HSBC has said it will consider a loan repayment holiday of up to three months to help customers affected by the severe flooding.
The bank will provide increased financial flexibility to customers, such as fast-track credit acceptance, and loan and overdraft extensions; and it will lend to customers according to their needs and not constrained by any overall cap. It will also waive or reduce arrangement fees on loans and overdrafts.
To make sure insurance customers receive immediate support to repair flood damage HSBC is to remove limits on emergency payments.
Antonio Simoes, head of HSBC in the UK, commented: “We understand the huge strain the floods are placing on our business and personal customers in affected areas and we want to make sure we are providing the support that they need now and in the future. We recognise that the consequences of the floods will be long lasting and we will continue to provide the financial support and flexibility our customers need.”
In addition to the financial support, HSBC employees have been calling its agricultural customers impacted by flooding to offer support. The bank is working with latest mapping technologies to try to identify properties at risk of flooding and proactively make contact with customers.
Insurance claim loss adjusters have been posted to some of the worst-hit areas, such as Somerset and the Thames Valley to ensure claims can be processed quickly. And the personal insurance call centres have been working additional hours to ensure calls and claims are dealt with in real time where possible – with most calls answered within 20 seconds.
