Loan Holiday?

There’s been commentary in the news recently about 3-month mortgage holidays being made available by most providers due to Coronavirus. RBS, Lloyds and TSB have apparently extended this to loans too.

Will Monzo be offering the same facility to those who have taken out a Monzo loan, should they need it?

(I don’t have a Monzo loan so am not impacted, just FYI)

Simon mentioned the below that things are still being discussed and will be announced as they happen.

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Ah, I must have missed that. Thank you @Ordog.

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Im not disputing if this is the case or not just trying to verify , there are a lot of “Chinese whispers” about all sorts at the moment

Where have you found the information about loan holidays from these banks ( RBS etc ) ? any links ?

I can see the Lloyds T and C s for loan holidays on their website, not sure if that’s what you mean or they have offered a blanket no problems , no questions , pay us back when you can type offer ?

nothing on the official RBS website that I can find - I appreciate its a fast moving situation we are in

https://www.tsb.co.uk/personal-loans/repayment-holidays/

From the BBC LIve feed:

Edit:

Also https://personal.rbs.co.uk/personal/support-centre/coronavirus.html

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HSBC are on board, loans and mortgages repayments can be paused, fixed term savings can be withdrawn without penalty and temporary increases on overdrafts and credit card limits are available.

Monzo covered this in their blog post on coronavirus:

If you have an overdraft or loan with Monzo and you’re struggling to manage your borrowing with us, please reach out to us through the app and let us know.

There are lots of things we could do to support you, like giving you extra time to make repayments or working with you to set up repayment plans.

To be honest, I think this is something you can do in normal times, too, but presumably they want to stress this course of action.

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Regarding other banks:

Yes. Our lending customer support team have a wide range of options to help with varying circumstances in normal times, and many of those options can be applied here too. :slightly_smiling_face:

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Option 2 isn’t too bad… however, aren’t you entitled to a payment holiday on mortgages anyway? Not sure if it’s bank specific or you have to be so far into your repayment term :thinking:

I’ve got an account with HSBC they are offering loan and credit card payment holidays for 3 months, without affecting credit score. Is Monzo doing a similar thing?

HSBC is also not charging for overdrafts until the limit £500

Monzo haven’t made public what they’re doing yet, but I’d imagine they’d offer it in the same way as their existing support - you have to contact them for it, instead of giving it to everyone.

They are expected however, as the rules state, to ensure that everyone with an arranged overdraft is no worse off under the new % based system vs the old per-day system I believe.

Feels like it is something they should make public, no? If they are doing anything about it I mean. Not making it public looks like nothing is being done.

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The deadline was today, so I’d expect some announcement today about what they’re doing (or help documents about it).

If you’re facing difficulty due to coronavirus, you’re best of reaching out in the app for support. If Monzo is your main account, and you’re in financial difficulty I’m sure they’ll be able to offer you help as per the rules.

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where are you paying your main salary in to ?

and

do you have an arranged overdraft with Monzo ?

or a loan with Monzo

The advice from the FCA for regulated institutions is different depending on whether you are asking about a loan or an overdraft and whether you are using an overdraft from a provider that isn’t receiving your salary / wage every month / week

not sure why you are saying Monzo " Not making it public looks like nothing is being done. "

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