Loan Repayment Holiday For Those Affected By Riots
The riots which occurred across various parts of England last week have left many individuals with large amounts of damage to their property, which could cost some individuals thousands of pounds to repair.
This is money which many people simply cannot afford to pay out in the current economic situation, alongside all their other bills and loan debts, as well as maintaining their home owner loan or mortgage repayments.
However, some of the major banks and loan companies in the UK have agreed to allow payment holidays on people’s home owner loans, where they have been affected by the riots, according to the latest news from the British Bankers Association (BBA).
As well as allowing payment holidays on home owner loans, some banks may also suspend interest charges on overdrafts and personal loans for a period, in order to give some financial breathing space to those individuals who have suffered loss or damage.
The BBA announced that it would offer loan repayment holidays and freeze overdraft interest, or allow additional borrowing to those individuals, where it is agreed that there is a need for help with loan interest. Those people who feel that they qualify for a loan repayment holiday, should contact their bank as soon as possible.
Angela Knight of the BBA said “As people rebuild after the riots, they will urgently want the reassurance that their financial affairs are being taken care of. The banks are listening to their customers affected by the rioting and are acting quickly to help them return to normality.”
“If you’ve been affected by the riots, please contact your insurer and your bank as soon as you can, so that they can ensure you can receive the assistance that you need.”
