Martin Lewis warned anyone with a credit card or overdraft.
The money-saving guru who runs MoneySavingExpert.com and also has its own show on ITV published the advice in a newsletter.
He warned that the payment vacation will end on October 31st – unless you’ve successfully requested one before that date.
It means you only have a few days to apply for one if you haven’t already.
If you are financially affected by the coronavirus pandemic, you can apply for payment leave, which means you don’t have to make any repayments. Birmingham Live reports.
If you apply by the end of this month, you will almost automatically receive three months.
They are available for many things, including loans, repayment facilities, funding agreements with auto companies and dealers, overdrafts, and – probably most commonly – credit cards.
Starting November 1, there will be a uniform vacation postponement for “bespoke support,” Lewis warned this week on the ITV Money Show, which aired from the ITV1 studio on Thursday.
He cautioned that this has two major drawbacks, including the impact on your future credit and the rapid increase in interest rates.
Martin is bringing the ITV show back this Thursday from 8:30 p.m.