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26143posts

COVID-19 (coronavirus) information

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Little helper

Re: COVID-19 (coronavirus) information

My mum has sadly passed away. She was a joint policyholder on my home insurance. I went to remove her details and was shocked to see I would have to pay another £93 - which I think is appalling in present climate. I have just seen the above update stating “ no fees for changes to insurance info”

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Your Community Expert

Re: COVID-19 (coronavirus) information

Hi Debra, I'm sorry again to hear about this. I'm glad we managed to get this sorted out for you via Facebook, but please let me know if you need anything else 🙂 - Christina 

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Little helper

Re: COVID-19 (coronavirus) information

Hi if i take a payment break due to the coronavirus, it states the interest will still be added. does this mean once i start paying again after the payment break ends that my minimum monthly payments will go up?

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Your Community Expert

Re: COVID-19 (coronavirus) information

Hi @becka29, thanks for getting in touch. Your minimum payment will still be £25 or 1% of your balance, whichever is greater - Caroline

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Little helper

Re: COVID-19 (coronavirus) information

Thank you for the response, so I currently pay the minimum payment for example £70 a month which normally stays around the same monthly. If I do my payment break, and the interest is still be charged whist on this, at the end of the payment break would my monthly payment increase due to the unpaid 3 months interest
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Your Community Expert

Re: COVID-19 (coronavirus) information

@becka29 If your minimum payment is 1% of your balance, it may slightly increase if your balance increases. We'll be back in touch before the end of the payment break with an update on this - Caroline

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Little helper

Re: COVID-19 (coronavirus) information

I've requested a loan break and received an email back from Tesco as confirmation its been received. Ive read it is advised to now cancel my direct debit so no payments are taken..but will this damage my credit score? Thanks
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Your Community Expert

Re: COVID-19 (coronavirus) information

@Shaun-89, we’ll make sure there’s no impact on your credit file. The email is sent out automatically when a payment is missed, but please disregard this. It may be the case the team haven't worked through the payment delay request form yet, which is why the email might have been sent. Hope this clarifies things for you! - Keigan

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Little helper

Re: COVID-19 (coronavirus) information

I'm glad to see Tesco Bank is being proactive in helping customers at this difficult time. Perhaps it can be helpful in the following circumstances too:

Like me, thousands of customers will be expecting to receive, or have already received, refunds into credit card accounts for holidays, flights or significant purchases which have been unable to be fulfilled because of Covid-19. Many of these refunds will be of significant size.
e.g. I booked a golf holiday for 8 players including myself and am expecting a refund to my Tesco credit card a/c of more than £10000.
I do not wish to have that amount of money sitting in my credit card account indefinitely and, in any case, the other 7 players are due a share of that refund.
HOWEVER, if I wish to move the money into my current account with Tesco Bank (or any other bank for that matter) I am due to be charged a 3.99% fee as part of the transaction.
It seems VERY unfair that I shall have to pay around £400 for this purpose and for a reason that was totally outwith my control or reasonable expectation.

Can Tesco Bank please consider waiving such fees for, say, 3 months during the Covid-19 crisis?

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Little helper

Re: COVID-19 (coronavirus) information

hi i need 3 months payment holiday due to covid19