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Customer forbearance programme - an update
As promised, we contacted all customers who are part of our forbearance programme last Friday (10 October) via email to let them know how they’d been affected and the next steps.
Having emailed them, we will make the relevant adjustments to their loan by the end of October. Once completed, we’ll write to them to let them know.
This follows the announcement we made earlier this month, where we committed to strengthening our lending criteria to ensure we only lend to customers who can reasonably afford to repay their loans. It also included a customer forbearance programme for 375,000 customers in arrears who we wouldn’t have lent to under our new lending criteria.
Under the programme, we’re clearing the outstanding debt for 330,000 customers who are in arrears of 30 days or more, while we’re cancelling the interest and fees for the remaining 45,000 who are in arrears of up to 29 days (as of 2 October 2014). We are also working with the FCA to identify if any further remedial action is required for other customers.
We have set up a dedicated free phone number for customers to call if they have any questions on our forbearance programme, or if they’re still unclear if they’re included. This is 0800 042 0210 from a landline or 0333 003 0830 from a mobile.
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