Business Continuity Update - 05/11/2020

05/11/2020  Business Continuity All News

Jigsaw Finance Business Continuity Update - 05/11/2020

With various Coronavirus Rules in place for each of the United Kingdom’s nations, including Regional Tier Systems, National ‘Circuit-Breakers’ and Lock-Downs, Jigsaw Finance Limited remains open for business – please refer to our opening hours detailed on our website here.

As you are no doubt aware, lenders have tightened their underwriting and pay-out criteria during the course of this pandemic. As such, we may require any of the following during the processing of finance applications:

  • Photo of the customer with the vehicle and photo ID of themselves prior to pay out.
  • Confirmation the customer has test driven the vehicle or a signed Distance Selling Amendment on the dealer invoice, if purchased online.
  • Discussions with the customer by Jigsaw personnel on all pay-outs to discuss current job situation / income before proceeding, or if upfront proof of income has been sent, Jigsaw personnel will speak to the customer about their own personal financial circumstances as a result of the pandemic.
  • If the customer is on the Coronavirus Job Retention Scheme, or its successor, then the customer will need to evidence affordability.
  • Jigsaw personnel are required to provide a verbal explanation of the proposed credit agreement to the customer before documentation is signed.
  • The vehicle must have a minimum of 6 months remaining on its current MOT certificate, have been through a Pre-Delivery inspection, and carry a suitable Mechanical/Electrical Warranty before pay-out.

Customers requiring information on Payment Holidays on existing finance previously arranged by Jigsaw should refer to our list of Lender Customer Service Contact Numbers on our website here.

Jigsaw Finance Limited and associated trading styles is a Credit Broker not a lender and is authorised and regulated by the Financial Conduct Authority (FRN 679612). We work with a limited panel of lenders, who may offer different interest rates and charges. We are only able to offer finance products from these providers. Our lender selection process is structured to balance lender efficiencies with customer approval rates. We operate on a non-advised basis, meaning we do not provide financial advice or make recommendations. Instead, we explain key features of available finance products, and you decide whether the product is suitable for you.

We do not charge you a fee for our service; instead we receive a commission payment from lenders for arranging finance on your behalf. The commission we receive may vary depending on the lender and product. The commission we receive from the lender and pay to the introducer impacts the amount you pay.

As a credit broker with a limited panel of preferred credit providers from whom we receive commission, Jigsaw is not impartial and we may be influenced by the amount of commission we earn. Although we receive commission from lenders, we aim to provide finance solutions that meet our customers' needs.

The amount earned by Jigsaw and the motor retailer including how it has been calculated will be disclosed prior to signing your agreement. Full details of this can be found in our Initial Disclosure Document.

If you have any questions about how we are paid or how we select lenders, please ask before proceeding.

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