Santander UK has reached out to almost 150,000 customers it expects to be most severely affected by soaring energy costs amid the fallout from the Iran war.
The high street lending giant said it identified 146,000 vulnerable customers who are likely to be spending more than 10% of their monthly income on energy payments following the increase to the energy price cap in July.
Support and advice offered
It contacted the customers seen as being potentially under significant pressure through email and online notifications, such as through the Santander mobile banking app, to signpost the support available to them.
Customers have been given details of financial help available, with a team of around 400 financial and customer care specialists on hand within the bank to provide tailored budgeting advice and more involved management for those in serious arrears.
Government measures
These precautions were put in place by the bank as the Iran war continues to drive up energy prices and place families under financial pressure.
Mark Weston, director of financial support at Santander UK, said: “We are committed to helping our customers through more challenging times and provide a range of options to support those facing financial difficulties.
“Our dedicated team of financial care specialists are on hand to offer tailored support to those that are worried about their finances or an upcoming payment.
“We understand that debt can be difficult to talk about, but remind customers that simply reaching out will not impact their credit file.”
To reduce cost-of-living pressures, new Prime Minister Andy Burnham this week announced a cut to VAT on electricity bills, which is expected to take off £45 from a typical home’s annual bill under Ofgem’s current price cap.
But as the PM’s tax cut comes into effect, the price cap is forecast by experts to rise by 2% in October from £1,862 to £1,906 a year, largely driven by continuing instability in the Middle East.
