MoneyMagpie

Join MoneyMagpie today!
Log in or Register.

Loan Repayments

Home Messageboards Benefits & Financial Support Loan Repayments

Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • #150989
    AvatarEllie
    Participant

    I’m contracted into car loan repayments that I’m not sure I’ll be able to continue to afford paying regularly in the next few months. Is it possible to suspend them?

    #150998
    JasmineJasmine
    Keymaster

    Yes it will be. I say that because the Financial Conduct Authority is right now ‘consulting’ with car loan companies to get them to give their clients payment holidays.

    It hasn’t happened yet, and it’s still only a ‘consultation’ period, but when the FCA ‘suggests’ things, they tend to happen. Reading between the lines it sounds like the FCA will basically force car loans companies to give borrowers time off during the lockdown period and a bit beyond. We should hear something about this at the end of the week I think.

    #151002
    AvatarEllie
    Participant

    Great stuff, thanks

    #151034
    Annie ThorpeAnnie Thorpe
    Keymaster

    It’s now happened! You can get up to a three-month payment holiday for your car finance. You’ll need to speak to your provider though – don’t just stop making payments, as that’ll affect your credit score.

    If you think you only need a month or two months’ break, go for that – because extending your finance can cost you more in the long term, so the shorter a holiday you can take, the better.

Viewing 4 posts - 1 through 4 (of 4 total)
  • You must be logged in to reply to this topic.