Stop Interest on Mortgage and Loan Payment Holidays

The Issue

Many people around the world are experiencing circumstances that are unprecedented in nature due to the Corona Virus outbreak. Whole nations on shutdown and people being instructed not to go to work. Financially, this is catastrophic for many people and the lives and stability of families have been changed drastically and even irrevocably. Boris Johnson has committed to helping people and companies through these tough and testing times so I'm calling out to Mortgage and Loan providers that are offering people payment holidays. The payment holidays are certainly a step in the right direction and a welcome relief to many people who will now be living on the breadline. We all have a hand in defeating this threat so I believe more can be done by the financial institutions to ease the massive burdens that families will be facing over the coming months and even years to come. Boris Johnson has spoke about sacrifice and how he will do everything in his power to help. The economy will be drastically affected and this in turn will affect us all. The amount of money we have to spend on goods and services has a massive impact on us all and especially business which are the backbone of the British economy. Therefore, as we are all in this together I propose that all financial institutions stop all interest on payment holidays. The purpose of the payment holidays are to give people breathing space in these testing times, so to continue to add interest to these Loans and Mortgages at this time does not seem like fair practice. I therefore call upon the Government to address this situation and further help people in their time of most need. As an example the Lloyds Banking Group in 2018 had an estimated worth of 797 million and in 2019 The Santander Group's revenue was 49 billion. People are going to lose their businesses, livelihood and maybe even their home. Many people, families, companies and the Economy may not recover for a long time, so the least these companies can do is show their solidarity and support for the people who fund their businesses and stop adding interest at this time.   

This petition had 126 supporters

The Issue

Many people around the world are experiencing circumstances that are unprecedented in nature due to the Corona Virus outbreak. Whole nations on shutdown and people being instructed not to go to work. Financially, this is catastrophic for many people and the lives and stability of families have been changed drastically and even irrevocably. Boris Johnson has committed to helping people and companies through these tough and testing times so I'm calling out to Mortgage and Loan providers that are offering people payment holidays. The payment holidays are certainly a step in the right direction and a welcome relief to many people who will now be living on the breadline. We all have a hand in defeating this threat so I believe more can be done by the financial institutions to ease the massive burdens that families will be facing over the coming months and even years to come. Boris Johnson has spoke about sacrifice and how he will do everything in his power to help. The economy will be drastically affected and this in turn will affect us all. The amount of money we have to spend on goods and services has a massive impact on us all and especially business which are the backbone of the British economy. Therefore, as we are all in this together I propose that all financial institutions stop all interest on payment holidays. The purpose of the payment holidays are to give people breathing space in these testing times, so to continue to add interest to these Loans and Mortgages at this time does not seem like fair practice. I therefore call upon the Government to address this situation and further help people in their time of most need. As an example the Lloyds Banking Group in 2018 had an estimated worth of 797 million and in 2019 The Santander Group's revenue was 49 billion. People are going to lose their businesses, livelihood and maybe even their home. Many people, families, companies and the Economy may not recover for a long time, so the least these companies can do is show their solidarity and support for the people who fund their businesses and stop adding interest at this time.   

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This petition had 126 supporters

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Petition created on 21 March 2020