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Payment holidays are due to end on October 31, but there is still a way to get financial support

Martin Lewis urges people with debt to apply for a payment holiday before the support ends in a few days.

Martin Lewis has issued an urgent warning to anyone across the UK struggling with their finances due to the ongoing coronavirus pandemic.

Writing in the latest edition of the MoneySavingExpert.com newsletter, the consumer champion had urgent advice for anyone with a mortgage, credit card, car finance or loan repayment, or if you pay insurance monthly.

UK Finance confirmed some 4.4 million payment holidays have now been granted across the UK due to the pandemic and of those, 323,700 remain in place.

UK Finance said the banking and finance industry is committed to supporting mortgage, personal loan and credit card customers facing financial difficulty.

Ongoing support for mortgage customers may include extending the length of the mortgage term, switching temporarily to an interest-only mortgage and deferring interest payments.

Credit card and personal loan customers may still be able to make reduced payments for a further short period if the customer’s circumstances are expected to improve.

A longer-term repayment plan may be needed for those in more severe financial difficulties.

Lenders may also consider whether outstanding credit should be refinanced at a sustainably affordable payment rate.

October 22, 2020

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