Nationwide unveils Covid-19 support package

Nationwide has set out a support package for its members that have been financially impacted by the coronavirus crisis.
The building society has developed a dedicated coronavirus support page to make it easier to arrange payment breaks, and confirmed that the online resource is intended for anyone who is currently struggling or anticipates being in financial difficulty due to Covid-19.

Nationwide suggested this ranges from a loss of income or employment to anyone struggling to pay their bills, or meet financial obligations.
The society said it hoped the resource will not only accelerate applications but also free up telephone lines in order to reduce waiting times, particularly for its elderly and vulnerable members who might 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 that Nationwide has confirmed will be until 1 July.
Once members have selected the payment holiday they require, an online form needs to be filled out which will then be processed by the society. Nationwide added that these 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.

Sara Bennison, who oversees Nationwide’s products and propositions, commented: “These are difficult and uncertain times and we want to do what we can to provide support for those who most need it. Our support package is aimed at providing short-term relief to those who have been financially affected by coronavirus and to ease their worries by giving greater reassurance.
“We have focused on providing a simple online service which will not only help streamline applications but also free up our telephone lines for those who are unable to get online.
“As a mutual owned by our members, we have a responsibility to help those who require additional financial support. Never has that been truer than now.”

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