By Mr Bankruptcy
26th November 2020
Lockdown followed by the impact of Covid-19 restrictions have led to many people losing their income or seeing it severely reduced overnight. Banks and lenders have reacted by introducing short term payment holidays to support their customers while they adjust to their new situation.
The time period for payment holidays has been extended into 2021, so could this be an option for you if you now find yourself struggling with repayments?
When can you take a payment break?
The Financial Conduct Authority (FCA) has established temporary measures for banks and lenders to support customers who are struggling to make payments. These payment holidays cover a broad range of products, which include:
If, at the end of your payment holiday, you continue to struggle to make payments, tailored help will be made available to manage ongoing financial challenges.
Seeking advice about payment holidays
The BBC reported in October that 85% of UK adults have at least one loan of one type or another. The fact that 2.5 million people have taken a payment break from their mortgage since the beginning of the pandemic illustrates just how important payment holidays have become and may continue to be.
My main message here is don’t hesitate to speak to your lenders to understand fully how a payment holiday could apply in your particular circumstances and remember the 31 March deadline for applying.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors facing unmanageable debt or involved in civil or commercial disputes. Our services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you need to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email email@example.com to find out whether you could qualify for one of our free consultations.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.