Payment Assist Limited (“Payment Assist”), a leading provider of flexible payment solutions and part of Manx Financial Group PLC (AIM: MFX), has announced a more than 350% increase in applications between May and September 2024 for its four-month deferred payment plan.
This payment plan was launched in partnership with Halfords, the UK’s leading provider of tyres, motoring services, vehicle servicing, and repairs.
This notable growth underscores Payment Assist’s role in helping customers manage automotive expenses by spreading the cost of essential services.
As households across the UK struggle with rising living costs, Payment Assist’s interest-free payment plan has become a vital resource, enabling consumers to access necessary vehicle repairs, services and tyres without facing immediate financial pressure.
The deferred payment plan, available at over 500 Halfords and National Tyres garages nationwide and online, allows customers to pay a 15% deposit on the day for service, repairs and tyres exceeding £99. The remaining balance is then spread over three equal, interest-free monthly instalments, with no additional charges.
Halfords refers to the service as Buy Now Pay Later with 0% APR and repayments start six months after the work is completed.
Marcus Gregory, Managing Director at Payment Assist, said: “Since the introduction of our four-month deferred payment option through our partnership with Halfords, we’ve seen a significant rise in demand. With the current economic challenges, many households are seeking more flexible financial solutions.
“Our payment plan provides customers with the ability to manage essential vehicle repairs and services without the stress of upfront costs.
“We’re dedicated to offering not only quality services but also financial peace of mind, giving our customers greater control over their finances when they need it most.”
Stuart Zissman, Head of Consumer Financial Services at Halfords,commented: “This partnership with Payment Assist is incredibly important to us, as it allows us to help UK drivers maintain their vehicles without compromising on safety due to financial pressures.
“We understand the economic challenges many are facing, and we want to ensure that no one has to delay essential vehicle repairs, services and replacement tyres because of immediate costs.
“By offering Buy Now Pay Later with 0% APR, we’re committed to keeping drivers safe on the road, while also giving them the financial flexibility they need during these difficult times.”
