Santander has contacted almost 150,000 customers it believes could be struggling with soaring energy bills, urging them to seek help before their finances worsen.
The high street bank said it has identified around 146,000 customers who are expected to spend more than 10% of their monthly income on energy bills following July’s increase to Ofgem’s energy price cap.
Those customers have been sent emails and notifications through Santander’s mobile banking app explaining what support is available and encouraging them to get in touch if they are worried about making payments.
The move comes as households continue to face higher energy costs following disruption to global markets caused by the conflict involving Iran, with experts also forecasting another increase to the energy price cap this autumn.
Santander said customers who have been contacted can access tailored budgeting advice, while around 400 financial support and customer care specialists are available to help people who are already struggling or falling behind with payments.
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.”
He added: “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.”
Weston also sought to reassure customers who may be reluctant to ask for help.
He said: “We understand that debt can be difficult to talk about, but remind customers that simply reaching out will not impact their credit file.”
The warning comes despite measures announced by Prime Minister Andy Burnham to ease pressure on household budgets, including a cut to VAT on electricity bills that is expected to save the average household around £45 a year under the current Ofgem price cap.