Applying for Loan after Payment Holiday

SpreadableToast

lumy said:

If that is the case, given that this data is held electronically, the CRA are breaking the law by withholding this information. Right?

No.
They would be if you SAR'd them and they omitted it though.

Grumpy_chap

lumy said:

If that is the case, given that this data is held electronically, the CRA are breaking the law by withholding this information. Right?

No.  I don't know why you are fixated on rejecting the same advice which is being given consistently.  Just because you don't like the answers, does not make them incorrect

Pay for a SAR if you must.

JReacher1

I work for a loan company and every month we have to edit the CAIS file for all COVID affected customers to make sure that their credit file is not marked by this payment holiday. 

In addition most credit decisions are automatic, they would not know that your mortgage balance has not gone down for three months unless they manually checked. 

Thrugelmir

lumy said:

If that is the case, given that this data is held electronically, the CRA are breaking the law by withholding this information. Right?

It's data that you can obtain from your lender at any time. Likewise it's data that's supplied to the CRA's normally on a monthly basis. 
 

SpreadableToast

JReacher1 said:

I work for a loan company and every month we have to edit the CAIS file for all COVID affected customers to make sure that their credit file is not marked by this payment holiday. 

In addition most credit decisions are automatic, they would not know that your mortgage balance has not gone down for three months unless they manually checked. 

I suspect many lenders will be checking for this now. Maybe the company you work for isn't but most lenders are tightening their belts and someone on a payment holiday is a massive red flag.  Or someone who is taking the p**s and therefore someone you don't want to be doing business with anyway.

Why do you think an automated system can't pick up on a static, or increasing mortgage balance?

Automated systems pick up on whatever the person programming them wants to pick up.

lumy

Grumpy_chap said:

lumy said:

If that is the case, given that this data is held electronically, the CRA are breaking the law by withholding this information. Right?

No.  I don't know why you are fixated on rejecting the same advice which is being given consistently.  Just because you don't like the answers, does not make them incorrect

Pay for a SAR if you must.

Try not to get worked up, it's only a debate son :-)

lumy

Following receiving the SAR report from experian I can see that the monthly mortgage balance is actually held which of course makes the payment holiday very easy to spot. Had I seen this in the first place and also not been lied to by Barclays bank I wouldn't have questioned your responses or even needed to ask the question in the first place! Sorry for the frustration caused :-)

RelievedSheff

And there in lies a very important lesson to learn. Never take a payment "holiday" unless it is absolutely necessary, which in your case it clearly wasn't.

The payment "holidays" were intended to help those in financial distress not those who just didn't fancy paying their mortgage for three months.

The balances will stay on your credit file for six years so for the next six years lenders will be able to see that you took that payment "holiday" on your mortgage so it will be a long lasting effect. Although the effect should diminish over time.

Thrugelmir

lumy said:

Following receiving the SAR report from experian I can see that the monthly mortgage balance is actually held which of course makes the payment holiday very easy to spot. Had I seen this in the first place and also not been lied to by Barclays bank I wouldn't have questioned your responses or even needed to ask the question in the first place! Sorry for the frustration caused :-)

That's due to a lack of knowledge rather than a delibrate lie. Unfortunately call centre operatives will second guess far too often. 

lumy

RelievedSheff said:

And there in lies a very important lesson to learn. Never take a payment "holiday" unless it is absolutely necessary, which in your case it clearly wasn't.

The payment "holidays" were intended to help those in financial distress not those who just didn't fancy paying their mortgage for three months.

The balances will stay on your credit file for six years so for the next six years lenders will be able to see that you took that payment "holiday" on your mortgage so it will be a long lasting effect. Although the effect should diminish over time.

A big assumption on your part which wasn't correct. We are self employed in the events industry so when we took the payment holiday we had no income coming in and no idea when we would have an income. We therefore took every discount that would not affect our credit rating following advice given by Martin Lewis that a payment holiday wouldn't. After this, the furlough option came in for us.