{"id":92011,"date":"2023-04-19T23:23:21","date_gmt":"2023-04-19T23:23:21","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2023\/04\/19\/bank-says-no-real-risk-in-ringing-for-financial-help\/"},"modified":"2023-04-19T23:23:21","modified_gmt":"2023-04-19T23:23:21","slug":"bank-says-no-real-risk-in-ringing-for-financial-help","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2023\/04\/19\/bank-says-no-real-risk-in-ringing-for-financial-help\/","title":{"rendered":"Bank says no real risk in ringing for financial help"},"content":{"rendered":"
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According to the Santander boss, it gets better, not worse, to call a bank when faced with financial problems when prices go up.<\/b><\/p>\n<\/div>\n

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Mike Regnier, the bank’s UK chief executive, said early reporting of difficulties could save further pain and might not affect a customer’s creditworthiness.<\/p>\n<\/div>\n

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The BBC visited Santander’s support center as staff took calls from people struggling to afford nappies and milk.<\/p>\n<\/div>\n

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Staff say some cases can bring them to tears.<\/p>\n<\/div>\n

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“Sometimes it brings a tear or two to your eyes. People go through difficult times,” said Maxx Townend, one of the helpline operators working in Bradford. <\/p>\n<\/div>\n

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\u201cBut you have to be that strength for her. When two people break down on the phone, things get a little muddled. But if you’re such a strong person, they’re going to feel so strong, so.” <\/p>\n<\/div>\n

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The rising cost of living has meant calls to the hotline have increased by 14% since last year, while the number of people accessing its website’s support pages has increased by nearly 50%.<\/p>\n<\/div>\n

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Mr Townend, 23, has been with the company for seven months after seeking help from his bank during the pandemic. <\/p>\n<\/div>\n

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“I was in her shoes and I thought I want to do it,” he said. <\/p>\n<\/div>\n

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His colleague Kerimachen has been with Santander for 15 years.<\/p>\n<\/div>\n

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“We have to show at the end of the call that we’re human,” she said. \u201cThere are some stories that are incredibly difficult for them to explain, for us to hear and the right thing to say. But I think as long as we take the time to really understand what they’re telling us, we can work together and find a way out.”<\/p>\n<\/div>\n

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  • Overdraft changes saved borrowers \u00a31billion, says Watchdog<\/li>\n
  • Warning: Christmas debt can take years to pay off<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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    During the BBC’s visit, some customers were looking for basic advice on how to reduce their spending, but many called in to free up funds to pay for everyday needs. <\/p>\n<\/div>\n

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    “We know the challenges that this is real life that people deal with on a day-to-day basis,” Mr Regnier said. <\/p>\n<\/div>\n

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    The team proactively contacts customers who are at risk of not being able to cover their monthly expenses. <\/p>\n<\/div>\n

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    \n
      \n
    • talk to someone <\/b>You are not alone and there is help. A trained debt counselor can explain the options to you. Here are some organizations you can get in touch with.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
      \n
      \n
        \n
      • take control<\/b> Citizens Advice suggests that you find out how much you owe, to whom, what debts you owe most, and how much you have to pay each month.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
        \n
        \n
          \n
        • Ask for a payment plan.<\/b> For example, utilities must give you a chance to pay off your debt before taking action to recover the money<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
          \n
          \n
            \n
          • Check if you get the right money.<\/b> Use the independent MoneyHelper website or performance calculators operated by Policy in Practice and the charities Entitledto and Turn2us<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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              \n
            • Please take a breather.<\/b> If you are receiving debt advice in England and Wales you can request a break to protect yourself from further interest and charges for up to 60 days.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
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              Tackling together: More tips on dealing with debt<\/p>\n<\/div>\n

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              Research and transactional data from elsewhere in the sector suggests that many people have avoided debt by using savings and cutting back on non-essential spending.<\/p>\n<\/div>\n

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              Two broad camps have formed among consumers as prices and bills have soared over the winter, despite the fact that everyone’s financial situation is different.<\/p>\n<\/div>\n

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              Banks say millions of people have built up a savings buffer and kept their jobs during the Covid lockdown, which has helped deal with the rising cost of living. They have also cut various elements of spending to improve their situation.<\/p>\n<\/div>\n

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              The second group does not have that luxury and, while they may be working, may already be in financial difficulties. <\/p>\n<\/div>\n

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              Mr Regnier, from Santander, said he hadn’t seen a big increase in the number of customers defaulting on their debts, nor a big increase in loan amounts. <\/p>\n<\/div>\n

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              For example, there are still fewer customers in arrears on mortgage payments than before the pandemic.<\/p>\n<\/div>\n

              \n

              Around 60 customers are referred to PayPlan every month, the free debt counseling service financed by all banks and the credit industry. <\/p>\n<\/div>\n

              \n

              Among those who have been helped is Zack Wilson from Sheffield. <\/p>\n<\/div>\n

              \n

              After losing his partner to cancer, he found his money problems spiraled. He lost freelance work, had to move, and had unexpected bills to pay.<\/p>\n<\/div>\n

              \n

              Soaring energy and food bills were the last drop, leading to what he called “sheer fear of thinking what’s going to happen? I don’t have enough money to survive.”<\/p>\n<\/div>\n

              \n

              “I didn’t realize how precarious life can be,” he said. <\/p>\n<\/div>\n

              \n

              Last year he went through an Individual Voluntary Arrangement (IVA), a form of bankruptcy. He found that being able to communicate with advisors online and via WhatsApp made a huge difference. <\/p>\n<\/div>\n

              \n

              “I’m not the kind of person who finds it easy to ask for help, but I would urge anyone to do it, don’t be afraid – bite the bullet,” he said. <\/p>\n<\/div>\n

              \n

              He is now a union representative and works on Sheffield City Council. He’s still struggling to make ends meet, but he sees light at the end of the tunnel. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

              According to the Santander boss, it gets better, not worse, to call a bank when faced with financial problems when prices go up. Mike Regnier, the bank’s UK chief executive, said early reporting of difficulties could save further pain and might not affect a customer’s creditworthiness. 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