Credit Score significantly impacted by Covid Mortgage holiday

sharpe106

You have increased your mortgage debt by 3 months to pay for your cards,  granted not big on the grand scheme of things. 

sambaird

sharpe106 said:

You have increased your mortgage debt by 3 months to pay for your cards,  granted not big on the grand scheme of things. 

As stated in my post above... I HAVE NOT TAKEN A HOLIDAY ON MY MORTGAGE. Only the cards.

freesha

sambaird said:

sharpe106 said:

You have increased your mortgage debt by 3 months to pay for your cards,  granted not big on the grand scheme of things. 

As stated in my post above... I HAVE NOT TAKEN A HOLIDAY ON MY MORTGAGE. Only the cards.

It says in your post title, "Covid Mortgage holiday"

sambaird

freesha said:

sambaird said:

sharpe106 said:

You have increased your mortgage debt by 3 months to pay for your cards,  granted not big on the grand scheme of things. 

As stated in my post above... I HAVE NOT TAKEN A HOLIDAY ON MY MORTGAGE. Only the cards.

It says in your post title, "Covid Mortgage holiday"

I’M NOT THE OP... do some of you even actually follow And read the thread????

Malkytheheed

They aren't the OP. They just bounced into the thread making passive aggressive comments at people who suggest that the emergency payment holidays were for those who had suffered finnancial strife from Covid-19. (Which is what they are for!) 
But hey, they are paying the minimum payments on several interest bearing credit cards. But their make belive score is going up! So they must know best.
Your credit file will be marked for all future lenders to see that you were in finnancially difficulty and couldn't make payment for 3 months. Whether that was the case or not. That is the descision you made. 

sambaird

How exactly will they be marked to show that I’ve been in financial difficulty?
The evidence that I’ve seen so far on all three of my credit files has shown the same reporting for the 3 month holiday as all previous months that I’ve paid on time.  Present me evidence to the contrary and perhaps I’ll treat your so called comments a little more seriously.

You call me passive aggressive? Take a look in the mirror...

All I know is that I’m in a better financial position now because of taking the holidays, paying off a high interest card... leaving me more freed up money to pay off the lower interest balances I have - meaning that I’ll be out of debt sooner than I was before.  Is that not correct MSE behaviour?

bradders1983

I suppose you could argue correct behaviour was not to accrue the debt on credit cards in the first place, but that would be splitting hairs 😘

sambaird

bradders1983 said:

I suppose you could argue correct behaviour was not to accrue the debt on credit cards in the first place, but that would be splitting hairs 😘

Well... that’s perfectly true - unfortunately the debt was all accrued before my LBM!
Steadily getting back to 0 debt - thankfully a little sooner with the above holidays! 😘

D3xt3r5L4b

sambaird said:

How exactly will they be marked to show that I’ve been in financial difficulty?
The evidence that I’ve seen so far on all three of my credit files has shown the same reporting for the 3 month holiday as all previous months that I’ve paid on time.  Present me evidence to the contrary and perhaps I’ll treat your so called comments a little more seriously.

You call me passive aggressive? Take a look in the mirror...

All I know is that I’m in a better financial position now because of taking the holidays, paying off a high interest card... leaving me more freed up money to pay off the lower interest balances I have - meaning that I’ll be out of debt sooner than I was before.  Is that not correct MSE behaviour?

The month on month balances won’t have decreased (actually would have increased because of interest) despite the “green ticks”.

Thats how a lender will know.

D3xt3r5L4b

sambaird said:

Malkytheheed said:

Payment holidays were meant for those who had been made redundant, not those on 80% salary. Your finnances should easily be able to cover your mortgage on 80% salary. Just take from your "fun money" pot.

 No, payment holidays have been available for any that have requested them.

I’ve been fortunate that I’ve not been financially affected by Covid. WFH on full pay. I applied for payment holidays on all of my credit cards straight away and for the past 3 months have been using the money usually dedicated for minimum payments on the others to throw on one card that had a high interest rate.  With that, plus the money I’ve saved by WFH and the ‘fun pot’ as you put it - I’ve been able to completely pay off that card. When the payment holidays end, I’ll now have an extra £250pm freed up to make a dent in the other cards.

Some people might call that sensible financial management.

So per your text I’ve highlighted, why did you take the payment holiday?

They were put in place for those that were financially affected.

Not as an opportunity to shift things around and “abuse the system” in essence.