Martin Lewis warns MPs of "catastrophic" results on the funds of employees with out coronavirus help

On payment holidays: & # 39; React quickly, but overdraft assistance was not extended & # 39;

Martin said the financial regulator, the Financial Conduct Authority, has acted quickly to introduce payment holidays for those struggling to repay mortgages, loans and other debts – and payment holidays and other assistance for these products have been extended to March 31, 2021.

Martin pointed out, however, that blanket aid for those struggling to repay overdrafts – where people were offered an interest-free buffer of £ 500 – wasn't extended until the spring. Instead, people must apply to their bank for targeted overdraft assistance if they continue to need assistance. This means that you can be treated differently depending on the bank. Martin warned that there needs to be transparency in this process to ensure that there is no "lottery of treatment".

Here's what he told the committee:

Comments are closed.