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We’re suspending arrears fees until the end of 2021

We’re extending the suspension of arrears fees until the end of 2021 as we continue to support borrowers in financial difficulty.

We first chose to waive arrears fees 12 months ago, as well as introducing other support for existing borrowers such as mortgage payment deferrals. We also created a dedicated coronavirus hub on our website with the latest information for members and intermediaries seeking help and support, strengthened the teams that handle incoming telephone inquiries, and agreed not to seek possession of any properties[1].

Jaedon Green, our Chief Customer Officer said, “As a responsible lender we’ve focused since early 2020 on how we can support our members through the particular challenges created by the pandemic.

“We know this remains a worrying time for many people and ongoing economic uncertainty is likely to affect the job security and finances of much of the population for some months to come.

“Suspending our arrears fees for the rest of this year is one way we can support borrowers in financial difficulties as we work with our members to keep them in their homes.

“Our message to any borrower at risk of financial difficulty always is to talk to their lender at the first opportunity.

“The sooner we’re contacted, the quicker we can help and will work closely with our members to explore and agree a solution to best suit their individual circumstances.

“Customers in arrears may face third party charges but by engaging with us and their other credit providers at the earliest stage these costs can be kept to a minimum.”

You can find the latest information about the support available at this time on our dedicated coronavirus page You can also read more about our financial support options on our consumer site.

[1] At present the Society will only seek possession of properties in a very limited number of scenarios in accordance with Regulatory and Industry guidance established during the pandemic. In addition, the Society will seek possession of a property where the borrower requests it.

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