People with a mild cough or cold are being told to stay isolated for ‘7 days’ – But, hang on, what about paying for your mortgage? Paying for bills?
The term ‘outbreak’ is scary, you feel that this whole situation could be a scene from “28 Weeks Later”, people with a mild cough or cold are being told to stay isolated for ‘7 days’ – But, hang on, what about paying for your mortgage? Paying for bills?
However, there is good news, those who have been affected by the Coronavirus have been told that banks, especially RBS, TSB & Lloyds will defer mortgage and loan payments for up to three months. They would also a allow a mortgage window, savers could close fixed-term savings accounts without a charge.
This is designed to allow people to access cash if they need it as the impact of the virus has caused them to feel unwell or be isolated from work, or some sort of income.
If you’re self-employed or own a business, banks are also supporting affected businesses.
Refunds on credit card cash advance fees
The option to apply for a temporary increased credit card borrowing limit.
Asking for an increased cash withdrawal limit up to £500
All these measures are similar to those already in place for people facing financial difficulties, so we have plenty of experience helping those who are struggling at the moment.
The majority of banks understand that there may be some circumstances where a personal customer may fall into financial difficulty as a result of the impacts of the coronavirus, a lack of income is one of them.
“All banks would consider increasing overdrafts or allowing repayment relief for loan or mortgage repayments for those who are affected.”