Summary
Is taking a break from regular payments on your mortgage, credit card or a loan for example a good way to help you through financial difficulties?
Charmaine Cozier asks what you should consider before deferring regular payments and whether there are alternatives or long term consequences for your money.
We'd love to hear your questions, experiences and views so please e-mail [email protected] now.
On the panel are:
Sam Nurse, Money Advice Hub. Your Debt Doctor, Ripon Ray. James Jones, Experian.
Presenter: Charmaine Cozier Producer: Diane Richardson Editor: Emma Rippon
Transcript
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| 0:00.0 | In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers. |
| 0:08.0 | But the man who often found, tortured and sometimes killed these people on behalf of the IRA |
| 0:12.0 | was himself an informer, a secret British army agent with the codename Stakeknife. |
| 0:18.0 | Who gets to play God? And why me? Why my family? When lies are still being told to this day, |
| 0:24.0 | who do you believe? I wouldn't even know where to start and I'm with the IRA. |
| 0:28.5 | Steakknife. Listen first on BBC Sounds. BBC Sounds, music, radio, podcasts. Welcome to the download of Moneybox Live, the program about your money. |
| 0:41.3 | It's been eight months since the Financial Conduct Authority introduced payment deferrals or holidays |
| 0:46.6 | to support households which are struggling to repay personal loans due to the impact of |
| 0:51.4 | coronavirus on their incomes. Since then, millions of people have |
| 0:55.3 | frozen payments on a range of debts, including mortgages, cars, payday loans and credit cards. |
| 1:01.0 | It was supposed to be a temporary measure, but financial uncertainty around lockdowns and |
| 1:05.7 | the recent extension of the furlough scheme has caused the FCA to keep the scheme going at least |
| 1:10.7 | until July next year. |
| 1:12.7 | If you're wondering if a payment holiday is for you or if you need help with one you've already taken, |
| 1:17.3 | our panel is here to help. So let's meet them. Sam Nurse is director and founder of the Money Advice Hub. |
| 1:24.4 | Hello, Sam. Hello. Now, what are the rules and time limits for these payment holidays? |
| 1:31.8 | Okay, well, mortgage borrowers who haven't already requested a payment holiday of the three months |
| 1:37.9 | can do so until 31st of March 2021. Mortgage borrowers who are already in a repayment holiday can extend |
| 1:48.4 | that repayment holiday initially that was three months to three to an extra months. And |
| 1:55.4 | the scheme is for a maximum of six months altogether. The deadline for new holidays is the 31st of March next year, and all payment holidays |
| 2:06.1 | must end by the 31st of July 2021. |
| 2:10.5 | Okay, so you have to take it by then, but apply before July to make sure that you can... |
... |
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