Payment holiday AP marker
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Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !2 -
sparklep0ny said:Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !0 -
Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !
1 -
GeordieGeorge said:Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !-1 -
Deleted_User said:GeordieGeorge said:Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !
Why did you not use your emergency fund, or sell some investments rather than jumping in to such a serious step as taking a payment holiday?
And where are you getting the idea from that it can’t be recorded?0 -
GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !
Why did you not use your emergency fund, or sell some investments rather than jumping in to such a serious step as taking a payment holiday?
And where are you getting the idea from that it can’t be recorded?
A covid 19 payment holiday cannot be recorded as negative for the allowed period.
P. S. Not everyone in society is wealthy enough to have "emergency funds" and "investments" we live on pay to pay !0 -
Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !
Why did you not use your emergency fund, or sell some investments rather than jumping in to such a serious step as taking a payment holiday?
And where are you getting the idea from that it can’t be recorded?
A covid 19 payment holiday cannot be recorded as negative for the allowed period.
P. S. Not everyone in society is wealthy enough to have "emergency funds" and "investments" we live on pay to pay !
This isn't, as you call it "payment holiday slamming" but making you aware that even if you get these markers removed, this holiday is going to be visible and potentially will affect you.
There's no such thing as a free lunch as they say.0 -
Deleted_User said:GeordieGeorge said:Deleted_User said:Thrugelmir said:Deleted_User said:GeordieGeorge said:Deleted_User said:GeordieGeorge said:Deleted_User said:MattMattMattUK said:Deleted_User said:Jeremy535897 said:I wonder whether they have treated the refund of the payment as a "new arrangement", despite the fact that they have caused the problem in the first place. You will have to contact them to get them to explain why this has happened, and how they will deal with it.Deleted_User said:Im scared other banks will close my accounts or reduce my credit lines.Deleted_User said:
Im now wondering weather nationwide have breached the loan arrangement in its entirity, the FCA in my opinion should investagate nationwide,Deleted_User said:
I should not have to face financial ruin because of their incompetance.Deleted_User said:
I took a loan of £6800 a year and a half ago and the balance is now £2500, they should be made to write off the rest as they have broken the rules.
It would only be "absurd" if I didnt keep my end of the bargain and just refused or didnt pay them at all, but I havent !
That’s your prerogative of course, but you were the one that breached your agreement with them first.
Even though im on a holiday im still having to pay interest on that loan, they arent doing me a favour !
What on Earth were you thinking of, taking a payment holiday if you didn’t need it?
Taking a payment holiday DOES NOT affect someones ability to obtain credit in the future as long as its recorded correctly ,
You have also been on shaming others for taking payment holidays too !
The government agreement with the financial services industry was that Covid payment holidays (rather than just a payment holiday) would not be recorded as a default, or as an agreement to pay. If a bank makes an error in the recording of that then it will be corrected. However the banks and lenders will report accurately to the CRAs, that means that if a loan was going down monthly, then either stopped going down, or started going up again (depending on how/when interest is applied) then it would be obvious that a payment holiday had been taken, even if it was not recorded as a default.
Other lenders, examining the data in a credit file before any future lending would be able to see that the person had taken a payment holiday as there would be no default or agreement to pay recorded, however payments would have stopped/reduced and balances would have stayed the same or risen. As a responsible lender they would use that data to indicate that a borrower was or had recently been in financial difficulty and that it would be unwise to extend further lending to them, additionally lending to that person may breach the responsible lending criteria. Most lenders are also now asking if a potential borrower has taken a payment holiday and it would be fraud to lie about this on an applications, resulting in a CIFAS marker which would be a much bigger issue. Many lenders are also now asking for proof of income and the potential borrower not being on furlough etc. some card companies (most prominently Barclaycard) are reducing people's existing credit limits in line with adjusted risk profiles unless they provided proof of earnings which justifies the facility.
People on here may not know someone's life story, but, just as in the case of a potential future lender that is irrelevant, the financial data will speak for itself. Payment holidays in some cases might not indicate outright poor financial management skills, but it does indicate that one first accumulated debt, had an inadequate safety net and that is what lead them to ultimately need a payment holiday. As an example 11 million people have mortgages, only 2.5 million took a mortgage payment holiday and only 227,000 took a second three month mortgage payment holiday. There were an additional 1.5 million credit card and loan payment holidays taken, although it is unknown how many people this involved as some people had multiple sources of borrowing and took multiple payment holidays, estimates are that the total number of people taking a loan or credit card payment holiday was around 800,000, but no one can be sure.
Many people who have been absolutely hammered by the Covid related shutdowns have not taken payment holidays, some who were not financially impacted took them regardless. However the banks do not care the specific reason as to why someone was not able to keep up their contractual repayments, only that they either could not, or would not keep up those contractual payments, which indicates financial difficulty, financial mismanagement, or worse. Lenders will make their judgements on future lending accordingly.
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Deleted_User said:A covid 19 payment holiday cannot be recorded as negative for the allowed period.3
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MattMattMattUK said:Deleted_User said:A covid 19 payment holiday cannot be recorded as negative for the allowed period.0
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