Online Genius.

To ask your question, simply type a word or phrase in the box and let our Genius help you with the answer.

Categories.

Can I take a payment holiday?

Yes, you can now defer your payments for up to 3 months if you are having temporary difficulty as a result of Coronavirus. If at the end of the initial deferral you remain in temporary difficulty and are unable to resume your monthly payments you can then request an additional payment deferral of up to 3 more months. If you are able to resume your monthly payments, it will be in your interests to do so rather than apply for a further deferral.

During a Payment Deferral customers will not be required to make payments for one, two or three months and the length of their finance agreement (known as ‘term’) will be extended by the same period, up to three months. As you will take longer to pay back the amount borrowed, there will be additional costs to pay.

For more information on Payment Deferrals and to apply please click here.

If you are experiencing financial difficulties or are concerned about the financial impacts of COVID-19, the following not-for-profit organisations also provide free, confidential and impartial debt advice and support:

Citizens Advice – www.adviceguide.org.uk

National Debtline – www.nationaldebtline.co.uk

Money Advice Service – www.moneyadviceservice.org.uk

FCA Dealing with financial difficulties during the Coronavirus pandemic - www.fca.org.uk/consumers/dealing-financial-difficulties-coronavirus

Was this answer helpful?