Banks to stop charging interest during Coronavirus payment holidays.

Banks to stop charging interest during Coronavirus payment holidays.

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Adam Green started this petition to UK banks and

In 2008 the British public’s tax revenue was used to bail out our banking system which was on the verge of collapsing under the weight of its own contrivance and corruption.

Now our government has asked our banks to help out those who are unable to pay their mortgage (not through any fault of their own, but because of the Covid 19 situation) by granting them a three month payment holiday. However, under the scheme interest will continue to accrue during this period and the overall borrowing period will not be extended, meaning that once the holiday period is over people will find that their monthly mortgage payments will increase at a time when their incomes are most likely to be adversely affected.

Banks believe that this is helping us in the same way that we did in 2008 when we gave them our money. It is not, it is simply profiteering.

This is an opportunity for our banks to show their gratitude to the public and that they are not simply profit making enterprises - by making these payments a proper suspension, with no interest and the three month period added onto the overall term if the lendee should need it. They will still get paid the outstanding mortgage with all commensurate interest but will also be helping their customers and the communities of which they are a part. If they remain unwilling to do so, our Government should press them into it.

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