Making a Partial Settlement
A Partial Settlement is known as an overpayment. This is where you have extra money to pay but not enough to clear all of the balance on your agreement.
Overpayments can only be made to certain types of agreement.
| Agreements you can make an overpayment to | Agreements you can’t make an overpayment to |
| Regulated Hire Purchase (HP) Regulated Personal Contract Purchase (PCP) Regulated Personal Loan | Any unregulated agreement Lease agreements Contract Hire agreements |
| You can find out what type you have by checking your finance agreement. | |
If your agreement allows you to make overpayment
You can make as many overpayments as you want and at any time. You don’t have to pay extra fees or charges and may also get an interest rebate. This is where we give you back some of the interest we added at the start of your agreement. It’s calculated in line with the Consumer Credit (Early Settlement) Regulations 2004.
Making an overpayment can mean you pay less each month. Your regular monthly payments would be lower, but the length of your agreement would stay the same.
In some cases, you’ll also have the choice of shortening the length of your agreement. In this case you would pay it off faster, but your monthly payments would stay the same.
Just be aware, if you’ve a PCP agreement, you can only pay less each month. You can’t use an overpayment to reduce your final lump sum payment (also known as the Optional Final Balloon Payment/Guaranteed Residual Value Payment).
When would this change on your agreement
When you make an overpayment and it’s applied to your agreement, you’re due an interest rebate. This is based on a partial settlement date which is 1 month and 28 days from the date we receive your payment. Any changes to your agreement will take effect from this partial settlement date. These timelines are in line with regulatory Consumer Credit Act guidance.
Within 7 days of applying your overpayment, we’ll send a letter to say how your agreement has been affected. It’ll also tell you how much interest has been saved.
How to pay
We’ll first need you to tell us how you’re making the payment and what way to apply it to your agreement by completing the form below.
You can choose to either to pay less each month or shorten the length of your agreement.
Once the form is complete, you’ve a few different ways to make the payment.
| Online payment by Debit Card (We can only take a payment of up to £10,000) | By Bank Transfer (Payments of any amount) |
| Using the following details: Your 12 digit Northridge Agreement Number Your Name (as used on the agreement) Your email address Your Date of Birth Your Postcode (as held on your agreement) | Using the following details: Account Name: Northridge Finance Sort code: 56-00-05 Account Number: 21339406 Reference: Please quote your 12 digit Northridge Finance agreement number. |
| We only accept Debit Cards from any UK bank. We don’t accept Credit Card payments. Your email receipt/statement on your account will show as payment to “NIIB Group Ltd”. | You can do this on your online banking directly with your bank. We don’t charge you for getting a payment this way, but your bank may do so. |
If you want to pay by cheque, make the cheque payable to “Northridge Finance”. Please write your 12 digit agreement number on the back as a reference. Post your cheque to: Northridge Finance, 5th Floor, Bank of Ireland, 1 Donegall Square South, Belfast, BT1 5LR
If you’ve got any questions
We’ll be happy to answer any questions you may have, or if you prefer make your payment over the phone. Simply see our Customer Service details on our Contact us page here.