- 31st December 2020
- Posted by: Suzy Hill
- Category: Business News, COVID-19 NEWS
Lenders still supporting thousands with payment deferrals
The UK’s banks and financial lenders continue to support tens of thousands of borrowers with payment deferrals, according to the latest figures from UK Finance.
However, the number of people seeking support from deferrals has dropped markedly since earlier this year. In mid-November there were still 127,000 mortgage payment deferrals in place, a significant reduction from the 1.8 million borrowers seeking this form of support in June.
There are now 55,000 credit card payment deferrals in place for customers facing financial difficulty, down from 84,000 payment deferrals at the end of October.
Additionally there are 22,000 personal loan payment deferrals in place, a drop from the 50,000 in place at the end of October.
Commenting on the figures, Eric Leenders, Managing Director of Personal Finance at UK Finance, said: ‘The banking and finance industry remains committed to helping customers get through these challenging times.
‘Millions of people struggling with COVID-related income shocks have been supported through payment deferrals, and lenders will ensure customers continue to receive the help they need.
‘It will always be in the long-term interest of borrowers who are able to do so to resume making payments, but for anyone who is still struggling, ongoing tailored support will be available. The industry stands ready to provide assistance to those in need.’