Mortage Payment Holidays Will NOT effect your credit file

David_White

D3xt3r5L4b said:

Where's your backup/emergency funding to cover unexpected circumstances etc. such as this?

Disappointing lack of compassion at a time like this.
You don't know their circumstances and my understanding is this isn't a platform to judge people.

phillw

Willing2Learn said:

According to the Building Societies Association (BSA) lenders will make efforts to ensure forbearance offered under these circumstances will not result in an adverse impact on the customers’ credit scores.  What does "will make efforts to ensure forbearance" actually mean in real-life?

It means they will ask lenders nicely to not report the holiday as missed payments.
Lenders seem willing to not charge late fees etc after agreeing a holiday, but some have said that a holiday will affect your credit file. The BSA might try asking nicely again, depending on how much effort they wish to extend.
In some ways it would seem logical for it to affect your credit file, lenders in the future would then have to make a decision how to treat the covid 19 months. They may decide that a missed payment on a mortgage during that time was fine, or they might see it as a sign that you are living too close to your means.

phillw

michaeltoogood said:

my confusion is if i stop my personal credit card payments would it eventually close my company account which is with barclays ( i will not stop any payment of barclay)?

They can withdraw credit whenever they want.
Can you not afford to make the minimum card payments? Although it looks like Barclays are expecting a lot of people not to....
https://help.barclaycard.co.uk/brochure/other_information/Coronavirus_Finances

I’m worried that the coronavirus outbreak may affect my finances – how can I get help?

We won’t be charging you late payment or cash advance fees between 19 March and 17 June 2020 – we’ll take care of this, so you don’t need to call us.

D3xt3r5L4b

David_White said:

D3xt3r5L4b said:

Where's your backup/emergency funding to cover unexpected circumstances etc. such as this?

Disappointing lack of compassion at a time like this.
You don't know their circumstances and my understanding is this isn't a platform to judge people.

Nothing to do with a lack of compassion.
Maybe this is the kick up the backside people need to get themselves in order

Dandytf

xlnc99 said:

It will be marked as U meaning no positive or negative markers on your credit file according the the research

if it is U then unrecorded entry is my understanding.
in addition to what @xlnc99 advises.

Takmon

michaeltoogood said:

hi everyone
i am a mortgage adviser running my ltd firm since many years. coz of corona virus the income is down to 0. my personal credit card and overdraft laiability is 40k and business company liability is 20k. if my company gets default i will lose the license, but if i default on my personal credit cards, i will not lose my fca license and can carry on with my work after the virus settle down.

my confusion is if i stop my personal credit card payments would it eventually close my company account which is with barclays ( i will not stop any payment of barclay)?

if i do not enter into dmp, rather simply stop my personal payments and see what happens, if company threats me of court i can bargain with them to pay half or less of my liability.
i would be very gratful if some one can advice me what to do to save money on interest as well save my fca license and job

kind regads

I can't believe your offering financial advice to other people but can't even manage your own finances properly!. 

Thrugelmir

Takmon said:

michaeltoogood said:

hi everyone
i am a mortgage adviser running my ltd firm since many years. coz of corona virus the income is down to 0. my personal credit card and overdraft laiability is 40k and business company liability is 20k. if my company gets default i will lose the license, but if i default on my personal credit cards, i will not lose my fca license and can carry on with my work after the virus settle down.

my confusion is if i stop my personal credit card payments would it eventually close my company account which is with barclays ( i will not stop any payment of barclay)?

if i do not enter into dmp, rather simply stop my personal payments and see what happens, if company threats me of court i can bargain with them to pay half or less of my liability.
i would be very gratful if some one can advice me what to do to save money on interest as well save my fca license and job

kind regads

I can't believe your offering financial advice to other people but can't even manage your own finances properly!. 

Appears to be spam posting. Same post 3 times with no follow up. 

Shakin_Steve

D3xt3r5L4b said:

David_White said:

D3xt3r5L4b said:

Where's your backup/emergency funding to cover unexpected circumstances etc. such as this?

Disappointing lack of compassion at a time like this.
You don't know their circumstances and my understanding is this isn't a platform to judge people.

Nothing to do with a lack of compassion.
Maybe this is the kick up the backside people need to get themselves in order

Is that you, Gary? 

xlnc99

Shakin_Steve said:

D3xt3r5L4b said:

David_White said:

D3xt3r5L4b said:

Where's your backup/emergency funding to cover unexpected circumstances etc. such as this?

Disappointing lack of compassion at a time like this.
You don't know their circumstances and my understanding is this isn't a platform to judge people.

Nothing to do with a lack of compassion.
Maybe this is the kick up the backside people need to get themselves in order

Is that you, Gary? 

It does sound like Gary Dexter. I have read a few of this posts.

Whatever happened to Gary? It looks like he got banned for permanently