Banks to defer mortgage payments and increase credit limits for those struggling due to coronavirus

Former_MSE_Naomi

Several major banks have announced support measures for customers affected by coronavirus, including mortgage payment holidays, increased credit limits and penalty-free access to fixed savings...

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'Banks to defer mortgage payments and increase credit limits for those struggling due to coronavirus' 

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Willing2Learn

If payment holidays on credit cards, loans and mortgages and fees waived on missed payments are some of the support measures being rolled out, then how will the banks record account conduct on a borrowers credit file?  Surely the borrower would have breached the terms of the original contractual agreement?

mwarby

I also wonder how you'd prove to the banks that your issues are caused by coronavirus and not just normal financial mismanagment

Thrugelmir

Payment holidays are only going to be short term events. Onus will be on borrowers to rectify within a reasonable period of time. 

pinkdalek

It's a publicity stunt, oooh look at us the good bank being all caring and kind, they don't care, it's all PR trying to get away from their seedy past.  

IamHeisenberg

I have a mortgage with the Halifax ... I just called their call centre only to be told that no communication has been cascaded to them and they can only offer the "assistance" they have been offereing so far, i.e. reduced payments which would automatically mark the account in arrears with black marks on credit score.  In other words they are not offering anything  apart from empty words.  

penners324

Decision made by senior board level management. Information not yet passed down to Customer Services or how they can do it...

Thrugelmir

pinkdalek said:

It's a publicity stunt, oooh look at us the good bank being all caring and kind, they don't care, it's all PR trying to get away from their seedy past.  

Banks are people. At a point one needs too move on. 

SeanM69

I see from the MSE list that First Direct are the only bank not offering mortgage holidays...has anyone heard differently?