You are here: Home - Credit Cards & Loans - News -

Banks to offer overdraft and mortgage help to affected coronavirus customers

Written by:
Banks, building societies and credit card providers are ready to relax their rules and offer greater flexibility to customers impacted by COVID-19, it has been confirmed.

Given the rise of coronavirus cases in the UK and the government’s emergency plans to help contain its spread, lenders have announced they’re ready to help customers when it comes to their finances.

Stephen Jones, chief executive of trade association, UK Finance, said: “Banks, building societies and credit card providers understand that some of their customers may be worried about the effect that contracting the coronavirus (COVID-19) could have on their finances, for example due to a drop in income or because of unexpected expenses or bills to pay.

“All providers are ready and able to offer support to their customers who are impacted directly or indirectly by COVID-19, which could include offering or increasing an overdraft or allowing repayment relief for loan or mortgage repayments: asking for help early is key.

“We would encourage customers who think they may be affected to contact their provider as soon as possible to discuss the support available to them.”

Just yesterday prime minister Boris Johnson confirmed people who self-isolate will receive statutory sick pay (£94.25/week) from the first day they are off work – rather than the fourth – under emergency coronavirus plans.

He said: “Nobody should be penalised for doing the right thing.”

The city regulator, the Financial Conduct Authority (FCA) and the Bank of England are also reviewing the plans financial firms have in place to deal with a widespread outbreak of the virus.

They said all businesses should have plans in place to deal with major events such as the spread of the infection and should be assessing operation risk as well as firms’ ability to continue to operate while supporting customers.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
A million people use overdraft to pay rent and mortgage

More than a million people rely on their overdraft to help cover the cost of rent and mortgage payments, research...