Online repayment plan.

Reduced Repayment Plan - Subject to an Income and Expenditure review, we may be able to assist you with a short-term reduced repayment plan, reducing your current monthly repayment by a maximum of 50%*.  A plan can range from 1 to 3 months and allow you to make a reduced repayment towards your agreement.

Repayment Plan to repay any shortfall – If your agreement has ended and you have a remaining balance to pay, we may be able to assist you with a monthly repayment plan.

*As responsible lenders, it is important that we only agree a repayment plan for you after assessing that any alternative monthly amount is affordable for you.  The quickest and most convenient way to assess your income and expenditure is through the use of Open Banking.  

Open Banking is provided via CRIF, a Credit Reference Agency & Open Banking provider, regulated by the Financial Conduct Authority (FCA).  Open Banking allows a ‘one-time’ snapshot of your bank account and has no impact on your credit score.  Using this method of assessing your affordability removes the need for you to gather the important financial information required to complete a manual Income & Expenditure review.

Our Repayment Plan application form will ask you to confirm your preferred method of Income & Expenditure.  If you select ‘Open Banking’, upon receipt of your request, one of our advisors will arrange for a one-time link to be sent to you, via email or SMS, whichever is most convenient for you.  Once received, you simply select the relevant bank account(s) for us to review and we are provided with a summary of your transactions, averaged over the past 12 months.  Our team will then review this summary in conjunction with your plan request and assess what support we can offer.

If you prefer to complete a manual review of your Income and Expenditure (I&E), you can do so by completing the I&E form provided on the application page. Please complete this as fully as possible with the required information to avoid any delays when reviewing your request for support. 

For all active agreements, any repayment plan will be reported to the Credit Reference Agencies as ‘in an arrangement’ along with late repayment arrears markers which other lenders may review when making any future lending decisions.

If your agreement has already come to an end and you would like to arrange to repay any shortfall with a repayment plan, any plan agreed will not be reported to the Credit Reference Agencies providing your first repayment is made within 28 days of any balance becoming due. However, any balance outstanding will continue to show as a reducing amount over the period of the plan.

Following any reduced plan, please contact us to discuss your current circumstances so we can look to agree a repayment plan which is affordable and sustainable for you based on your current affordability.

In the event you cannot maintain the plan we have agreed, please call us.  We would like to understand more about your circumstances and establish if there may be other options available to you.

You may wish to consider options to end your agreement.  More information, along with frequently asked questions can be found here

Alternatively, you can contact us to discuss your personal circumstances.  Our specialist team can be reached at repaymentplanrequests@bmwfin.com or call us on 0370 5050 150, Option 3, then Option 2.

The following not-for-profit organisations can provide free, confidential and impartial debt advice and support:

• Money Helper – www.moneyhelper.org.uk/debt-advice-locator
• Citizens Advice – www.adviceguide.org.uk
• National Debtline – www.nationaldebtline.org
• Money Advice Service – www.moneyadviceservice.org.uk

We would also like to remind you that the following self-serve options are available to enable you to access the services and information you need quickly and conveniently: 

• To manage your Finance Agreement online and complete tasks such as updating personal details, amending your repayment date or requesting a settlement figure, please register or login into MyBMW Finance

To proceed with a request for a repayment plan, click here.