Manx Financial Group PLC (LON:MFX), the holding company providing diversified financial services to the Isle of Man and the United Kingdom, has announced that its wholly owned subsidiary, Payment Assist Limited, has surpassed £1 billion in customer transactions since its launch in 2013.
Payment Assist, supports motorists in spreading the cost of essential vehicle repairs, helping to keep vehicles safe and roadworthy. Payment Assist operates in partnership with over 8,000 garages, workshops, tyre fitters and dealerships nationwide, and provides interest-free finance across a range of motoring services, including MOTs, vehicle servicing, tyres and essential repairs. Repayments are structured through simple and transparent equal monthly instalments.
The achievement of this milestone reflects Payment Assist’s continued growth and its commitment to supporting motorists in maintaining their vehicles. Flexible finance solutions are becoming increasingly important in enabling customers to undertake essential repair work without delay, particularly in the context of ongoing cost of living pressures.
Industry data suggests that 10,000 vehicles failed their MOTs in 2024, while 13,000 motorists were prosecuted for driving unsafe vehicles during the same period. Payment Assist continues to support drivers in addressing necessary maintenance and avoiding the unintended consequences of deferred repairs.
Marcus Gregory, Chief Executive Officer of Payment Assist, commented:
“Reaching £1 billion in customer transactions represents an important milestone for Payment Assist and reflects the continued demand for flexible, interest-free finance solutions. In the current cost of living environment, there is a risk that essential vehicle repairs are deferred, which can lead to increased safety concerns and higher costs over time. Our offering provides a straightforward way for customers to manage these costs, supporting timely maintenance and helping to keep vehicles roadworthy.”
Douglas Grant, Group CEO, commented:
“This milestone is a strong endorsement of Payment Assist’s position within the Group and the disciplined execution of its growth strategy. It demonstrates the strength of our diversified model and our focus on building sustainable, value-accretive businesses for shareholders.”
