Loan payment holiday

chrisk66

I have a secured business loan on my home I haven’t had the business for 14 years but still pay the loan, Lloyd’s set the account up as a loan servicing account so as to stop charges for a business I no longer have  etc however according to Lloyd’s loan servicing accounts are not covered for payment holidays under the current Coronavirus issues. They said they may possibly be expecting updates this week but they are very vague. You have to speak with a business manager and this has involved hours waiting on the phone to get through. My next payment is due in 2 weeks not sure what I can do. 

BrassicWoman

What has changed in your life that means you can't pay the loan now, at this point in time? The first thing is to make sure you are accessing all help available to you.

chrisk66

Thank you for the reply BrassicWoman. I am a self employed private hire driver & haven’t worked since 20/3 due to having Coronavirus symptoms. I’ve applied for UC however I will not find out if my application is successful until after the payment is due in the loan, which is why I was asking for the payment holiday. As soon as I am fit I will be back at work, the worry is that this is secured on my home and has never been missed. I will keep trying with the Bank in the hope they change their policy stance this week. 

superbigal

Money set aside to pay your tax bill should be the 1st port of call.

WayneB73

I’d check with Universal credit, I had a phone interview arranged for 16th of April and funds would be sent on May the 5th..

They cancelled the interview and completed it digitally to speed the process up,  Iv since applied for a£300 advance on my Universal credit which will credited to my account next Thursday..  take a look on your UC page and apply for an advance.

owen360

Hi does anyone have advice re car finance , Ive gone for payment holiday on my mortgage , credit card, council tax , all have been supportive and instantly giving the payment holiday . I contacted Vw fiancé online as they aren’t answering calls , understandable , I filled out the online application and 4 days later came back with a online form wanting to know my income , outgoings etc ..I understand they don’t have to give a payment holiday but I find it unfair that every other financial company I’ve dealt with have been so supportive ... I have 2 cars with Vw , always good with my account with them , but I have a payment going out in 5 days , I contacted them on April 1st, they aren’t responding to emails and my opinion of Vw financial services is wavering. Any advice  

[Deleted User]

Give them the details they've asked for, so they can understand the impact on your finances of building up the arrears. 

They need to tread carefully, so help them out so they can help you.

owen360

I worry about not paying them , going into arrears and then affecting my credit score ... 

[Deleted User]

That's why you really need to engage with them so you can choose the best option.

But if you're already having payment holidays, there's little point in worrying about the impact of another.

cajef

owen360 said:

I worry about not paying them , going into arrears and then affecting my credit score ... 

I would not worry too much about your credit score, it is a made up figure which nobody but yourself will ever see.

tonyhender

owen360 said:

Hi does anyone have advice re car finance , Ive gone for payment holiday on my mortgage , credit card, council tax , all have been supportive and instantly giving the payment holiday . I contacted Vw fiancé online as they aren’t answering calls , understandable , I filled out the online application and 4 days later came back with a online form wanting to know my income , outgoings etc ..I understand they don’t have to give a payment holiday but I find it unfair that every other financial company I’ve dealt with have been so supportive ... I have 2 cars with Vw , always good with my account with them , but I have a payment going out in 5 days , I contacted them on April 1st, they aren’t responding to emails and my opinion of Vw financial services is wavering. Any advice  

It's a very bad time to contact them due to bank holidays this period. I would keep trying to contact them if you can't get through you would need to pay this month's installment  but keep trying for next month you can try and get them to do a payment holiday.