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How can I check if my agreement includes Payment Waiver?

Payment Waiver is included as standard on all Personal Contract Purchase, Conditional Sale or Personal Finance Lease agreements entered into before 1st January 2021. If you entered into your agreement with PSA Finance between 1st January 2021 and 31st March 2021, we may allow you to make a request to apply the Payment Waiver feature at our discretion.

If you entered into your agreement after 31st March 2021 this feature is not available to you.

For customers who qualify, Payment Waiver will cover you if you are made redundant through no fault of your own, waiving up to six of your regular monthly payments, which you will never have to repay. There are certain conditions that you will need to meet, which are detailed below.

  • You have been in continuous full-time employment (i.e. 16 or more hours per week paying class 1 National Insurance as determined by HM Revenue and Customs) with no more than two employers for at least six months before asking us to apply the waiver;
  • You have been made unemployed involuntarily through no act, fault or omission of your own;
  • You have been unemployed for a continuous period of 30 days;
  • You will need to give us full written details of your employment before we can apply the waiver; and
  • For each month you’re unemployed (and want to apply the waiver) you give us written proof of your unemployment.

If at the end of the six months period you continue to be unemployed and unable to pay your regular monthly payments then you can hand the car back to us. If you do this, we will waive all future instalments (including any funded insurance), but you will have to pay any previous arrears, service charges, excess mileage (calculated on a pro-rata basis) and/or damage charges.

  • Please note that we are unable to apply payment waiver in the following circumstances:
  • You have not satisfied the criteria detailed above;
  • You were notified of a redundancy (such as a consultation period) or made redundant before entering into this agreement or within 90 days of the start of the agreement;
  • You have breached a term in this agreement (including non-payment);
  • You are over the statutory pensionable age at the time you became unemployed; 
  • You have a fixed term employment contract or are a sole trader or in partnership; and/or
  • You are in employment.

If you believe you are eligible for Payment Waiver please click here for further information on how to make this request.