TSB Insurance policyholders - Payment deferral

Eligibility criteria, important information and application


TSB

Criteria to apply for payment deferral

If you’re struggling financially due to COVID-19 and need help, we can defer your monthly payment and spread it evenly over the remaining term of your policy. Check the eligibility criteria and important information below before requesting a payment deferral. Your personal circumstances may affect which payment will be deferred. Please read the information below carefully.

If you have multiple policies with us, you’ll need to make separate applications for each. 

Eligibility criteria:

  • You have a home insurance policy and you pay your premium monthly
  • The policy is currently active and you have made at least one payment
  • You’re the policyholder and you, or your spouse/partner:
    • have been furloughed and have not yet received the 80% payment scheme from your employer or
    • are self employed and are unable to work or trade because of coronavirus, and haven’t yet received the 80% payment scheme via the Government or
    • were made unemployed at any point after 1 March 2020

Important information: all applications

  • This request covers one payment. If you need help for future payments, you’ll need to apply again, up to a maximum of three months
  • Provided you meet the eligibility criteria, your payment will be deferred and will be spread evenly over the remaining term of your policy. This means the overall premium will remain the same, however your monthly payments will increase. Confirmation of your revised future payments will be sent to you once we have processed your request
  • Don’t cancel any future payments. These will be updated automatically to reflect your increased payments. Payments will be taken on the same date each month using your current payment method
  • The information you provide will be used to determine your eligibility for payment deferral. This information will not impact on premiums for future insurance policies. Please see our Privacy Policy and your Important Information document for more information about how we process your personal data and your individual rights
  • We reserve the right to refuse your payment deferral request if you don’t meet the eligibility criteria
  • We can withdraw the offer of payment deferral at any time
  • We can’t reverse a deferral once it’s in place

Important information: your personal circumstances

The payment you defer will depend on your payment status. Please read the section below that applies to you.

I’m up to date on my payments – my next payment is due in 10 days or less

  • If you have a payment due to come out of your bank account within the next 10 days we may not be able to stop the payment process for this payment.
  • If we can stop the payment process, we’ll defer this payment
  • If we can’t stop the payment process in time and are unable to collect this payment due to funds not being available, we’ll defer the missed payment
  • If we can’t stop the payment process in time and are able to collect the payment, we’ll defer your next month’s payment
  • You’ll be requesting to defer the payment which will be spread evenly over the remaining term of your policy. This means the overall premium will remain the same, however your monthly payments will increase. All other terms of your insurance policy will continue to apply

I’m up to date on my payments – my next payment is due in 11 days or more

  • This request will cover your next payment only. If you need help for future payments, you’ll need to apply again, up to a maximum of three months
  • You’ll be requesting to defer your next payment which will be spread evenly over the remaining term of your policy. This means the overall premium will remain the same, however your monthly payments will increase. All other terms of your insurance policy will continue to apply

I’ve already missed one payment

  • This request will cover your missed payment. If you need help for future payments, you’ll need to apply again. You can do this for a maximum of three months, which includes this missed payment
  • You’ll be asking us to defer your missed payment which will be spread evenly over the remaining term of your policy. This means the overall premium will remain the same, however your monthly payments will increase. All other terms of your insurance policy will continue to apply

I’ve now missed two payments

If you’ve already missed two payments, you won’t be eligible for payment deferral.

However, we might still be able to help. Please get in touch using the contact details on the letters you’ve received.

 

To proceed, you need to meet the eligibility criteria and confirm on the application form that you agree to the important information on this page, including that your future payments will be increased and collected using your current payment method.


Sorry, you need to enable JavaScript to use our forms

The information you provide will be used to determine your eligibility for payment deferral. This information will not impact on premiums for future insurance policies. Please see our Privacy Policy and your Important Information document for more information about how we process your personal data and your individual rights.