All the details about your first payment are covered in the documentation attached to your welcome guide. It also gives you the date the first payment will be taken. Payment will then be taken on the same date of each month until the end of the finance agreement.
The length of the agreement depends upon the type of variable rate you have chosen. Details of your agreement will be on your agreement documentation in your welcome pack.
If you have chosen a day-to-day agreement, the length of that agreement will be shown on your documentation.
If you've chosen a balanced payment agreement then the length of your agreement will depend on how interest rates move over the period. If interest rates go down then your payments will complete early. However, if interest rates rise then your monthly payments will continue after the scheduled end date.
Yes. If you make a lump sum payment your agreement will be amended and rescheduled to reflect this. We’ll arrange this through the reschedule team and send you a partial early repayment letter (PER) or letter of variation (LOV) with the relevant new documents. If you want to make a lump sum payment please contact customer services.
If you have a hire purchase or lease purchase agreement you’ll pay a standard option to purchase fee at the end of it. This transfers legal ownership from Lombard to you and will be taken as part of your final monthly payment. Your Relationship Manager will have agreed this fee amount with you.
If you’ve taken out a finance lease agreement you will receive a monthly invoice. This will include a breakdown of VAT, which you may be able to reclaim in your VAT return. You won’t receive monthly invoices if you’ve taken a hire/lease purchase or conditional sale agreement.
For the option to purchase fee you'll receive an invoice when the agreement is settled or after your final payment, whichever comes first.
If you are already making payments by Direct Debit and would like to change your existing bank details, please call our customer services team and select option 1 and then option 3.
In most cases, we'll able to change your details over the phone. However, our Northern Ireland customers may need to complete a new paper mandate. The same applies to accounts that require two signatories.
If you're experiencing financial difficulties that may affect your obligations under your agreement, we may be able to help. Please call our customer services team as soon as possible, and select option 1 and then option 2.