Martin Lewis: Payment holidays extended – but should you take one? Mortgages, credit cards, loans...

MSE_Eesha · 6 July 2020 at 5:04PM

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.

Martin Lewis: Payment holidays extended – but should you take one? Mortgages, credit cards, loans, payday loans, car finance and more

Please click 'post reply' to discuss below.

DIVA · 13 July 2020 at 10:39AM

As per the Martin’s blog, the advice is not to take an extension if you don’t need it. Due to uncertainty in the regularity of my work, I was considering taking the extension - on the basis that this is on my file anyway- will the extension further affect me in the future ? Or the fact that I’ve taken a holiday anyway, an extension will have no further effect ?

cairndog · 30 July 2020 at 9:59AM

I am looking at a used car for sale in a registered dealership. Can they find out details of the previous owners?

Chewyboy · 18 February 2021 at 5:50PM

Hi there, in April, May, June and July 2020 my daughter took an agreed partial payment holiday, i.e. reduced payments for 4 months, on a loan she had with the Yorkshire bank. In August she paid the loan off in full. In January 2021 the Yorkshire bank agreed in principle to give her a mortgage when she found a house to move to. After accepting an offer on her house and having an offer accepted on a house she wanted to buy she contacted the Yorkshire bank again. After checking her credit record they refused the mortgage as she now had a bad credit record due to her partial payment holiday.
I am under the impression from what I have read on this site that 'payment holidays' shouldn’t affect credit ratings.
Any advice would be greatly appreciated.
Thanks in anticipation.