to those struggling from November 1 onwards but it will be tailored depending on individual circumstances and will be marked on their credit file.PAYMENT holidays are when a lender agrees to pause your monthly repayments for a set amount of time.
The majority of lenders are now offering payment holidays, so get in touch with your bank to find out what help it can give you.Most of the time, it'll require you to fill out an online form. If you think you need to take one, you should speak to your lender to discuss your options - but do note that the break in payments doesn’t remove any debt or financial obligations.
“Any temporary measures being offered by lenders don’t remove financial obligations – they are designed as an emergency measure to help you get through a period where your income may have taken a serious knock.“While taking a payment break would usually be noted on your credit file, the credit reference agencies have confirmed that, during the current crisis, this should not have a future influence on your credit status.
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