Payment holidays and deferred payment arrangements

Payment holidays and deferred payment arrangements

31 Mar, 2020

As the COVID-19 crisis escalates, many businesses and individuals face acute financial pressure. Wherever possible, lenders and suppliers of goods and services are being asked to accommodate requests for payment holidays and forbearance.

Lucy Walker considers some of the issues and problems that arise under the consumer credit regulatory regime in connection with offering payment holidays and/or payment plans under existing regulated credit and hire agreements, together with a discussion of the pitfalls to be avoided by suppliers when agreeing deferred payment schemes in relation to invoices for goods and services.

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