Payment Holidays

[deanlad]

Apologies if this has been covered elsewhere.
A lot of lenders are offering payment holidays in the current Covid/Financial crisis.
The only exceptions in the main at the minute seem to be Barclaycard and HSBC.
Across the board, mortgages have generally allowed a payment holiday.
Do we think Barclaycard/HSBC are going to stand alone and offer nothing, well a token waiving of charges for late payment, or have to tow the line and follow suit?

People will certainly remember who helped out after this is over and can vote with their feet...

[Alansmithee]

Apologies if this has been covered elsewhere.
A lot of lenders are offering payment holidays in the current Covid/Financial crisis.
The only exceptions in the main at the minute seem to be Barclaycard and HSBC.
Across the board, mortgages have generally allowed a payment holiday.
Do we think Barclaycard/HSBC are going to stand alone and offer nothing, well a token waiving of charges for late payment, or have to tow the line and follow suit?

People will certainly remember who helped out after this is over and can vote with their feet...

Maybe I'm misunderstooding your point but a quick google suggests HSBC has offered a payment holiday scheme since the 24/03/2020 ?

[deanlad]

Maybe I'm misunderstooding your point but a quick google suggests HSBC has offered a payment holiday scheme since the 24/03/2020 ?

That’s for mortgages? All banks pretty much in lie with that.
It’s loans and CC payments they are unaligned with.

[MB2]

Expected in the next chancellor's statement


FCA Proposes Consumer Financial Relief Measures
On a consumer level, the Financial Conduct Authority (FCA) has proposed temporary measures to support end-users of certain products further. Stakeholder consultation is underway with results expected early next week, and implementation planned for 9th April.

The following measures may be expected of banks and other credit providers:

• Offer a temporary payment freeze on loans and credit cards for up to three months;
• Up to £500 charged at 0% interest for up to three months for existing overdraft customers;
• Make sure that all overdraft customers are no worse off on price than before recent changes;
• Protect credit rating for consumers using any of these measures.


Christopher Woolard, Interim Chief Executive of the FCA, said: “If confirmed, this package of measures we are proposing today will help provide affected consumers with the temporary financial support they need to help them weather the storm”.