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The phrase "a payment holiday" is correct and usable in written English.
It is typically used to refer to a temporary suspension of payments, often in the context of loans or mortgages.
Example: "Due to the financial difficulties caused by the pandemic, many banks are offering a payment holiday for borrowers."
Alternatives: "payment deferment" or "payment suspension".
Exact(13)
Another alternative is a payment holiday.
Ask if you can make reduced payments for a time, or even take a payment holiday.
Last week I bit the bullet and joined several thousand other homeowners in calling my mortgage lender and asking for a payment holiday.
This will give you a payment holiday but be careful not to rack up extra new debt if you are granted a card.
Research by Abbey suggests that homeowners see reducing their mortgage as a priority, with only a very small number planning to take a payment holiday or underpay.
I had to buy an expensive train ticket home for Christmas one year, so I asked my bank if I could have a payment holiday.' Her bank refused.
Similar(47)
MBNA, for example, will give hurricane victims a two-month payment holiday and a break from cash advance and late fees.
Homeowners struggling to pay their mortgages were given a reprieve by Gordon Brown yesterday when he unveiled a plan to let people affected by the economic downturn take a two-year mortgage interest payment holiday.
The payment holiday, which takes effect from tomorrow, is an attempt to show voters that the government is on the side of homebuyers at a time when property values have slumped and sales stagnated.
Favell is understood to have told landlords the payment holiday is the only "viable option".
These newly acquired talents often flood HR departments with numerous questions related to payment, holiday leaves, social benefits and their general rights.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com