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    • SecretShopper123
    • By SecretShopper123 10th Apr 18, 2:02 PM
    • 9Posts
    • 14Thanks
    Using the banks loan repayment holiday.
    • #1
    • 10th Apr 18, 2:02 PM
    Using the banks loan repayment holiday. 10th Apr 18 at 2:02 PM
    My bank offers a repayment holiday for loan repayments and I am wondering if this has a negative impact on credit score? This would be an arranged holiday and not a case of not paying.
Page 1
  • National Debtline
    • #2
    • 10th Apr 18, 4:11 PM
    • #2
    • 10th Apr 18, 4:11 PM
    Hello SecretShopper123

    How any such payment holiday is reported to credit reference agencies may vary from one lender to the next - I think you would be best to ask your lender directly, even if it's just on a hypothetical basis.

    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • EssexHebridean
    • By EssexHebridean 11th Apr 18, 2:56 PM
    • 8,719 Posts
    • 46,028 Thanks
    • #3
    • 11th Apr 18, 2:56 PM
    • #3
    • 11th Apr 18, 2:56 PM
    A bigger question here might possibly be why you're considering using this facility? I can see some scenarios where it might be the lesser of two evils - for example with absolutely NO warning a car failing completely and requiring replacement, meaning more going out than is available in your emergency fund. if it is to fund a "want" rather than a "need" though, remember it does still have the effect of leaving you in debt for longer, so should be a last resort. Similarly if you're looking for a month off paying because you're struggling to make the payments in the first place, then it's time to revisit your budget and work out what can be trimmed elsewhere to make the payments sustainable, ongoing.
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    • SecretShopper123
    • By SecretShopper123 11th Apr 18, 8:35 PM
    • 9 Posts
    • 14 Thanks
    • #4
    • 11th Apr 18, 8:35 PM
    • #4
    • 11th Apr 18, 8:35 PM
    It isn!!!8217;t something I would do because I wanted the money to buy something I didn!!!8217;t need. What has happened is I have just returned to work after maternity leave and as I have started half through the month it messes up my pay which I totally forgot to consider when I put my date for restarting back in, blaming it on baby brain! Will definitely be making overpayments once my pay goes back to normal.
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