LETTER: Bank critics can never take a holiday
Are banks really offering payment holidays? Or is this a method to play the role of good Samaritan while having no intention of being one?
After hearing that I qualify for a payment holiday on my bond, due to it being up to date, I immediately applied. However, my personal banker seemed unaware of this new "product" the bank was offering. After I shared the link to an article, my banker said they would consider my application — however, it could take a couple of months.
Now, I want to ask: are the banks really offering payment holidays? Or is this a method to play the role of good Samaritan while having no intention of being one? Or is it a ploy by the banks to improve their books (because they know there are going to be mass defaults)? By giving someone a payment holiday, the debtor will effectively be up to date and in good standing even after three months of nonpayment — in other words, no write-downs...
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