NatWest’s £40m helping hand for customers struggling to pay bills
NATWEST has unveiled a £40m support package for the bank’s cash-strapped customers.
It is the latest by High Street lenders to try to cushion the impact of soaring fuel and food bills on household budgets.
Britain’s biggest banks last month agreed ‘forbearance’ measures with the Government to help borrowers ahead of an expected surge in late mortgage payments following steep rises in interest rates.
NatWest’s plans include extending from 18 months to two years the time it takes to repay an unsecured loan or overdraft if payments are missed. It is also giving its 59,000 staff a one-off payment of £1,000 this month.
Chief executive Alison Rose said it had not seen a significant rise in defaults or arrears. She said: ‘This is designed to provide on the ground support to communities, breathing space for customers in difficulty and cashback to businesses to offset continued high energy and fuel costs’, adding it was committed to serving all, including people it does not expect to make money from.