Covid19: UK Payment Holiday Extended for 3 months

The UK government has told banks to give more time to millions of people struggling with debts owing to the coronavirus crisis.

Credit card, store card, catalogue credit and personal loan customers will be able to defer repayments for another three months.

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The help was first ordered by the City regulator, the Financial Conduct Authority (FCA), in April.

Anyone taking advantage of the freeze must still pay back the debt at the end of the deferral period.

This has prompted debt charities to warn of the potential for individuals’ financial problems to simply be stored up for a later date.

The FCA said that if borrowers could resume their repayments they should do so, to avoid getting into more serious difficulty in the future. Banks may also be stricter in who qualifies for the payment deferral, and might only agree to a reduction in minimum repayments.

The regulator stressed that using the payment deferral should not affect a borrower’s credit rating. However, it warned that loan providers did have other ways to check on whether payment holidays had been taken, such as asking for bank statements, when making decisions on whether to agree to credit applications.

Although these extensions are currently proposals, banks only have until Monday to comment and the FCA expects the rules to be implemented soon after.

Help for people with car finance, payday loans, rent-to-own deals, pawnbroking, and buy-now-pay-later agreements will be updated by the regulator at a later date.

Most Banks are currently offering interest free overdraft up to a certain amount with reduced interest rate.

Check for details on your banks website. Most application can be done online.

Source: BBC News

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Greta Thunberg named the youngest ‘Person of the Year’ by Time magazine

Greta Thunberg, the Swedish schoolgirl who inspired a global movement to fight climate change, has been named Time magazine’s Person of the Year for 2019.

The 16-year-old is the youngest person to be chosen by the magazine in a tradition that started in 1927.

Time magazine cover with Greta Thunberg

Speaking at a UN climate change summit in Madrid before the announcement, she urged world leaders to stop using “creative PR” to avoid real action.

The next decade would define the planet’s future, she said.

Last year, the teenager started an environmental strike by missing lessons most Fridays to protest outside the Swedish parliament building. It sparked a worldwide movement that became popular with the hashtag #FridaysForFuture.

Since then, she has become a strong voice for action on climate change, inspiring millions of students to join protests around the world. Earlier this year, she was nominated as a candidate for the Nobel Peace Prize.

Source: BBC News

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