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Financial guru Martin Lewis urgently warns anyone with a mortgage or credit card

Money Saving Expert founder Martin Lewis has issued an urgent warning to anyone who has a credit card, mortgage or car finance – and you need to act fast.

Since the outbreak of the coronavirus pandemic, four vital personal finance support pillars have been put in place to assist the public as lockdown drags on into the 2020 abyss.

This has included the furlough scheme, self-employment grants, a universal credit boost and the right to take three-month payment holidays on most debts, reports The Echo.

Despite the pandemic still not being over, many changes to these support schemes are being introduced.

Economic uncertainty continues, with many people and businesses struggling to keep afloat.

Martin advised that though there’s little people can do to stop the impending changes, payment holidays can still provide welcome relief if people manage to snap them up before they close.

The money guru stressed “everyone should evaluate ASAP if they need one”.

If you apply for a payment holiday before October 31, it will last three months.

If your finances are impacted due to Covid-19, you can apply for a payment holiday which will mean you don’t need to make repayments.

If you apply by the end of this month, you’ll get three months almost automatically. Payment holidays are available on mortgages, overdrafts, credit cards, personal loans, insurance, car finance, buy-now-pay-later, rent-to-own and pawnbroker loans.

There’s also a month’s payment and interest holiday for payday loans.

Martin warned if you’ve already had two three month holidays on a single product and apply for another on that same product, you’ll be put on to the post October 31 regime.

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