Does your bank care if you're ill?

ICan'tStandIt

Interesting to see this from Lloyds Bank / Halifax Bank of Scotland who are apparently going to have a specific department for people struggling with finances whilst dealing with cancer. They will offer payment holidays of up to a year on mortgages as well as refunding charges on bank accounts etc.

The new department opens on Monday.

http://www.bbc.co.uk/news/business-40751939

Not sure what happens to people who are seriously ill but don't have cancer, but I guess it is a start.

Not often I feel like doing a :T to the banks, but credit where it's due

eskbanker

ICan'tStandIt wrote: »

Not often I feel like doing a :T to the banks, but credit where it's due

....and with that in mind it's probably worth highlighting the quote in that BBC piece that states:

The move by Lloyds follows an example set by the much smaller Nationwide Building Society two years ago.
Since then it has dealt with nearly 2,000 cancer patients or their carers.

ICan'tStandIt

eskbanker wrote: »

....and with that in mind it's probably worth highlighting the quote in that BBC piece that states:

Fair enough, it is a first for Lloyds rather than banking in general but it is something.

Chalkius

I don't think most do it specifically for illness, though any bank, if you're experiencing financial difficulty due to illness (lets say loss of earnings) or any other reason, is required to treat them positively and fairly. So in that sense they can help that way.

ICan'tStandIt

Chalkius wrote: »

I don't think most do it specifically for illness, though any bank, if you're experiencing financial difficulty due to illness (lets say loss of earnings) or any other reason, is required to treat them positively and fairly. So in that sense they can help that way.

You would hope that all banks do this, but in the case of serious illness where someone could be without an income for a very long time then maybe standard procedures are not enough, hence the setting up of a more specialised department.

stclair

ICan'tStandIt wrote: »

You would hope that all banks do this, but in the case of serious illness where someone could be without an income for a very long time then maybe standard procedures are not enough, hence the setting up of a more specialised department.

The difficulty in some cases is requesting the proof.

Normally doctors charge for providing letters etc which customers are reluctant to pay.

Chalkius

ICan'tStandIt wrote: »

You would hope that all banks do this, but in the case of serious illness where someone could be without an income for a very long time then maybe standard procedures are not enough, hence the setting up of a more specialised department.

Fair point. Would be good for all banks to do this.

K80_Black

Some banks have special flagging for 'vulnerable people' - I have some mental health problems and Barclays/Barclaycard have been great when I'm stuck in a hospital without my cards.

ceredigion

Arr but does a "payment holiday" help when interest is calculated dally.


Rhetorical question.

Moneybutterfly

Barclayloan were horrible with me. They've caused me immense stress. I've never struggled to make a payment on anything all my life, then was paralysed and hit with a neurological condition that meant I couldn't work and had to be cared for. They offered me a 'payment break' of 6 months but then when I rang to try make some payments, their unrealistic questions and sums said I couldn't. All hell broke loose and when I tried again s month later they wanted 3 times more than what I could afford to pay the break in payments and interest!!! They've been pure hell for me!!! Don't get sick with Barclays is all I can say!

System

All banks walk a delicate tightrope between genuine cases and scammers who will try a sob story to duck payments.