Which option is right for you?

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.


Struggling to keep up with payments?

If you’re about to miss a payment, but it’s more than 10 days until it’s due, one of the following options may help.

Mortgages

There are a number of options available that could help you with your mortgage payments, including:

  • Reducing your overpayment
  • Making an underpayment
  • Switching your deal
  • Changing your mortgage term
  • Applying to extend an existing mortgage payment break

You can find out more about your options on our Coronavirus Home Support Hub.

Loans

As of 1 April 2021, we will no longer be accepting new applications for personal loan payment holidays.

However, if you’re already on a payment break and you need more support, you can apply for an extension. As long as you are currently on a payment break, you’ll be able to extend it up until 31 July 2021.

This is as long as:

  • it doesn’t go over the 6-month payment holiday limit, and
  • there are no gaps between the payment holidays.

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.

Credit cards

As of 1 April 2021, we are no longer accepting new applications for credit card payment holidays.

However, if you’re already on a payment break and you need more support, you can apply for an extension.

As long as you are currently on a payment break, you’ll be able to extend it up until 31 July 2021.

This is as long as:

  • it doesn’t go over the 6-month payment holiday limit, and
  • there are no gaps between the payment holidays.

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.

Help with managing your money

We know that it’s not nice having to worry about money, which is why we’ve put together some resources to support your financial wellbeing. This includes tools and solutions that will help you feel in control of your financial situation.


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.