If you have any concerns about making your payments during the coronavirus pandemic, we recommend contacting your bank or lender directly about your repayments concerns, this is because each one is dealing differently with the current situation. They should be able to give you all the information you need during this time and maybe able to set up a payment holiday for you.
Payment Holidays do not impact your credit score and can be a useful way to protect your score for the future during this time of uncertainty.
What if my score is impacted by my payment holiday?
We can assure you that this shouldn’t happen and is most likely as a mistake by the lender. We suggest contacting your lender directly as it is your lenders responsibility to fix this and explain that you were granted a payment holiday. Your lender is required to provide the correct information to the credit reference agencies, so they should amend the information for you and your report should soon recover.
Once the information has been amended, you will see this on your TotallyMoney credit report when we receive your latest credit report each month.