{"id":24469,"date":"2020-07-02T11:52:46","date_gmt":"2020-07-02T10:52:46","guid":{"rendered":"https:\/\/www.ambinsurance.co.uk\/?page_id=24469"},"modified":"2020-07-23T15:52:53","modified_gmt":"2020-07-23T14:52:53","slug":"covid-19-financial-difficulties","status":"publish","type":"page","link":"https:\/\/www.bn-design-portfolio.co.uk\/ambinsurance\/covid-19-financial-difficulties\/","title":{"rendered":"COVID-19: Financial Difficulties"},"content":{"rendered":"

[vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” css_animation=”” css=”.vc_custom_1526980613889{padding-top: 50px !important;}”][vc_column css=”.vc_custom_1565342367829{padding-top: 100px !important;}”][vc_column_text]<\/p>\n

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\n

COVID-19: Financial Difficulties<\/span><\/h1>\n

Clients experiencing financial difficulties<\/strong><\/span><\/h3>\n

On the 1<\/span>8th<\/span>\u00a0May<\/span>\u00a02020,<\/span>\u00a0the F<\/span>inancial\u00a0<\/span>C<\/span>onduct\u00a0<\/span>A<\/span>uthority<\/span>\u00a0<\/span>introduced new measures<\/span>\u00a0for insurance and premium finance firms to help clients in financial difficulty<\/span>.\u00a0 S<\/span>hould you be experiencing financial hardship<\/span>,<\/span>\u00a0or if things change at work or home<\/span>,<\/span>\u00a0we may be able to help by:<\/span>\u00a0<\/span><\/p>\n

    \n
  • Re<\/span>-assessing your demands & needs<\/span>\u00a0<\/span><\/li>\n
  • Reviewing\u00a0<\/span>levels<\/span>\u00a0of cover<\/span>\u00a0<\/span><\/li>\n
  • Add<\/span>ing<\/span>\u00a0or remov<\/span>ing<\/span>\u00a0optional covers such as legal expenses<\/span><\/li>\n
  • Add<\/span>ing<\/span>\u00a0or remov<\/span>ing<\/span>\u00a0people on your policy<\/span>\u00a0<\/span><\/li>\n<\/ul>\n

    Where amendments to your insurance cover do<\/span>es<\/span>\u00a0not alleviate your payment difficulties,<\/span>\u00a0you should contact your finance provider directly as<\/span>\u00a0further\u00a0<\/span>support<\/span>\u00a0may be available, which could potentially include:<\/span>\u00a0<\/span><\/p>\n

      \n
    • The\u00a0<\/span>possibility of<\/span>\u00a0deferr<\/span>ing<\/span> payments (refer to FAQ\u2019s)<\/span><\/li>\n
    • R<\/span>educed repayments, or rescheduled term<\/span>\u00a0<\/span><\/li>\n
    • W<\/span>aiving missed or late payment fees<\/span><\/li>\n
    • A<\/span>mending your repayment date without any cost<\/span><\/li>\n
    • Reduc<\/span>ing<\/span> interest payments<\/span><\/li>\n<\/ul>\n

      It is important that customers do not leave themselves uninsured, so we encourage you to contact us to discuss the options available\u00a0<\/span>if<\/span>\u00a0<\/span>you are struggling to afford your payments during this uncertain time.<\/span>\u00a0<\/span><\/p>\n

      Please see our FAQ\u2019s on\u00a0<\/span>Payment Deferral<\/span>s<\/span>\u00a0<\/span><\/p>\n

      Q – What is a payment deferral?<\/span>
      \n<\/span>A\u00a0<\/span>\u2013<\/span>\u00a0<\/span>A\u00a0<\/span>p<\/span>ayment<\/span>\u00a0deferral<\/span>\u00a0is\u00a0<\/span>an arrangement under which a firm permits a customer that pays their insurance premium in instalments to make no payments for a specified period<\/span>\u00a0<\/span><\/p>\n

      Q \u2013 How do I apply for a payment deferral?<\/span>
      \n<\/span>A \u2013 You should contact your insurer or finance provider direct<\/span>\u00a0<\/span><\/p>\n

      Q \u2013 If I am granted payment deferral, will I be classed as being in arrears on my payments?<\/span>
      \n<\/span>A \u2013 No,<\/span>\u00a0nor would the provider or any third party such as broker or debt collector be allowed to cancel the policy or collect payment during the deferral period<\/span>\u00a0<\/span><\/p>\n

      Q \u2013 How long can I defer payments?<\/span>
      \n<\/span>A \u2013 One to three months however, the provider can grant a longer extension should they wish<\/span>\u00a0<\/span><\/p>\n

      Q \u2013 W<\/span>ill I have to pay a fee?\u00a0<\/span>
      \n<\/span>A \u2013\u00a0<\/span>The Financial Conduct Authority (FCA)\u00a0<\/span>w<\/span>ould not expect a customer to be liable to pay any charge or fee in connection with the granting of a payment deferral<\/span><\/p>\n

       <\/p>\n

      Post and paper-based documents<\/strong><\/span><\/h3>\n

      We continue to handle\u00a0<\/span>all post (incoming and outgoing)<\/span>,<\/span>\u00a0<\/span>and paper-based documents such as cheques<\/span>,<\/span>\u00a0<\/span>as\u00a0<\/span>quickly and efficiently as possible\u00a0<\/span>to ensure they are processed in a timely manner<\/span>\u00a0to safeguard policy cover<\/span>. Should you have any concerns about\u00a0<\/span>instructions or cheques<\/span>\u00a0<\/span>you have<\/span>\u00a0sent<\/span>\u00a0which may not have been processed<\/span>,<\/span>\u00a0or documents you believe you are due from us<\/span>,<\/span>\u00a0please\u00a0<\/span>contact us urgently<\/span>.<\/span>\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n

      [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

      [vc_row row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” text_align=”left” css_animation=”” css=”.vc_custom_1526980613889{padding-top: 50px !important;}”][vc_column css=”.vc_custom_1565342367829{padding-top: 100px !important;}”][vc_column_text] COVID-19: Financial Difficulties Clients experiencing financial difficulties On the 18th\u00a0May\u00a02020,\u00a0the Financial\u00a0Conduct\u00a0Authority\u00a0introduced new measures\u00a0for insurance and premium finance firms to help clients in financial difficulty.\u00a0 Should you be experiencing financial hardship,\u00a0or if things change…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":11,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-24469","page","type-page","status-publish","hentry"],"yoast_head":"\namb Insurance | COVID-19: Financial Difficulties | Commercial Insurance Brokers | Staffordshire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bn-design-portfolio.co.uk\/ambinsurance\/covid-19-financial-difficulties\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"amb Insurance | COVID-19: Financial Difficulties | 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