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 15 days ago
 Source: finsmes.com

Covid-19 Pay Freezes On UK Loans and Credit Cards

Quick Summary

On Thursday 9th April, anyone who was struggling to stay on top of the debt they had, whether it was credit cards or loans, and overdrafts, would benefit from payment freezes. Credit Cards and Personal LoansWith regards to credit cards and personal loans, providers are obliged to offer a temporary freeze on payments for as much as 3 months, for any of their customers whose finances have been adversely affected by the pandemic. It is your legal right, therefore, to ask for a 3-month repayment freeze on any kind of loan or credit such as home collected credit/doorstep credit, logbook loans, guarantor loans, catalogue credit, store cards, credit cards or personal loans. It is important to bear in mind that mortgage payment holidays, most payment freezes aren’t free. Credit RecordsYour credit record should not be affected if you take advantage of these payment freezes.

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