Which option is right for me?

If you’re worried about your finances, there are a number of ways we can support you.

It’s a good idea to consider the different options and which will be best for your personal circumstances. Some options, like payment breaks or holidays, may be useful in the short term, as they offer a temporary reduction in your usual payments.

However, it’s very important you’re aware that if you take a payment holiday, you’ll still be charged interest for the time you're not making payments. This means you will end up paying more overall for your borrowing, your monthly payments may be higher once your holiday ends and it might take you longer to make your repayments.

If you’re still able to make your payments at the moment, but you’re unsure how things might change, we have a number of tools available to help you manage your money and feel more in control, helping you to avoid needing to take out a payment holiday further down the line.


Ways we can support you

Mortgages

If you’re worried about paying your mortgage, there’s a number of options available to you. You can find out more about your options on our coronavirus Home Support Hub.

Loans

If you think you'll struggle to make your monthly loan payments because of coronavirus, we can help by offering our members a reduction in monthly loan payments.

Under a loan payment holiday, we’ll allow you to reduce your monthly payments to £1 per month, for 3 months. It won’t affect your credit rating, so there’s one less thing to worry about.

Taking a payment holiday means that it will take you longer to repay your balance, so you will pay more overall for your borrowing.

Insurance

If you’ve taken out home insurance, life insurance or income protection through us and your finances have been affected by coronavirus, you may be able to take a break from your monthly payments.

For home insurance, please call us to discuss your options on 0800 145 60 60.

Overdrafts

Temporary arranged overdraft interest rate reduction
To help all our members, we’ve temporarily reduced our arranged overdraft interest rate on FlexAccount, FlexDirect and FlexPlus from 39.9% to 18.9% per year compounded (variable) until 17 July 2020. You don’t need to ask us for this, we’ll apply it automatically.

Interest holiday on your arranged overdraft.
If you’re struggling to keep up with your overdraft payments and need more support, we’re also offering an interest holiday on arranged overdrafts.

Credit cards

If you think you'll struggle to make your monthly credit card payments, we can offer you a credit card payment reduction. This means you can temporarily reduce your credit card payments to £1 per month, for 3 months.

Taking a payment holiday means that you will pay more in interest on your borrowing.

Savings

Removal of fixed savings early access charge
We’ll let you access cash in your fixed term savings accounts with no early access charge.

Banking

Contactless limit increase
The limit for contactless spending with your debit card has increased from £30 to £45.

Retailers need to update their systems to accept these changes, so you don’t need to contact us if your contactless payment over £30 is declined, simply continue to use chip and PIN.

You’ll still need to occasionally enter your PIN when presenting your card to prove it’s really you.


Support if you've already missed a payment

If you've already missed one or more payments, don’t panic, we’re here to help.

You may have already received some form of contact from us, and we understand that during times like these it can feel easier to avoid a conversation with us and hope the situation improves, but the sooner you get in touch, the quicker we can help you.

When we talk to you, we will:

  • be open and honest with you
  • treat you as an individual, taking your circumstances into account
  • try to find a solution that suits you
  • make everything simple and straightforward
  • tell you what you need to know, so you can make an informed decision
  • let you know who else can help you.

Before you get in touch with us, try to get some information together about your finances. We’ll need to know about your income, your outgoings and your debts.

Our income and expenditure form  can help you put everything together. Most organisations will ask for this type of information if you ask them to help with your finances.


Support if you’re about to miss a payment

If it’s more than 10 days until your payment is due

If you know you’ll struggle to make your next payments for any of the following products, and it’s more than 10 days until your payment is due, you might want to consider a payment holiday or break.


If you have any fixed bond savings with us, you can also apply for early access, which may help you at this time. Get early access to fixed bond savings.

If it’s less than 10 days until your payment is due

If it’s less than 10 days until your payment is due, or you’re unsure if a payment holiday is the right option for you, it’s important that you contact us.

When you do, you'll be speaking to dedicated teams who are here to support you and discuss your current situation. Before you get in touch with us, try to get some information together about your finances.

We’ll need to know about your income, your outgoings and your debts. Our income and expenditure form  can help you gather all this information together. Most organisations will ask for this type of information if you ask them to help with your finances.


Worried about missing future payments?

You don’t have to be struggling with your finances to get our help. If you're worried things might change in the future and you want to take control now, we have a number of tools available to help you feel more control of your money and budget, or you can talk to us for more support.