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COVID-19: Payment Holidays

Over the course of the last couple of weeks we have spoken to many clients about what they can now do to help cashflow.

Those affected should be talking to their mortgage provider or landlord about a payment holiday. This also applies to personal loans.

In the same way, they need to be speaking to every lender for business assets and mortgages. This could for example be loans for vans etc.

Nearly all of the major banks are offering payment holidays, and many have added this to their online facility. It is only after this has been done that you can consider whether it is appropriate to apply for a CIBL loan. This will be one of the questions on the loan application.

The government have said that they will be announcing further support for businesses in the next few days.

Where possible we would advise waiting for this update before arranging additional borrowing.

Please remember that these “holidays” simply delay payment and interest. This will still need to be paid at a later date.



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