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Covid Payment Holidays.

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s it likely that using the payment holidays on offer for cards and loans would have an impact on future credit applications , such as a mortgage?

Jhon32
3 months ago
What do you think of this?
Dennab
Dennab3 months ago

From Which? website:

The FCA says lenders should ensure the temporary measures don’t impact credit reports and scores. Meanwhile, the UK’s three main Credit Reference Agencies (CRAs) have pledged to protect credit scores during the COVID-19 pandemic.

https://www.which.co.uk/news/2020/04/will-a-coronavirus-payment-holiday-impact-your-credit-score/

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Jhon32
Jhon32
Original Poster
3 months ago

Furlough for 3 months was a one off. Any longer then government will be taking money like Roosevelt did with gold. Or something similar. Someone will have to pay for this. A payment holiday is a short term fix while the powers at be see how the land lies and have a think. Jmo.. I'm dreading the flu season in October. At least it's summer which is a plus. We have time to plan but payment holiday is just that. Then what?

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Dennab
Dennab3 months ago

Jhon32 Agreed it's long term. I've said before - I'm fully expecting it to cost me beyond the slight loss of income right now. Let's hope the Times Rich List do their bit too.

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Dennab
Dennab3 months ago

Get it in writing if you're worried though.

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Jhon32
Jhon32
Original Poster
3 months ago

FCA 03 April 2020: Credit providers should "Ensure consumers using any of these temporary measures should not have their credit rating affected"

https://www.fca.org.uk/news/press-releases/fca-proposes-temporary-financial-relief-customers-impacted-coronavirus

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