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Lloyd’s bank joke payment holiday COVID-19
glowpyj
Posts: 4 Newbie
So being a self employed small business owner there is currently zero financial help available to me. I asked my bank Lloyds for a payment holiday on my personal loan to help. They offered me a 3 month payment holiday BUT for each month they will charge the equivalent of my monthly payment (over £600) in interest added to the loan!! Please tell me how is that helping me? I’m at a loss. All I can do to help myself right now is dig myself into further debt!
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Comments
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Are you sure that is correct? It is usually just the interest of those months missed added to future payments. They wouldn't just charge the full monthly payment as interest, that has no basis.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes it’s correct. I’ve spoke with them on the phone and they’ve just called again to answer my complaint about it. For each months holiday payment they will charge two months interest which is almost the same as my monthly payment itself0
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Sorry to hear that, it's obviously different with it being a personal loan repayment and not a mortgage then.I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It'd probably be cheaper just to not pay it for three months - not suggesting you do that!
"You've been reading SOS when it's just your clock reading 5:05 "0
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