Why are some finance companies deferring payments, others adding interest or arrears

Why are some finance companies deferring payments, others adding interest or arrears

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!

I’m shocked during these unprecedented times that some financial institutions are not offering true payment holidays, they are still adding interest and then increasing payments after the 3 month period, with some even saying they will give a payment holiday but that will put the account in to arrears.

There are some very large finance companies which have simply deferred agreements by three months without any additional interest or increasing the monthly payment and simply adding three months extra to the agreement, those such be commended and highlighted in the press.

I see many letters from CEO’s of banks stating they will do all they can to help out anyone affected by Covid-19 yet their words are empty as this is not the true case, we have the worst economic but more importantly danger to people’s lives many of us have ever experienced. I ask that the UK government, which I’m sure millions and I can only thank for the measures they have put in to place to force all these organisations to not charge interest, to defer payments for anyone effected by Covid-19 and make this a legal requirement, not to add additional amounts or place people in arrears. I’m shocked by this behaviour and I’m hopefully millions of my fellow Brit’s feel the exact same way.

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!