Martin Lewis shares if you should pay holiday balance or not

Martin Lewis has shared his advice as to whether you should pay your remaining holiday balance.

Travel firms are cancelling further flights and holidays this week, as the government's advice against non-essential travel continues.

Earlier this month, the Foreign Office postponed all foreign travel "indefinitely".

And with the coronavirus outbreak continuing, some people have been worried about paying their holiday balance.

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Quiet Manchester Airport, planes parked up at the stands

Offering his advice, Martin said: "Sadly, there is no right answer here – all I can do is help you weigh it up.

"If you pay up, we hope you'll go ahead and have a wonderful holiday, but there's a very plausible chance that may not happen.

"If it's a package holiday and the firm cancels, you're due a full refund.

"If the holiday's available but the Foreign Office is still warning against all but essential travel, provided you got travel insurance before they stopped covering coronavirus, you can likely claim."

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But Martin revealed there are risks to this.

He said if the Foreign Office travel restrictions are lifted but you chose not to travel, you won't be covered.

As the travel industry is under pressure, some firms are offering vouchers over refunds, as many firms are at risk of going bust.

If the operator does collapse and you have a package holiday booked, check to see if you have ATOL or ABTA protection. If you do you will get a refund.

If not, you will have to rely on your bank for a chargeback or Section 75 protection.

But what happens then if you don't pay up?

Martin said: "If you don't pay up, then you're the one essentially cancelling the holiday, not the firm, so you'd likely lose the deposit.

"Even then, if the deposit is small and the balance large, and you think you're very unlikely to travel, taking this hit may be an easy option.

"Unfortunately, there's no correct decision here without a crystal ball, so do what makes you feel most comfortable, and if it's in the balance, maybe factor in the impact on the travel firm too."

You can read more of Martin's advice here at MoneySavingExpert.com.

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