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

MSE_Eesha

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

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

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

Chewyboy

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.

Blackbeard_of_Perranporth

You will be better off in thge Mortgage thread

Mortgages & Endowments — MoneySavingExpert Forum