From today (1st April) customers will be able defer payments on personal loans for up to 3 months if they are struggling to make repayments due to coronavirus. A deferred payment scheme will be in place for credit card holders from the week commencing 6th April.
These are in addition to the bank’s package of support for customers, which now includes a 3 month payment holiday option for mortgages and a temporary £300 interest free buffer on overdrafts for customers with Bank Account and Advance Accounts.
Customers will be able to apply for the personal loan payment deferral by filling in an online form and will receive up to 3 months’ relief from payments. An online form will be made available for credit card payments shortly.
Tracie Pearce, HSBC UK’s Director of Retail Banking, said: “We know some customers are struggling with personal loan and credit card repayments due to the impact coronavirus is having on their finances. As a result, we have developed an option to defer payments for up to 3 months for those customers, without it impacting their credit files. This is in addition to a new mortgage payment holiday that we introduced last week.
“Virtually everyone has been affected by coronavirus. Some people will have developed symptoms, others will be caring for loved ones, and very many more will have had their employment impacted in some way, including being laid off or having to rely on a reduced income. We are here for our customers in these truly extraordinary times. These additions to our package of support will provide some welcome short term cashflow support at this crucial time.”
The following package of support provides options for personal customers in financial difficulty:
To allow us to meet the needs of the most vulnerable, we ask that wherever possible customers consider managing their interaction with HSBC through our online or mobile channels. If they have questions relating to the support we’re providing, or indeed find themselves in difficulty, we advise to please first visit our dedicated coronavirus hub, which is regularly updated with frequently asked questions and supporting information.
Notes To Editors
The credit card payment deferral is a temporary change to the normal monthly payments, to provide short term assistance for customers experiencing financial hardship due to coronavirus.
During the payment deferral period, interest will continue to be charged and customers will be able to use their credit card as normal.