Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Payment Holiday

What is a Payment Holiday?

A Payment Holiday is a feature offered by some loans and mortgages that allows you to miss the occasional monthly payments agreed in advance.

They have existed for many years but were thrust into the spotlight in March 2020 as one of the economic support measures announced in the midst of the Covid-19 crisis.

In ‘normal’ times they are only allowed subject to certain conditions and not all credit agreements will allow them.

A mortgage Payment Holiday allows you to take time out from the financial burden of repayments. It might be that you plan to go travelling round the world or are changing jobs or are starting a family. With the agreement of your lender you stop making payments on your mortgage for a set time period while you sort out your finances.

Q: Has the coronavirus made it easier to get a Payment Holiday?

A: On 17 March, the Chancellor announced supportive measures to provide relief to borrowers financially impacted by the Covid-19 pandemic. Chief among these changes was an agreement with major UK banks to offer three-month mortgage Payment Holidays.

To check whether you’re eligible for a Payment Holiday, you’ll want to contact your lender directly so it can assess your current situation.

Q: How do I take a Payment Holiday?

A: The first step is to check that you’re allowed to take a break with your current agreement. Second, you’ll want to see how your lender deals with the repayments to make up for the time that you’re not paying. This will normally be in the form of increased costs (both monthly payments and overall outstanding balance) after the holiday period. If you cannot afford these costs, it may be worth thinking about finding a mortgage with a cheaper rate.

Your bank might ask for several months’ notice before the start date for a mortgage holiday.

Q: Do mortgage Payment Holidays affect my Credit Score?

A: A few lenders record a Payment Holiday on your Credit Report as an Arrangement to Pay, which could have serious consequences for your Credit Score and ability to take out credit.

Always ask your lender for clarification on how a Payment Holiday will be recorded on your Credit Report before you take advantage of it.

If you’re planning on taking out a Payment Holiday, you can monitor your Credit Report to see exactly how your lender records it. Some lenders may report it as a neutral marker, while others as a harmful marker. The only way to know how it appears against your name is to watch over your Credit Report yourself.

You can try the UK’s most detailed Credit Report free for 30 days, then just £14.99 per month. Cancel easily and quickly at any time. Our professionally qualified Credit Analysts are on hand to guide you should you have any questions.

Q: How long can Payment Holidays last?

A: Depending on your provider and your eligibility, holiday periods can last anywhere from one month to up to 12 months.


Jargon Buster

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