Banks and regulators in talks over extending credit card payment holidays

[Gerry1964]

Banks and regulators in talks over extending credit card payment holidays for hard-up borrowers for another three months
The FCA extended mortgage holidays last week

Bankers are now in talks with it over doing the same thing for unsecured debts, There are concerns due to the cost of rolling over more expensive debt, Taking a three-month payment holiday does not write-off any interest

Credit card and loan borrowers may be able to put their payments on hold until the end of September, under plans reportedly being considered by banks and regulators.

Banks are in discussions with the Financial Conduct Authority over extending three-month credit card and loan repayment holidays initially brought in in April, according to the Financial Times.

The news comes just four days after the FCA brought in measures which meant those struggling to pay their mortgage could put repayments on hold for three more months and had until the end of October to apply for a mortgage holiday.



Read More Here....

https://www.dailymail.co.uk/money/cardsloans/article-8398775/Credit-card-payment-holidays-extended-September.html

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[Roxysdad]

I really feel sorry for people and businesses in this predicament through no fault of their own Gerry, It’s a worrying time for some let’s hope everything improves sooner than later.

John.

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[Gerry1964]

I really feel sorry for people and businesses in this predicament through no fault of their own Gerry, It’s a worrying time for some let’s hope everything improves sooner than later.

John.

As you say its a worrying time and through no fault of there own, I think people should have the maximum help possible, If it means a further payment holiday then yes.  We need to remember people have been off work since March and only have their savings to live by.

Lets hope things will get back to near normal by September, but this is a lfe line for sure for many 

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