01 Apr 2020 | Posted In Money advice news

A comprehensive support package for those financially impacted by coronavirus has been set out by Nationwide Building Society as it increases help for those struggling.

Britain’s biggest building society has developed a dedicated coronavirus support page to make it as easy as possible to arrange payment breaks. The online resource is intended for anyone who is or anticipates being in financial difficulty due to coronavirus – from loss of income or employment to anyone struggling to pay their bills or meet financial obligations.

It is hoped that the resource will not only accelerate applications but also free up telephone lines in order to reduce waiting times, particularly for elderly and vulnerable members who may not use online services.

The expanded support now covers three-month payment breaks across credit card, personal loan and mortgage payments for both residential and Buy-to-Let home loans, in addition to an overdraft interest holiday until 1 July.

Once members have selected the payment holiday they require, a simple online form needs to be filled out, which will then be processed by Nationwide. The measures will not impact someone’s credit score although the interest will continue to accrue and will be factored into monthly payments after the payment-free period ends. However, overdrafts payment holidays will not carry the interest over.

Find out more.