Payment holiday (car finance)

tiko102

Hi I hope someone can advise but I have asked my car finance lender for a payment holiday, they have come back with them wanting to do an income and expenditure form for them to then decide If they will give it us. I can’t find anything on line so I thought I’d ask the people in my phone if the above is correct. 

Many thanks in advance 

Thrugelmir

You would like a payment holiday. The lender wishes to see that (a) it's necessary (b)  whether you could still make a part payment (c) there's not other ways for you to cut your outgoings. Perfectly reasonable as they aren't simply going to take your word. 

Mrsn

Most places are now asking for an income and expenditure to be completed when asking for a payment break.

Absolutely nothing wrong with them doing so

macman

And absolutely nothing wrong with you refusing them either.
Are you asking if a) it's 'legal' for them to ask (yes it is) or b) asking how to do set out an I&E form?

alonehiker

I would really try and avoid it if you can.  My wife took a payment holiday on one of our cars at the start of lockdown as we were impacted financially, but moving forward our monthly payment has been considerably increased.  So as appealing as the saving for 1-3 months really is, long-term it will probably be more of  burden.