Following our earlier posts, I have had a number of banks on the phone, saying that
- Relationship Managers and Credit Teams are working long hours to process the large volume of requests
- The Loans are typically a few % over base
- They are not looking for security over personal assets or a personal guarantee
- Where the business has assets they will look for security there, however they are fast tracking the usual process for taking security.
- The are looking at Capital repayment Holidays on existing loans of up to 6 months
- That this is currently for existing customers only
So the good news is that the earlier positions are changing fast.
Please let me know, In confidence, if your bank has helped you on email@example.com because as we know bad news travels fast, and we tend to hear the horror stories. It would certainly be nice to have some good things to say.
Incidentally despite the Government Spokesman blaming the banks, the banks say they were implementing government policy, have informed the banks that it was not working, and the government has since amended the rules.
Why this was not sorted out previously, or at the latest November 2019 – 5 months ago, is a question yet to be adressed.