Stop Bank Interest Charges On Hardship Applications Covid-19
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Many people are losing their jobs and businesses have been forced to close due to the needed global pandemic policies designed to limit spread Covid-19. These closures and job losses are creating economic and financial hardship for many Australian citizens and businesses.
It is unacceptable that whilst the banks will as part of hardship applications freeze repayments on business, home and personal loans do not do the same for the interest, which continues to accrue and be charged.
It is time to change the rules for this unprecedented time of crisis and insist that the banks cease charging the interest on loans to support those who are being impacted to be able to meet their repayments , so that when the time comes they can quickly get back on their feet to continue their businesses, service their clients, support the economy and provide employment, put food on the table and keep a roof over their head.
Freezing loans and deferring payments is absolutely what should be done during this time.
However, to keep the loans accruing interest, interest that people cannot offset or pay down because they have been forced to stop working is unacceptable.
People and businesses will be forced into bankruptcy not because they are bad at business or can't balance a profit and loss statement but because the government mandated that they 'hibernate' their business due to a global pandemic.
Now these businesses and the people who work in them are being penalised by the banking system by additional interest or a forced extension of the loan period. Hence they are being charged for a situation that is not of their making.
How can you justify that? Because those are the rules?
Well in this situation the rules do not apply. The world is in crisis and we should not be forced out of business or our homes by a virus due to a banking system that pretends to care whilst always lining its own pockets and preying on its clients who are helpless to do otherwise.
The banks want to give with one hand and take away with the other, that is unacceptable and we will not tolerate it. It is time to throw the rule book away and do what is in the best interest of your citizens, trades and professions, small businesses and the public they serve and the economy that they support.
Freeze the loans and the interest that is accruing. Insist that banks do this for all customers in this situation and give businesses a fighting chance to get back on their feet, rebuild the economy, serve their customers and provide places of employment for all those affected by this global plague.
We urge you to lead the way and make a stand for the businesses and and the people that you represent and set the bar for the banks to follow suit.
I rally the Prime Minister and The Ministers of The Australian Government to enforce the banks and lending institutions to stop charging interest and fees on those applying for hardship assistance for business, home and personal loans while this pandemic effects the Australian economy and the people of Australia.
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