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.
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.
How can I contact Blue
You can call us on 020 8126 5532
Or email us at collections@bluemotorfinance.co.uk
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
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.
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:
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.
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.
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
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
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.
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.
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:
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.
Disclaimer: Blue cannot provide you with debt advice, please make sure you get professional advice if you need it.
