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Having to pay car lease in lockdown

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I am a one man band self employed driving instructor and I have a leased car for which I pay £395 per month.

During the first lockdown I just had to pay £50 per month and the term of the lease was extended for 3 months, in the November lockdown no concession was given but I managed to pay but in this lockdown I cannot pay.


The company is being inflexible but I don't understand how they can expect me to pay when I cannot work.

I have applied for a Bounce Back Loan but the bank is taking ages to decide and I only get £500 per month on the SEISS.

Have the Government brought in any laws where companies have to allow some leeway on this payments please?

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Have a read at this link:




The content available via that link describes guidance issued by the Financial Conduct Authority in relation to payment deferrals. Their guidance suggests those struggling with repayments should be able to defer for a maximum of 6 months. You've already deferred your payments for 3 months, so your lender should support you in deferring for a further 3 if you need to. Importantly, those deferrals, up to a total of 6 months worth, will not be recorded as missed payments on your credit report.


Of course, the way I read your post suggests you've already defaulted on at least one repayment in the current lockdown, is that correct? If so, await the input of others on the forum. I've no idea if it would be possible to roll a missed payment into a further 3 month payment deferral, but I would imagine that might be your most fruitful bet at the moment. Hopefully the lender has their sensible hat on.


In the mean time, a quick thought and word of warning from me; I would think you want to do anything you possibly can to retain the car and come to an arrangement with the finance provider. If you've already begun to default on your repayments your credit report will be in imminent danger of being tarnished, which will make obtaining a replacement vehicle on finance at a later date very difficult. That's clearly a serious issue when it's your livelihood and not simply a means of transport.


Others will be along soon I'm sure. 



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