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Are the banks doing enough?

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By *essie. OP   Woman
over a year ago

Serendipity

I saw they are offering 3 months mortgage holidays but it’s added on to the end so it’s not really anything.

Some are not charging on first £300 of overdraft but that starts 6th April

They aren’t paying bonuses to their top execs atm.

Should they and could they do more to help?

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By (user no longer on site)
over a year ago

I work for a bank, I have to say they are doing all they can currently. My job in commercial banking has changed daily as I’m moved to support different parts of the business. The support for businesses is coming but clients need to be patient. For non business customers there is as you have said lots of support out there. Mortgage holidays, interest free overdrafts, most loans also allow you to have repayment holidays twice every 12 month period too. Any questions let me know x

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By *ltra72Man
over a year ago

edinburgh

They are giving you the option to get in to more debt. I’m not sure on the mortgage holiday, do you end up paying more through interest ??

In saying that I don’t know what else they could do other than give away free money

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By *oi_LucyCouple
over a year ago

Barbados

Whilst yes, the mortgage payments will be added on the end, it is still welcome relief for many. Myself included.

My mortgage is with Lloyds and they have created a specific streamlined process for applying for a mortgage holiday. All I had to do was fill in a form with name and mortgage acct number and got a text back less than 24 hours later saying the mortgage holiday had been approved.

-Matt

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By (user no longer on site)
over a year ago

Mine is with Halifax. They have said once the break has finished the interest will be recalculated and the mortgage will go up. The length of term remains the same.

Same with any loans with them

So if you’re struggling to pay it now how will you pay an increased payment in 3 or 4 months time.

If we are still in lockdown or social distancing will they lengthen this period?

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By (user no longer on site)
over a year ago


"Mine is with Halifax. They have said once the break has finished the interest will be recalculated and the mortgage will go up. The length of term remains the same.

Same with any loans with them

So if you’re struggling to pay it now how will you pay an increased payment in 3 or 4 months time.

If we are still in lockdown or social distancing will they lengthen this period?"

The mortgage isn't going to go up, the repayments are. This is simply because you will repay that mortgage over a shorter amount of months. It doesn't mean you will actually pay more

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By (user no longer on site)
over a year ago

I'm debating if the 3 month holiday is worth the increased payments for the next 20 years of interest on interest...

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By *heBirminghamWeekendMan
over a year ago

here


"I work for a bank, I have to say they are doing all they can currently. My job in commercial banking has changed daily as I’m moved to support different parts of the business. The support for businesses is coming but clients need to be patient. For non business customers there is as you have said lots of support out there. Mortgage holidays, interest free overdrafts, most loans also allow you to have repayment holidays twice every 12 month period too. Any questions let me know x"

Are you finding businesses are thinking twice about using the government loan scheme, as the banks are requiring Directors/owners to personally guarantee the loan?

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By *oi_LucyCouple
over a year ago

Barbados


"Mine is with Halifax. They have said once the break has finished the interest will be recalculated and the mortgage will go up. The length of term remains the same.

Same with any loans with them

So if you’re struggling to pay it now how will you pay an increased payment in 3 or 4 months time.

If we are still in lockdown or social distancing will they lengthen this period?"

Crumbs... how short/big is your mortgage?!

If you assume a mortgage is 25 years, and that the average length left on one is 12 years, then adding and extra 3 months interest on the end is not going to be that significant.

-Matt

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By (user no longer on site)
over a year ago


"

The mortgage isn't going to go up, the repayments are. This is simply because you will repay that mortgage over a shorter amount of months. It doesn't mean you will actually pay more"

The 3 months charges you won't pay during the payment holiday is simply added to your outstanding mortgage balance.

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By (user no longer on site)
over a year ago


"I'm debating if the 3 month holiday is worth the increased payments for the next 20 years of interest on interest... "

I guess this depends on each bank but interest is calculated daily I believe.

What I'm not sure on is whether they will continue to calculate interest during the break or if they put it on hold.

If it's the latter then surely you pay no 'extra' interest.

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By *orthern StarsCouple
over a year ago

Durham

We were thinking they could maybe start asking their employees if they fancied doing overtime or weekend shifts?

They have introduced working on a Saturday very recently but the banks were just working Mon-Friday 9-5pm.

That was nowhere near enough to cope with the increased demand.

People need financial help now, not months down the line.

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By *oi_LucyCouple
over a year ago

Barbados


"I'm debating if the 3 month holiday is worth the increased payments for the next 20 years of interest on interest... "

It would be, if for example it allows you to pay other commitments that you would not otherwise be able to pay and hence get additional charges as a result, or not be able to use services you need.

-Matt

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By (user no longer on site)
over a year ago


"I'm debating if the 3 month holiday is worth the increased payments for the next 20 years of interest on interest...

It would be, if for example it allows you to pay other commitments that you would not otherwise be able to pay and hence get additional charges as a result, or not be able to use services you need.

-Matt "

Yes indeed that is true if that's the situation people faced.

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By (user no longer on site)
over a year ago

The government scheme is a last resort. All banks would look to lend under business as usual ie using existing security or available security. This is not set by the bank but by the BBA.

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By (user no longer on site)
over a year ago

They are on increased patterns currently. The contact centres are having to follow social distancing and also working on reduced staffing as a lot of staff are having to be off to self isolate

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By *heBirminghamWeekendMan
over a year ago

here


"The government scheme is a last resort. All banks would look to lend under business as usual ie using existing security or available security. This is not set by the bank but by the BBA. "

Interesting you mention lending criteria "under normal business, existing security etc.", as to be fair, this situation isn't business as usual. Government shuts down your business in order to try and control a pandemic that the business and its owners have absolutely no control

So the criticism from businesses up and down the country that banks are proving to be a restricting factor in accessing the specific help the Chancellor has offered to businesses, is justified?

The Government guarantee 80% of loan value, to be repaid to the bank in the event the loan is not repaid.... but the bank is asking the business to personally guarantee the loan in a scenario where they have no control of the situation.

The only winner in this is the bank?

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By (user no longer on site)
over a year ago


"The government scheme is a last resort. All banks would look to lend under business as usual ie using existing security or available security. This is not set by the bank but by the BBA.

Interesting you mention lending criteria "under normal business, existing security etc.", as to be fair, this situation isn't business as usual. Government shuts down your business in order to try and control a pandemic that the business and its owners have absolutely no control

So the criticism from businesses up and down the country that banks are proving to be a restricting factor in accessing the specific help the Chancellor has offered to businesses, is justified?

The Government guarantee 80% of loan value, to be repaid to the bank in the event the loan is not repaid.... but the bank is asking the business to personally guarantee the loan in a scenario where they have no control of the situation.

The only winner in this is the bank?

"

It isn’t the bank setting the rules, it’s the British business bank setting the eligibility criteria. The government scheme is there to turn what normally would be a ‘No’ lending decision to a ‘yes’.

Some banks like Lloyds have also waived the personal guarantee too.

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By (user no longer on site)
over a year ago


"The government scheme is a last resort. All banks would look to lend under business as usual ie using existing security or available security. This is not set by the bank but by the BBA.

Interesting you mention lending criteria "under normal business, existing security etc.", as to be fair, this situation isn't business as usual. Government shuts down your business in order to try and control a pandemic that the business and its owners have absolutely no control

So the criticism from businesses up and down the country that banks are proving to be a restricting factor in accessing the specific help the Chancellor has offered to businesses, is justified?

The Government guarantee 80% of loan value, to be repaid to the bank in the event the loan is not repaid.... but the bank is asking the business to personally guarantee the loan in a scenario where they have no control of the situation.

The only winner in this is the bank?

It isn’t the bank setting the rules, it’s the British business bank setting the eligibility criteria. The government scheme is there to turn what normally would be a ‘No’ lending decision to a ‘yes’.

Some banks like Lloyds have also waived the personal guarantee too. "

I think the way the government stated it is also a bit misleading. Especially to those that aren’t in business and don’t need the loan but perhaps will read it and think highly of the Government for doing so. They stated in the simplistic press conference that 80% of the loan would be backed by the government. But is it not true that in reality the bank would pursue you for the full amount, personally etc if you defaulted and after exhausting all ways to recover the money would THEN be able to get 80% of the remaining debt from the government ?

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By *heBirminghamWeekendMan
over a year ago

here

Good to see today some tweeks to the Business Interruption Loan Scheme, which should now make it easier for genuine businesses struggling due to Covid19 to secure funds without personal guarantees.

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By *assy211279Woman
over a year ago

middle of nowhere Cornwall

I don't think banks are doing anything. But putting clients into debt I have a check that needs paying in and can't do it. By the time it is all over the check will be void and I will be out of pocket and pay for the payment refusal. Makes my life even harder. Not like people matter

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By *heBirminghamWeekendMan
over a year ago

here


"I don't think banks are doing anything. But putting clients into debt I have a check that needs paying in and can't do it. By the time it is all over the check will be void and I will be out of pocket and pay for the payment refusal. Makes my life even harder. Not like people matter "

Some banks allow you to pay in a cheque by taking a photograph - you could call them and ask about this .

Also some banks allow cheque pay in via the post office . You could call them and ask about this as well

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By (user no longer on site)
over a year ago


"I don't think banks are doing anything. But putting clients into debt I have a check that needs paying in and can't do it. By the time it is all over the check will be void and I will be out of pocket and pay for the payment refusal. Makes my life even harder. Not like people matter

Some banks allow you to pay in a cheque by taking a photograph - you could call them and ask about this .

Also some banks allow cheque pay in via the post office . You could call them and ask about this as well

"

Yep most banks are taking cheques in the post. Or if it’s a Lloyds banking group brand you can pay in using mobile app if cheque is under £500. Will be cleared by midnight Monday if you pay in today.

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By (user no longer on site)
over a year ago

[Removed by poster at 03/04/20 11:03:09]

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By (user no longer on site)
over a year ago

First rule of banking.

Protect your investment.

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