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Covid loan break then this letter
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illbeurhuckleberry
Posts: 168 Forumite
in Loans
Has anyone who took a Covid break From a loan
received a similar letter? It states under the Consumer act your in arrears and may be charged. This was never made clear at the start and just wondering is it something to be concerned about?
received a similar letter? It states under the Consumer act your in arrears and may be charged. This was never made clear at the start and just wondering is it something to be concerned about? 0
Comments
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It seems to be a letter they're sending to everyone who had a break, something they have to do under the Consumer Credit Act, just to let you know that they're not going to be letting you off any repayments, you've been granted a holiday but you still have to pay them.
I remember seeing Martin on TV advising to be careful if you took a holiday because you're still liable for the payments and it doesn't mean credit card companies will be forgetting about them.
It seems to be a letter they're legally bound to send. But I have to say that if it were me, I'd be wanting to pay off the arrears that have built up because there really did seem to be little point in giving people these breaks, when all they've done is make people worry even more about payments.
My advice, pay them as much extra as you can and get rid of the arrears so they stop writing to you.Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
The letter says that you're legally NOT in arrears.illbeurhuckleberry said:Has anyone who took a Covid break From a loan received a similar letter? It states under the Consumer act your in arrears and may be charged. This was never made clear at the start and just wondering is it something to be concerned about?
You won't be charged but it would be a smart idea to get back on track if you can.0 -
No, it says that the payments they are NOT making are legally considered arrears.Deleted_User said:
The letter says that you're legally NOT in arrears.illbeurhuckleberry said:Has anyone who took a Covid break From a loan received a similar letter? It states under the Consumer act your in arrears and may be charged. This was never made clear at the start and just wondering is it something to be concerned about?
You won't be charged but it would be a smart idea to get back on track if you can.0 -
Oops.
So it does.0 -
To be fair it would have been a lot easier to read if the OP had rotated the pictures before posting them...Deleted_User said:Oops.
So it does.1 -
thanks everyone thanks everyone I’ll pass the info on.0
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Someone else got the same letter in another thread.
https://forums.moneysavingexpert.com/discussion/6181308/loan-break-letter-from-tesco#latest
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It's the same person posting twice.Grumpy_chap said:Someone else got the same letter in another thread.
https://forums.moneysavingexpert.com/discussion/6181308/loan-break-letter-from-tesco#latest
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