An estimated one million people have missed some form of credit payment in the past six months without having previously arranged a payment holiday, according to YouGov research.

The adverse credit study commissioned by Pepper Money found that 4 per cent of respondents have missed a credit payment in the last six months – which is broadly equivalent to 2.1m people.

Of these, 48 per cent did not have a payment holiday agreement in place with their lender, meaning their credit files may be damaged.

Pepper Money sales director Paul Adams says: “Covid-19 has been a disruptive influence on the finances of millions of people and official statistics have reflected the popularity of schemes like the mortgage payment holidays, which required customers to contact their lender to arrange a deferral of their payments.

“However, this research shows that many customers have missed credit payments as a result of Covid without a pre-agreed payment holiday in place and three quarters of this group are concerned that it will negatively impact their ability to secure a mortgage in the future.

“This presents an opportunity for mortgage advisers to help restore people’s confidence by talking about the options that are still open to them based on their individual circumstances. 

“There are many lenders that can take a considered and pragmatic view of mortgage applications from customers who have missed payments as the result of a significant life event, and there are few life events as significant as a global pandemic.”