HSBC Bermuda Offer ‘Debt Relief Measures’

March 19, 2020

Customers can apply for interest-only payments and/or deferred payments for up to 3 months for loans and mortgages, customers may apply for a moratorium for their credit cards & Personal Line of Credit payments for up to 3 months, and credit card over limit and late fees will be waived for a 3 month period, HSBC Bermuda said today.

A spokesperson said, “As the Novel-Coronavirus [Covid-19] impacts various industries in Bermuda, HSBC announced today new measures that will provide comprehensive and immediate financial assistance to its customers affected by this global pandemic.

“The debt relief measures to be offered by HSBC Bermuda to those customers experiencing temporary financial distress or setbacks are as follows:

  • “Customers can apply for Interest-only Payments and/or Deferred Payments for up to 3 months, for loans and mortgages to help them better manage their repayments.
  • “In addition, customers may apply for a moratorium for their Credit Cards & Personal Line of Credit [PLOC] payments for up to 3 months.
  • “Credit Card over limit and late fees will also be waived for a 3 month period.”

Tanya Bule, Interim Head of Wealth and Personal Banking, HSBC Bermuda shared: “HSBC Bermuda is fully committed in its support of the local community.

“We understand that a segment of our customers will be impacted by these unprecedented events and are taking appropriate actions to help alleviate the financial burdens they may experience. As such, we will actively work with our customers who may be financially impacted by Covid-19 to review their current situation and identify appropriate solutions.”

“These applications for relief measures will be assessed and approved on a case-by-case basis. For customers who require assistance please contact the Bank to arrange an appointment by calling 299 5959 or speak to their Relationship Manager to discuss potential solutions.”

You can view all our coverage of the coronavirus Covid-19 pandemic here, our continuously updated live blog here and please recall to follow all guidance from the officials like washing your hands, adhering to self quarantine if relevant, and practicing social distancing!

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Comments (6)

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  1. mixitup says:

    Smh – How about you suspend HSBC, and not Apply? I see a change of banks coming when the dust settles.

    • Stubbs says:

      I’m switching banks

    • wondering says:

      So am I. I emailed 3 times and was called back only to have to go through an interview that was already decided before I finished only to be told that wellllllllll, it doesnt sound like blah blah blah!

  2. Is that right!! says:

    HSBC can you explain how much it will cost customers on the back end? Because interest only for 3 months means the principal still owing for those 3 months will incur another 3 months of interest later. Correct me if I’m wrong? Why don’t you just lower the interest rates for all across the board.