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What is a payment holiday?  

A payment holiday entitles you to have a break from your payments for up to three months at a time, with the total maximum allowance of six months.

However, it’s important to remember that your mortgage balance will increase, you will still owe that money and the associated interest which accrues during your payment holiday period. 

Am I eligible for a payment holiday?  

We can no longer offer new payment holidays as the 31 March deadline has now passed, however we have a range of options still available for you if you’re experiencing financial stress and would ask you to contact us to discuss your circumstances on 0345 149 7751.​

If you already have a payment holiday you may be able to extend this up to a total of six months, however this must end by the 31 July.

If I extend a payment holiday what will happen to my credit file?

Your credit file will not be impacted by your payment holiday as we will not report your deferred payments to credit reference agencies during this time. This means there will be no adverse effect to your credit report.

However, some lenders may take this into account therefore it may have an impact on obtaining credit in the future.

What impact will a payment holiday have on my future monthly payments?  

Your mortgage balance will increase during the payment holiday period and you will still owe that money and the associated interest which accrues during that time.

When it’s time for your usual monthly payments to start again, we will contact you to understand your circumstances and agree a manageable way for you to repay the deferred payment(s) and associated interest charges.

What if my circumstances have not changed at the end of the payment holiday?   

Please contact us as soon as possible. We are here to help you throughout this difficult time and have a full range of tools available to support those experiencing financial difficulty.

If I request a payment holiday but no longer need it, what should I do?  

That’s no problem, we appreciate that during this time things can change quickly. Please call us on 0345 149 7751 or email [email protected] if you’d like to cancel your payment holiday. 

Will you extend my payment holiday?​

​Yes, it may be possible to extend your payment holiday depending on the length of your existing break. For example if you have taken a three month break, this can be extended for a further three months, as long as this does not extend past 31 July 2021. The maximum total payment holiday period that is allowed is six months in total.​

Am I eligible to extend my payment holiday?

Have you taken out a payment holiday already? What you may be eligible for
No Unfortunately, we can no longer offer new payment holidays, however please still get in touch with us to see what other options may be available to you
Yes
One or more payment holidays but the total of these is less than six months
You can top up your payment holiday to a maximum of six months, however this must end by 31 July 2021
Yes
Two or more payment holidays and the total of these has been the maximum of six months
Unfortunately, you are not eligible for a further payment holiday
Please get in touch with us to discuss your options​

When do I need to apply for an extension?

You can apply now to extend an existing payment holiday to a maximum of six months, however this must end by 31 July 2021.

Please call us on 0345 149 7751 or email [email protected] to discuss this so we can make sure this is the right solution for you.

What further help and advice is available?​

For further guidance on the support available during the coronavirus pandemic:

Money Advice Service Coronavirus Support Page visit www.moneyadviceservice.org.uk/en/articles/mortgage-payment-holidays

FCA information page on Dealing with financial difficulties during the coronavirus pandemic www.fca.org.uk/publications/finalised-guidance/information-consumers-financial-difficulties-coronavirus

Here are some organisations you can contact for free, confidential and impartial debt advice.​

Money Advice Service: For free, easy-to-use money tools, information and advice, visit www.moneyadviceservice.org.uk. You can also phone 0800 138 7777 to speak to a money expert, use typetalk at 18001 0800 915 4622, or add +44 7701 342744 to your WhatsApp to send a message.​

Citizens Advice: For advice and information on debt and other topics, contact your local Citizens Advice or go to www.citizensadvice.org.uk.​

AdviceUK: Member centres offer debt advice including specialist advice for minority communities and people with disabilities. Visit www.adviceuk.org.uk​.

Christians Against Poverty (CAP): For free debt advice. Check postcode coverage at www.capuk.org then call 0800 328 0006.​

National Debtline: If you live in England, Wales or Scotland phone 0808 808 4000 or visit www.nationaldebtline.org for debt advice and information.​

StepChange Debt Charity: For free debt advice throughout the UK phone 0800 138 1111 or visit www.stepchange.org​.

Money Advice Scotland: If you live in Scotland, visit www.moneyadvicescotland.org.uk where you can use webchat to speak to an adviser, or email [email protected].​

Citizens Advice Scotland: For advice and information on debt and other topics, contact your local Citizens Advice Bureau, go to www.cas.org.uk, or call the Helpline on 0800 028 1456.​

Advice NI: If you live in Northern Ireland, phone 0800 028 1881, email [email protected] or visit www.adviceni.net​.

Citizens Advice Wales: If you live in Wales, visit www.citizensadvice.org.uk/wales, or you can call Advicelink on 03444 77 20 20 if you want to speak to someone about your debts. Calls cost the same as calls to landline numbers.​

Business Debtline: If you are self-employed or a small business owner, phone 0800 197 6026 or visit www.businessdebtline.org for debt advice and information.​

Idem Servicing is a trading style of Paragon Finance PLC which is authorised and regulated by the Financial Conduct Authority.
Registered office 51 Homer Road Solihull West Midlands B91 3QJ Registered number 01917566