Banks offer financial help to borrowers hit by coronavirus

5 March 2020

Financial providers pledge support to customers affected by the coronavirus outbreak

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UK banks, building societies and credit card providers are “ready and able” to offer help to customers affected by coronavirus, UK Finance has confirmed.

Customers made to self-isolate or care for someone affected by coronavirus may have trouble keeping up with their repayments.

As such, lenders have pledged to offer repayment holidays on mortgages and loans. They could also increase a customer’s overdraft to help cover costs.  

Stephen Jones, Chief Executive of UK Finance says: “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.”

Prime Minister Boris Johnson confirmed that people who self-isolate will now receive statutory sick pay from the first day they are off – rather than the fourth, under new coronavirus emergency plans.

Our round up coronavirus: what are your rights at work? explains your employment rights if your work is affected by the illness.

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