Banks have been told to give even more time to millions of people struggling with credit as a result of the coronavirus.

Credit card, store card, catalogue credit and personal loan customers will be able to ask for a further three-month deferral of repayments and interest. The help was first given in April.

Although the deferrals have been called payment holidays, the money will have to be paid back after the end of the deferral period.

Current account users have been offered interest-free overdrafts of up to £500. These have been extended for three months as well – and applications can now be made up to 31 October.

Banks have until Monday to comment on the plans, which will be implemented soon after.

Source: BBC News