Audi payment holiday effected credit rating

hbrad01

Hi, wondering if this has happened to anyone else and to get some advice.
I took a payment holiday for my audi PCP, I was told it wouldn't effect my credit but they have now classed it as a missed payment and my credut has now reduced from excellent to fair.
How do I get them to rectify this - I am applying for a mortgage so I'm scared this will hurt my chances 
Thanks 

comeandgo

Payment holidays would always affect mortgages, you are showing you cannot keep up with payments, you have no backup as savings so you are more of a risk.

DCFC79

hbrad01 said:

Hi, wondering if this has happened to anyone else and to get some advice.
I took a payment holiday for my audi PCP, I was told it wouldn't effect my credit but they have now classed it as a missed payment and my credut has now reduced from excellent to fair.
How do I get them to rectify this - I am applying for a mortgage so I'm scared this will hurt my chances 
Thanks 

You can rest assured your credit rating is only seen by you,  your credit history is what banks etc can see.

I would put a pause on the mortgage apps until this is sorted.

SeanG79

A payment holiday was always going to impact on the ability to obtain further credit, irrespective of what is spouted about no impact on credit score. Lenders decisioning systems will pick up that the outstanding balance hasn't reduced, even without a late payment marker. If you required a payment break so soon after the start of the pandemic, then it highlights that you had limited savings to fall back on and so will be deemed a risk for the short term. 

molerat

If this is a COVID payment holiday then it should not reflect on your credit file as a missed payment as agreed by the FCA and CRAs.  If they have reported as such then raise a complaint.

MEM62

A payment holiday will demonstrate to a lender that you are already financially stretched.  If your finances cannot weather short term interruption without you needing to take a holiday on your car payments, it is likely that similar circumstances would place you in serious problems with a larger debt, such as a mortgage.