Sums in Arrears
- Notice of Default
- Termination Notice
Notice of Sums in Arrears
Blue is required by law to send you a Notice of Sums in Arrears (NOSIA) when you have missed at least two loan repayments. The NOSIA will be sent to you by post and will be accompanied by the Financial Conduct Authority’s (FCA) Information Sheet on Arrears.
You should contact us as soon as you receive this notice so we can help you understand the options available to you.
The NOSIA document itself will not have an impact on your credit score, however the fact that you have missed two loan repayments will show on your credit file as two payments behind and is likely to make it harder for you to get credit in future, if ignored.
If your account remains in a state of arrears, we will send you a Subsequent NOSIA (SNOSIA) at least every six months until your account is bought up to date.
Notice of Default
A Notice of Default will be sent to you by post informing you that you are seriously behind with your loan repayments. This letter will be accompanied by the FCA Information Sheet on Default. The Notice of Default will confirm to you that you have 18 days to make a payment towards your account and remedy the breach of your agreement with Blue.
Upon receipt of this notice, you should contact Blue to discuss the situation and understand how we can help remedy the situation.
Your account will be reported to the credit reference agencies as being in default and this may have an adverse effect on your credit file and impact your ability to obtain credit in the future. If you continue to ignore the default, it increases the likelihood of Blue terminating your agreement and taking steps to repossess the vehicle. To avoid this, in this situation you should contact us so that we can reach an appropriate and sustainable arrangement that will help you.
Termination Notice
A Termination Notice will be sent to you by post if you fail to engage with Blue and fail to make a payment towards your account as detailed in the Notice of Default. A Termination Notice confirms to you that your agreement with Blue is terminated. In these circumstances Blue will begin the process to repossess the vehicle, which may involve applying for a court order, depending how much you have paid towards your agreement.
You should not ignore this termination notice
Q – Can I hand back the vehicle?
Under the Consumer Credit Act 1974 you have the right to voluntarily terminate your agreement with us by handing back the vehicle.
You can locate information on your termination rights on page 2 of your Hire Purchase agreement. If you would like to access a copy of your agreement, you can do so on your customer portal.
If you are facing long term financial difficulties, it may be in your best interest to voluntary terminate your agreement with us and hand the vehicle back. The implications of a voluntary termination depend upon factors including the price the vehicle was purchased for, the amount you have paid towards the finance agreement and any deposit you paid.
Get in touch with us to discuss the option of voluntary termination where we can talk to you about the potential pros and cons – remember, we are here to help.
Q – Can I sell the vehicle myself to settle the agreement?
If you want to sell the vehicle or to part exchange and purchase another less expensive vehicle, you can do this. You would need to settle the full amount of finance outstanding under your finance agreement with us, including any amounts deferred, before selling the vehicle, or arrange for the outstanding amount to be paid directly to us from the proceeds of the part exchange.
Contact us to discuss this option and to obtain a settlement figure.
Q – What other help is available to me?
We understand that managing debts can be stressful; our dedicated Collections Team are here to help and talk to you about your loan with Blue, but it might be helpful for you to speak to a free and impartial debt agency about managing your finances and taking care of your mental wellbeing during what can be an overwhelming time.
If you do not know where to start, Money Helper provides a free online budget planner and advice on how to complete a budget plan.
Seeking free and independent debt advice can help you to:
- Increase control over your money
- Provide an early warning for potential problems
- Stay on top of what is coming in and what is going out
- Decide in advance how your money will work for you
- Determine how much surplus income you have
In addition, The Financial Conduct Authority (FCA) has information on its website for consumers of financial products, including motor finance. The information can be found here.
Please note, we are happy to work with debt advice firms on your behalf, but the list of firms noted below are free and impartial – not all firms are free and some charge fees to the customer which can result in it taking longer to you pay off your debts.
Below is a list of debt agencies that may be able to help:
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Money Helper provide free and impartial money guidance and debt advice. 0800 138 7777 |
National Debtline offer free and impartial guidance and fact sheets on bankruptcy, IVA, and Debt Relief Orders. 0808 808 4000 |
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StepChange provide free debt advice and can help you budget and consider debt solutions. 0800 138 1111 |
Citizens Advice provide free, confidential advice and can assist with debt and money worries, benefits, work, and legal problems. 03444 111 444 |
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Payplan provide free debt solutions including IVAs, Trust Deeds, Debt Management Plans and can help with bankruptcy. 0800 280 2816 |
Christians Against Poverty is a charity providing free help getting out of debt, budgeting, making money go further, and can help finding a job. 0800 328 0006 |
If there is something particular about your situation that impacts your ability to manage your loan with Blue, whether temporary or permanent such as physical/mental health conditions, a disability, or personal circumstance, please get in touch.
We have a team to support you and meet your needs. Where your situation requires more specialist support, we can put you in touch with charities and organisations who support you through the difficult circumstances.
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National Bereavement Service - offer help with the practical side of bereavement informing people of the actions they need to take. www.nationalbereavementservice.org 0800 0246 121 |
Age UK - information and advice for the elderly on anything from health to housing. 0800 169 2081 |
The Trussell Trust - for foodbanks, providing emergency food and support to people in crisis. 01722 580171 foodbanknetwork@trusselltrust.org |
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Samaritans - for anyone who needs to talk to somebody anytime they like, in their own way, and off the record about whatever is getting to them. They don't have to be suicidal. 116 123 jo@samaritans.org |
Macmillan - practical, medical and financial support for anyone affected by cancer and someone who'll listen if you just want to talk. 0808 808 00 00 |
Mind - advice and support for anyone suffering from mental health issues (e.g. depression, anxiety, bi-polar, suicide ideation, schizophrenia, psychosis). 0300 123 3393 Send a text to 86463 |
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Carers UK - advice, information and support for anyone looking after someone in a caring capacity. 0808 808 7777 |
Alzheimer's Society - advice, support and information about dementia. 0300 222 1122 |
Victim Support - help people affected by crime or traumatic events get the support they need. 0808 1689 111 |
Disclaimer: Blue cannot provide you with debt advice, please make sure you get professional advice if you need it.
Financial fraud & scams
Q – What should I do if I’m uncertain who is contacting me?
Amid the uncertainty of the current situation, fraudsters are looking to benefit by impersonating Government institutions, banks, finance companies and other organisations. If you are concerned that someone calling you from Blue Motor Finance may not be who they say they are, please hang up and contact Blue Motor Finance directly by phone or email as detailed above.
For further advice, or to report suspicious or fraudulent activity, you can visit Action Fraud here.
Q – I have been contacted by a third-party company to discuss my hire purchase agreement. Is this correct?
You may have been contacted by a third-party company to discuss arrears that may be outstanding on your agreement. Please see a list below of authorised companies that may contact you on Blue’s behalf and confirmation of their contact numbers:
- Ardent Credit 0151 329 3772
- Resolve Call 0141 2128500
- Crystal Collections 01277 202010
- Grosvenor Credit Management & Investigations 0330 390 4567