Whilst we are reverting back to our standard pricing from 30 August, if you continue (or reasonably expect) to experience financial difficulties because of the coronavirus pandemic, you can apply to extend the temporary arranged overdraft support on your account(s) for a further three months. You can apply for this extension until 31 October 2020.
The extension of this support is designed to help customers experiencing financial difficulties due to the outbreak. We encourage customers to only request this extra support if necessary, there may be other options available that are more suited to your circumstances.
Extending the temporary arranged overdraft support will not impact your credit file.
Who can make a request to extend the temporary arranged overdraft support?
You can submit an extension request if:
- you hold a first direct 1st Account that has an arranged overdraft limit;
- you’ve been (or reasonably expect to) experience financial difficulties because of the coronavirus pandemic; and
- your ability to afford your overdraft has been temporarily affected – for example, you’ve lost your job or you’re having to work less hours.
If this doesn’t currently apply to you, please do not to make a request now. You’ll be able to make a request until 31 October 2020 if your circumstances change.
You're not eligible to request an extension if:
- you haven’t been directly or indirectly financially impacted by coronavirus
- you’ve already submitted a request to temporarily extend your overdraft pricing
- we have agreed not to charge interest on your account for a set period of time
- you have an account with a negotiated rate (where we have agreed a non-standard rate for your overdraft).
How will this work?
Once you have submitted a request to extend the temporary arranged overdraft support, we will assess this and confirm in writing if we have accepted your request. The extension will be applied to your account(s) from the date detailed in the confirmation email or letter you will receive.
At the end of the three-month extension, we’ll contact you to remind you that your extension is coming to an end and provide details of any further support should you need it. At the end of the extension, your overdraft pricing will revert to our standard pricing.
These are temporary measures and not a change to contractual terms, which remain the same.
How do you request to extend the temporary arranged overdraft support?
To submit a request to extend the temporary arranged overdraft support, you can fill out our short online form below. Once we’ve processed your request, we’ll be in touch as soon as possible but this could take up to seven working days as we’re anticipating a high number of requests.
If you apply for an extension before our temporary support comes to an end on 29 August 2020, we will process your request and if accepted, the earliest it will start is when we revert back to our standard pricing on 30 August 2020. If you apply in the days directly leading up to 30 August 2020, your additional support may not start on 30 August 2020 as it could take us seven working days to process your request due to the volume of requests we are expecting to receive. Regardless of the start date, everyone who is accepted will get three months of additional support.
To fill out the form, you’ll need your:
- account sort code
- account number
You can find these details on your debit card, statements or the ‘Balance’ screen in online banking or in our App.
If your application is accepted, we’ll apply the additional support to all arranged overdrafts you have on 1st Accounts with us.
If your overdraft is on a joint account, only one account holder needs to complete the form. However, you should seek the other account holder’s permission before submitting the form.
Once your request has been processed and a decision has been made, we will contact you by email or send you a letter with an update. We won’t be able to provide this decision over the phone.
Should you need assistance with this form, please call us on 03 456 100 100.
Will this affect my credit rating?
Your credit file will not be impacted if you ask to extend your temporary arranged overdraft support.
If you go into an unarranged overdraft this may adversely affect your credit file. An unarranged overdraft is when your account goes overdrawn and you don’t have an arranged overdraft, or you go over your arranged overdraft limit. We will report accounts to Credit Reference Agencies that have been in a continuous unarranged overdraft for 30 or more days. This could negatively affect your credit file and your ability to get credit in the future.
Is there any more help or advice I can get?
Keep visiting our coronavirus hub to stay up to date. If you have a first direct Credit Card, Personal Loan, or Mortgage you may be eligible for a three-month payment holiday / deferral.
You can also get free independent advice from:
- StepChange Debt Charity Opens an overlay [Will show a security message first] or call 0800 038 1111
- The Money Advice Service Opens an overlay [Will show a security message first]: visit its website, it’s dedicated COVID-19 Support Page or call 0300 500 5000
- National Debtline Opens an overlay [Will show a security message first]: visit its website or call 0808 808 4000
- Citizens Advice Bureau Opens an overlay [Will show a security message first]: visit its website or call 0344 411 1444
- Financial Conduct Authority: visit its Dealing with financial difficulties during coronavirus information page.