11 March 2020
- Society offers range of support measures for those who find themselves in financial difficulty
- Move part of Nationwide’s continued work to address financial wellbeing at difficult times
Nationwide is reminding its 15 million members that it offers a range of measures to support those in financial difficulty as concern over coronavirus grows.
As a member-owned organisation, Nationwide is focussed on supporting those who most need it, particularly in challenging times, whether as a result of illness, bereavement, money worries or financial abuse.
As with a range of other situations faced by members, Nationwide is committed to working with those affected as a result of coronavirus on a case-by-case basis so that they are supported through any period of ill health or financial difficulty. The Society has a dedicated team who are there to support members, offering a range of options that are tailored to their individual needs.
While everyone will have individual needs and requirements, some of the ways the Society can consider supporting members over the short term include:
- Payment holidays on mortgages allowing a period of flexibility.
- Increased credit card or overdraft limits to help get through a short period of reduced income.
- Penalty-free early access to savings in fixed term accounts.
- Support for members in financial difficulty, such as removal of interest charges on credit cards and overdrafts.
Nationwide is continuing to play its part by working with Government and the wider industry in response to the threat posed by coronavirus.
Sara Bennison, Nationwide’s Chief Marketing Officer, said: “As a major UK financial services provider, and employer, we are continuing to work on our response to what is an evolving picture. Alongside concerns over contracting the disease, it is natural that people may also start worry about their finances due to any potential drop in income should they or family fall ill. As a mutual our members are at the heart of what we do, and we stand ready to support them through difficult periods. If they do have concerns, we would encourage them to get in touch sooner rather than later so we can talk them through the options available to them.
“We hope by reminding our members of the services we offer, but hope they will not need, we can provide a level of reassurance that should the worst happen we will do our very best to support them through periods of uncertainty and potential financial difficulty.”