Credit card and loan payment holiday extension

Rangytangy

Having problems from a couple of credit card companies who do not seem to be helpful regarding me extending the payment holiday I have with them as I am still adversely affected financially by covid19 ,are there other people having the same problem.

[Deleted User]

Probably, but that's not important right now.

Who are you asking for what and why have they declined? What's the status of your accounts?

Rangytangy

Capitol one and 118 money they say I have already had a payment holiday .

[Deleted User]

They don't need to agree to one, depending on the status of your accounts and circumstances.

jones_guitar

I have emailed my car finance, although it appears on their website that they don't seem to be accommodating new extensions, although recent news said different.

Rangytangy

Seems to me they are all taking no notice of the fca . I also notice that on the big card lenders links to covid19 help there are no mentions of extra help after the initial 3 months holiday .

Jeremy535897

I think it is just guidance rather than obligatory.

Rangytangy

Yes it does lend itself open interpretation maybe the fca need to be a little more clear to what is expected from lenders in these challenging times.

[Deleted User]

Rangytangy said:

Yes it does lend itself open interpretation maybe the fca need to be a little more clear to what is expected from lenders in these challenging times.

The FCA have, they have issued guidance. It is not compulsory for lenders to give three or six month payment holidays on loans and credit card debt. They are required to take a holistic view and for many being on a six month payment holiday, accruing interest over that period is not the right thing to do, which is why people are being offered payment plans when requesting another three months payment holiday, kicking the can down the road three months ago didn't work. 

You are not entitled to a repayment holiday, you may be eligible, if the lender agrees, those are two very different positions.

Thrugelmir

Rangytangy said:

Yes it does lend itself open interpretation maybe the fca need to be a little more clear to what is expected from lenders in these challenging times.

There'll be far more attention to individual customers circumstances than a broad brush automatic deferral. 

Rangytangy

Just an update after contacting a couple of the credit card companies asking for extra help regarding the payment holiday extensions one says they are not offering a payment holiday but both were keen to set up a agreed refinance option which would cost a lot more than the interest I am paying on card at present.