Payment holiday

LineyA

Has anyone managed to get a payment holiday on their loan not mortgage with Santander. I have spoken with them and they said they are not able to offer this option at this time and the website says information will be updated by the end of the week, which it said last week! It does say on the MSE website they are offering a break, am I doing something wrong?

[Deleted User]

You'll need to wait until they've decided what they're going to offer and the mechanics.

MikeBrads

Just spoke to NatWest to take a 3 month payment break on my personal loan - they will take £1 for each month BUT this will go against my credit files as a reduced payment - this is terrible and I have raised a complaint with them on this - wonder if Martin Lewis is aware.

[Deleted User]

Yes. I left a post it note on his desk last week .

Marcio45

FCA has requested banks to allow payment holidays without affecting credit ratings. This should be applied from the 9th according to news from last week. Awaiting to see whats coming up by the deadline tomorrow.
Some banks - HSBC for example - are clear that payment holidays will not affect credit ratings, but Natwest is still sticking with ruining peoples credit files.

jjames1985

Marcio45 said:

FCA has requested banks to allow payment holidays without affecting credit ratings. This should be applied from the 9th according to news from last week. Awaiting to see whats coming up by the deadline tomorrow.
Some banks - HSBC for example - are clear that payment holidays will not affect credit ratings, but Natwest is still sticking with ruining peoples credit files.

not really sure why everyone seems to think that coronavirus is any different to any other situation people find themselves in through no fault of their own. where were you when people were getting their credit files ruined because they were laid off, or were suffering from cancer etc etc?
they banks are giving people payment holidays that they wouldn't have been given under normal circumstances which allows them to focus on keeping a roof over their heads and food on the table instead of servicing debt. THAT is what they're doing to help. it's never enough though is it?

markevo77

Yeah I got a payment holiday,I choose 2 months my monthly payment is £209 they want £713 in interest and extend loan by 5 months and they say there helping customers like all banks there crooks,I’m not going to bother cheaper to extend overdraft 

[Deleted User]

That sounds overly generous of them.

You can always overpay to reduce the interest back down if you want.  If not, they've given you the option of keeping your monthly payments the same.