Payment Breaks For Loans/Credit Card/Household Bills

rjwftw

Hi all, first time poster here so apologies in advance if this is in the incorrect section.

long story short, I'm in between jobs now. I'm due to start a new position with a respectable salary of 35k a year at the beginning of August.

I have a lot of my household bills coming out at the end of the month so I'm looking for advice on a bit of breathing space.

My savings aren't the greatest as I've just put ALOT of money into a wedding and then out of the blue I'm out of work straight after.

I will 100% be able to continue with repayments on household bills, personal bills such as car finance etc as of the end of August when I start receiving regular income again. It's just this month that is going to be extremely difficult for me.

Do companies such as car finance, credit cards, gas, electric, water providers still offer payment holidays/payment breaks? I remember having some during covid but have never been in a position to need them again after that.

If they do, would this negatively impact my credit score? I'm 10 months away from a mortgage renewal and would potentially look at swapping providers meaning credit checks etc will be taken and I don't want this to cost me even more further down the line.

I just want some advice or help from people who've done payment breaks etc and the impact it has?

Thank you all for your help in advance.

MEM62

Firstly, all your priority bills (mortgage, council tax & utilities) need to be paid on time. As for anything else, that is less than an issue and if you cannot make payments you cannot make payments. I would however, speak to each institution and explain your circumstances. They may not like it but, if you are catching up in the following month, you'll be up to date soon enough. You may end up with some late or missed payment markers on file but if you are sailing that close to the wind financially and have no emergency fund then you don't really have much choice.

Sncjw

What about doing a statement of affairs

sourcrates

You can ask for a payment holiday, some lenders have that option, otherwise if you can catch up again in a few months on your non priority debts, it would be worth contacting each lender and telling them what you intend to do.

That way you will (hopefully) avoid late payment charges, although the missed payments will be recorded on your credit file, unless a payment holiday is agreed beforehand, that`s not such a worry on an otherwise unblemished credit history.

fatbelly

Statement of affairs calculator here

https://lemonfool.co.uk/financecalculators/soa.php