Negative arrears

L

Lancealot

Registered User
Messages
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Hi, I have been told that negative arrears amount on my online CU account means that I am ahead of schedule with my repayments. If this is the case can I take a repayments holiday up to the point where the Arrears value hits zero. Thank you
 
so-crates said:
Have you spoken to your CU about taking a repayments holiday?
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Thanks for your reply and as you speak I have had a definitive answer to the query I posed. Happily, yes I can take a holiday but I need to be aware of the interest element.
 
OK so as I understand it the interest accumulates as the holiday from payment is in progress so next time round your payment might need a little extra if the arrears cannot match the accumulation.
I hope I got that right!
Bronte said:
What does that mean need to be aware of the interest element?
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