With a country in lockdown we are delighted to see that the government has announced some reforms to make life easier for people, however we feel that there are a couple of glaring omissions and have set up a petition to ask the government to do something about it as soon as possible. Of course, you may feel there are other things missing but these are the ones that struck us as being vital for the financial stability and protection of people in the UK.
We are delighted that the Government announced payment holidays for mortgages, however, we are concerned that this does not go far enough. With people staying at home, many with reduced incomes, there is a risk of falling more and more into debt with credit cards and short-term debts. These will have continued monthly payments due and interest will continue to mount up. Something needs to be done about this urgently, as there is a very real potential that people will get into uncontrollable debt. With this in mind we have set up a petition asking the Government to also get lenders to freeze interest for these debts during lockdown.
This is a serious problem with interest rates ranging from 30% to 100% in some cases. This means that it is not going to be sustainable for many people and is a major problem lurking around the corner if the lockdown lasts for the potential months that have been touted and people run out of money, relying on the small amount of universal credit or other benefits to get them through. There is no way of knowing how long this will last at this stage and things could get really messy for many people financially.
We are also concerned that as boredom naturally kicks in, people will be at risk of falling into further debt via Online Gambling Sites. We are therefore also petitioning the government to address this somehow by enforcing safer gambling limits and perhaps blocking card payments etc to help people remove the temptation of spending money they do not have.
Overall, we feel prevention is better than the cure. If you agree with our concerns and would like to show your support, please do follow the link below and sign the petition and stand with us. Thank you!