There is an expected formal announcement soon that this grace period will extend to 14 days instead of only 5 days as per the current legislation. The incoming government has flagged this as an issue and felt that giving people a two week window before it adversely affecting their credit file was more reasonable for the consumer.
What that means for you;
- it's still important to pay your bills on time, however you will have 14 days after the due date to get the payment made in full before it can be listed as late as part of your repayment history information resulting in a negative impact on your credit score.
Your credit score has never been more important. Make sure you notify your service providers if you move address and if you are notorious for paying your bills late or you know you will be away when some are due, make alternative arrangements to have the bills paid.