Optimum credit

Broker Q&A

All information correct at :

26th October 2020 6:45 pm

Our position

In these exceptional circumstances we will take a flexible and appropriate approach and determine how best to help our customers. It is therefore a requirement that the root cause of actual or anticipated financial difficulty is discussed with the customer at every contact. All forbearance options will be considered, and a Payment Holiday will be offered, if it is the most appropriate solution with the impact of this treatment being fully explained to the customer.

We can confirm we will be offering a payment, or part-payment holiday to customers who have identified they will experience financial difficulty as a result of the virus, from a period of 1 month up to a maximum period of 3 months if this is the most appropriate treatment.

As part of the assessment, we will review the direct impact of COVID-19 on income and expenditure to determine the most appropriate forbearance options, which may include the provision of a payment holiday for an agreed period of up to 3 months. At the end of the payment holiday period all customers will be subject to income and expenditure reviews as required under MCOB. Further forbearance options will be considered on an individual basis if:

  • the customer is still experiencing a financial impact from the effects of COVID-19 and
  • that other/additional short-term forbearance measures have been considered


Customers in arrears may be considered for a Mortgage Payment Holiday if this is deemed to be the most suitable forbearance option, based on their individual circumstances.

We may need to complete an income and expenditure assessment and discuss in detail the circumstances for each customer applying for the payment holiday, we would therefore encourage our customers who are concerned about paying their mortgage to get in touch with us as soon as possible to discuss the most suitable forbearance option, based on their individual circumstances. This may include a 3-month payment holiday is the best option for them.

We have taken guidance from the FCA and UK Finance who have been working with firms to understand the impact of COVID-19 on business continuity and the consequential impacts on supporting customers well and fairly.

We are NOT offering the option of Interest Only at this time.

We will take a flexible approach and determine how best to help our customers. It is therefore a requirement that the root cause of actual or anticipated financial difficulty is discussed on a case by case basis.

These will not be reported as arrears on the customer’s credit profile.

Customers in arrears may be considered for a Mortgage Payment Holiday if this is deemed to be the most suitable forbearance option, based on their individual circumstances.

We will look at each case on its individual merits and provide the customer with an answer as soon as practicable.

No, as we would like to speak to the customer directly to understand their individual circumstances so that we can establish the right course of actions for them.

Please use the following email address: customerservices@optimumcredit.co.uk