Should you use a payment holiday to help pay for Christmas?

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“Shall I use a payment holiday to help me pay for Christmas? Should you use a payment holiday to help pay for Christmas?

The answer is no.

I know it’s tempting. I know it feels like fast access to cash, which lots of us need around this time of year.

BUT Christmas isn’t a good enough reason to get into a debt cycle. If this year has taught us anything it’s that the most valuable and important assets we have are free. Time together. Health. Family. Friends. Connection. That is what the season is all about.

ONLY use a mortgage payment holiday if you really need one.

There is NO SHAME in using this facility if you DO need it.

It’s there to help you if you are:

Should you use a payment holiday to help pay for Christmas? * Struggling to pay your bills

Should you use a payment holiday to help pay for Christmas? * Have had your business and income affected by Covid-19

Should you use a payment holiday to help pay for Christmas? * Likely to miss payments on your current debts

Should you use a payment holiday to help pay for Christmas? * Struggling financially due to Covid-19

Use it if you need to. Avoid it if you don’t.

It could affect your ability to borrow in the future.

Questions will be asked such as “was your business affected by Covid-19?”.

If the answer you then say is “no” but the lender sees you have taken a payment holiday for 6 months, then it may not add up.

If you have any questions on this please feel free to get in touch!

Sarah Tucker