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'Regulator proposes payment freezes and interest-free overdrafts to help consumers during coronavirus'
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Regulator proposes payment freezes and interest-free overdrafts to help consumers during coronavirus
Former_MSE_Naomi
Posts: 519 Forumite
The financial regulator says it will ask firms to offer payment freezes on credit cards and loans and charge no interest on overdrafts of up to £500 for three months, to help customers who have been hit financially by the coronavirus pandemic...
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Comments
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This is great news. I have cards with MBNA and Barclaycard. Barclaycard aren't offering a payment holiday, and MBNA are but said that it WILL negatively affect your credit report, which didn't seem like much use. In contrast my car finance provider MotoNovo are being quite pro-active emailing all customers and offering a payment holiday with assurances it won't affect your credit file. So as it says, the picture is inconsistent across the industry.0
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Hi, hope someone can help clear something up....
Following the government's instructions to banks I applied for an overdraft but was turned down by their computers due to my admittedly poor credit rating. Is it the case that only those who would normally be entitled to an overdraft are able to get one? It seems that the worse your situation, the less likely you are to qualify for any overdraft.
Is there anything I can do other than loan-sharks? I have no guarantor or friends or family who can help.0 -
They won't necessarily extend further credit to you if it's not suitable. And loan-sharks won't be the answer - especially as you would need to go out to some dark back alley to meet one.
List out what you need to pay for, who can wait, where you can negotiate and so on.0
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