Late payments of credit cards?

Liquorice24

We have been told the credit card company’s will not charge a late payment if you miss a payment. 

I have two questions:-
How many monthly payments can you miss, is this for the duration of the lock down?
By missing monthly payments, what effect will this have on our credit history? Will this occur black marks on our credit footprint?
Many thanks
 Carole 😀

daKlone

Just answered in my thread, but to my knowledge:

It depends entirely on the lender as to what they allow, there is no common or government mandated scheme.
Missed or late payments WILL be recorded on your credit record, as this is not upto the lender to decide if it is recorded, they are required to provide the facts.

daKlone

Also, you need to check what impact missed/late payments might have on any promotional rates you have.
For instance, you may well find that a 0% balance transfer deal is cancelled if you pay less than the minimum payment, so beware!

Thrugelmir

As an example. Nationwide are offering a 3 month payment holiday commencing 1st April. Providing a minimum £1 payment is made every month by direct debit. Interest will be charged on the account at the standard rate. The holiday needs to be applied for. 
No impact on credit file. Though obviously the increased balance will influence credit providers looking at your file. 

sasha20

Some of the above is not quite correct.

In certain circumstances including the current situation, lenders are allowed to report information differently and some lenders are beginning to roll out schemes similar to the mortgage companies where customers can take payment holidays and NOT receive late payment markers on their credit files.

I would double check with your company and if they don't offer it yet, wait a few days - most likely they will.

2e0arr

look at it this way .

they want their money and their profit from you.

they wont exactly say that but they want paying and or they want to make money from you

don't fool yourselves that the "current situation" is an opportunity to get an advantage and make threpence ha'penny eventually you will have to pay or move to the bankruptcy forum LOLOL

born_again

Liquorice24 said:

We have been told the credit card company’s will not charge a late payment if you miss a payment. 

I have two questions:-
How many monthly payments can you miss, is this for the duration of the lock down?
By missing monthly payments, what effect will this have on our credit history? Will this occur black marks on our credit footprint?
Many thanks
 Carole 😀

1st find out if your CC co is offering anything. Don't just believe something posted in the press.

https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#creditcard


I would also try to advise them that you are not going to be paying them. Plenty of contact methods. Simply stopping payments/cancelling DD's may not be seen in the best light even given the current situation.

Just received this from HSBC 

>>
We recognise some customers may be struggling with their loan or credit card payments at this time, and I want to assure you that we are working hard to try and develop solutions as soon as possible. However, if you are facing immediate financial difficulty and have missed a payment, our Financial Guidance Team have a range of tools to help (please note: these tools will likely have an impact on your credit file).