PCP COVID payment holiday then VT?

[The1Utd]

Hi all,
So, my income has been severely hit by the Coronavirus and I need to stop paying for my car.
Now, I’ve paid quite a bit over the 50% mark, so could VT it, but I’m going to be working my backside off to get my income back up, so am thinking that taking a 3 month payment holiday will hopefully see me through, as I really don’t wan to have to VT - I love my car!
My only worry is is that if I can’t get my income back up quickly enough I would need to (very reluctantly, believe me!) VT the agreement. Would I still be ok to do this, even though I would’ve taken the 3 month payment holiday?
I really hope I won’t *have to VT but if I really need to then I’ll have to, so I just need to be clear on where I’d stand before I make a final decision.
Thanks in advance for the advice.

[TINY TOTS]

hi there I would have thought it don't matter how many months you have as a payment holiday, its all about reaching the 50% mark on payments you have made. rightly so you could vt now but if you have the payment holiday take advantage of having the car for another 3 months whilst your income has been affected

[The1Utd]

Thanks Tiny Tots, that was pretty much my thoughts, but just wanted to confirm I was on the right lines.

so, now I have received an email from VWFS (Audi Finance) basically saying that to take advantage of a payment holiday (the most recent payment was not made as I applied for the holiday, they suspended the payments while they decided if they could offer a payment holiday and have finally got back saying they can) I need to sign an amendment to agreement contract. This amendment quotes the balance now outstanding and that the monthly payments and final balloon payment will increase, together with the term remaining, if I take the holiday. All of this is ok I’m principle, as I knew this. What I want to ask before I sign though is this going to affect my right to VT by virtue of does it mean I have to pay 50% of the amount in this amendment before I can VT i.e. as far as VT is concerned, this is a new contract?

Here’s the covering letter in the email (doesn’t give much detail but just as a bit of an overview):

Thank you for your continued patience whilst we considered your request for a payment deferral. We are pleased to confirm that this has now been approved.
Important:
In order for us to proceed with your payment deferral, we require you to sign and return the enclosed Modifying Agreement within 5 days.
Before you do so, we would ask that you read through the enclosed Pre-Contract Credit Information and Adequate Explanation which set out the terms on which we are prepared to proceed with your payment deferral.
The Modifying Agreement will adjust the payments which you are due to make under your existing finance agreement with us. The amount you will need to pay by way of interest (and therefore the total payable) will also be increased as a result of the payment adjustment. To ensure that your future repayments do not substantially increase, the term of your agreement may also be extended. Please refer to the enclosed Adequate Explanation for further details.
We would also draw your attention to the date on which your next payment will fall due following the expiry of the payment deferral period, as stated within the Financial Information section of the Modifying Agreement.
Next steps to receive your payment deferral:
In order for us to proceed with your payment deferral, please sign the enclosed Modifying Agreement, so that we receive it within 5 calendar days from the date of this letter. The remaining documentation should be retained in a safe place for future reference.
If you do not wish to proceed with the payment deferral:
In the event that you decide not to proceed and/or we do not receive your signed Modifying Agreement within the next 10 calendar days, your existing finance agreement will be unsuspended and your direct debit will be reinstated. Any payments that were due before or during your agreement being suspended will be considered as overdue and will be called for by direct debit, unless you contact us within the next 10 days to make alternative arrangements.