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Banks provide emergency measures for coronavirus victims

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Royal Bank of Scotland, Lloyds Banking Group, Barclays, Santander UK, Virgin Money and TSB are all offering help to customers affected by the coronavirus as the disease is expected to peak in the UK in the next fortnight. Customers could be granted payment holidays on mortgages or loans while fees for missed payments on credit cards and other charges are also being dropped. Credit card limits are being increased and charges for withdrawing savings early are being scrapped. Those eligible could include small business owners who have suffered a slump in income, and self-employed workers who are forced to self-isolate at home, suggests the Mail. Stephen Jones, the chief executive of lobby group UK Finance, said: “All providers are ready and able to offer support to their customers who are impacted directly or indirectly: asking for help early is key.” Gareth Shaw at Which? points out that credit scores could be harmed by these offer s and banks must ensure credit reference agencies are informed of the changes.

 

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