Where we’ve offered a payment holiday as a ‘temporary concession’, this means the original terms of your agreement are still in place. Although we won’t expect you to pay the deferred payment(s) until you reach the end of your agreement, they will be considered as missed payments or arrears. But they won’t impact your credit score.
Due to existing legislation, we may need to issue a Notice of Sums in Arrears until the payment holiday and any other arrears are cleared. If you receive a Notice of Sums in Arrears because of a payment holiday, you will see we’ve added a note to this letter explaining that you do not need to pay these specific arrears immediately.
As long as you’re up to date with the agreement, other than the agreed payment holiday, you don’t need to take any action and you can simply file the Notice of Sums in Arrears
However, if you have arrears other than the agreed payment holiday, we’ll still need to look at that with you after the payment holiday ends. We can offer you support and information on the best ways to address your arrears when the time is right.