Nationwide braces for customers failing to repay loans after strong summer

Lincoln Wylie

The UK’s biggest building society Nationwide is bracing for shoppers to struggle to repay loans after putting aside £139m for negative debts because of to the pandemic. 

The mutual, which has gained much more than a hundred,000 calls from users every single month considering that the pandemic erupted in March, doubled its provision for bank loan losses from £57m a calendar year in the past.

Irrespective of the uncertainties its pre-tax revenue rose 17pc to £361m. 

The figures address the six-month interval from April to September, masking the summertime and most of the to start with lockdown but meaning the impression from this latest lockdown is not involved. Most financial institutions documented a remarkably robust 3rd quarter, with the Bank of England’s chief economist Andy Haldane saying in late September that the financial state had recovered “much more rapidly” than anyone envisioned about the previous four months.

However the numbers

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