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To: Rishi Sunak

Stop lenders applying interest on the 'three-month payment holiday' during the Covid-19 crisis

We want banks and lenders to stop charging interest or adding fees to payment holidays during this time of crisis.

Why is this important?

We bailed out the banks, it is time for the banks to repay that debt!

The three-month holiday from monthly payments is a standard feature in mortgage products offered by lenders and is nothing new. The banks are offering only to waive the assessment process of the customers financials in order to obtain approval of the facility.

This facility will prove profitable for the banks, it is nothing more than a deferment of these payments into the future. Lenders still charge interest during this period and simply add this interest to the loan which will then increase monthly direct debit payments.

For those people who have been struggling to meet their monthly expenses before the lockdown, how can they be expected to meet the additional cost of this facility once payments resume.

The solution is to apply a three-month break from mortgage and loan payments without adding penalties and charges and simply increase the term of the loan by three months.

No-one is winning here, we all have to do our bit and now it is time for banks to do theirs.

The public suffered years of austerity and are in return asking for three months!

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Updates

2020-04-13 12:18:43 +0100

50 signatures reached

2020-04-12 09:33:21 +0100

25 signatures reached

2020-04-12 07:00:45 +0100

10 signatures reached