Customers Facing Financial Difficulty

Over the past few years, we have seen many different changes to our world. This includes a rise in the cost of living combined with fluctuating rental rates.

Whether you are a homeowner or a Buy-to-Let landlord and you are facing financial difficulties or are worried that you may do, we are here to support you.

Contact us as soon as you can so we can work with you to find the most appropriate solution.

To get in contact with us, please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page and where possible, we will get back to you at a time convenient for you.

We are here to support you whether you have missed a payment, or you are worried that you may be about to. If you are beginning to struggle managing your finances or you would like to speak with someone independent that can offer you some support, there are a number of free and impartial not-for-profit debt advice agencies that can offer money guidance and support. We have listed some further down this page.

Talking to us at the earliest opportunity helps us to support you quickly, and just talking to us will not impact your credit report or rating

We will work with you to find a solution that works for you and is based on your specific circumstances. As part of this, we may ask you to provide us with details of your income and your expenditure. This is so that we understand your financial position and offer a solution that is right for you.

The following are some of the options that are available to support you.

Before deciding on the most appropriate option, we will discuss with you what impact it will have on your overall financial position. We will also give you time to think about whether it is right for you, based on your individual circumstances.

Payment arrangement

A payment arrangement is an agreement with us to pay back any missed payments each month. The amount that you pay back is based on what you can afford and should allow for any unexpected expenses.

Payment holiday

A payment holiday is where we agree with you not to make any payments for a temporary period to your Purchase Plan.

During this time, the payments you don’t make will build up. At the end of the payment holiday, we will contact you to discuss and understand your circumstances. If further support is needed, we will discuss the best options for you. Or, we will make an agreement with you to catch up on the payments that you have missed.

This may be for example where you have recently lost your job but are about to shortly start a new job.

Reduced payments

If you are experiencing short-term financial difficulties and can make some payment to your Purchase Plan each month but not all, we may agree a short period where you can make reduced payments.

This shortfall in payments will build up and at the end of the period of making reduced payments, we will contact you to discuss your current financial situation.

If further support is needed, we will discuss the best options for you. Or, we will make an agreement with you to catch up on the shortfall.

This may be for example where you have had an unexpected expense so you can’t make your full payment but can pay something for a few months.

Temporary transfer to rent only

If your Purchase Plan is Acquistion and Rent, one way to reduce your payments is to temporarily transfer to Rent Only.

If this is the most appropriate option based on your circumstances, at the end of the agreed temporary transfer your payments will be recalculated and increase to cover the missed acquisition payments.

Term extension

If your Purchase Plan is Acquistion and Rent, one way that you may be able to reduce your payments is by extending the term of your Purchase Plan.

This means that it will be longer before you own the Property. To consider this option, you will need to meet the Bank’s current financing criteria.

The options detailed above are potential options that may be available. Whether these options are offered to you depends on your individual circumstances.

We will talk you through the most appropriate solution available, discuss what this means and the impact it will have on your overall financial position and offer you time to have a think about whether this is right for you.

We have put together some practical tips to help you manage your finances:

• Benefits / Grants: check whether there may be any benefits or grants that you are entitled to that you aren’t receiving take a look at entitledto;
• Budget: take a look at our 'Understanding your budget' section below;
• Mindful buying - consider your reasons for buying something – whats the reason you really need it? Could you buy a cheaper alternative elsewhere?
• Subscriptions: look at your subscriptions (your Direct Debits, Standing Orders and any other payments that are going out on a regular basis), to check to see whether you are paying for anything that you don’t use;
• Buyer Temptation - are you being tempted by special offers or marketing emails? Consider unsubscribing from marketing promotions to avoid the temptation;

These are just a few tips.

Whether you are facing financial difficulties or are worried that you may do, there are a number of free and impartial not-for-profit debt advice agencies that can offer money guidance and support. We have listed some further down this page.

We would also encourage you to talk to us where we can offer support or direct you to others that may be able to help. To get in contact with us, please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page and where possible, we will get back to you at a time convenient for you.

A budget planner is a good way of understanding what money you have coming in, what money you have going out and if you need to make any adjustments.

When discussing the support we can offer you, we will ask you to provide us with details of your income and expenditure.

When looking at your budget planner it is important to understand what your priority and non-priority debts. Your priority debts will need to be paid first as there may be a greater impact if these payments are not made. have severe consequences for non-payment.

To obtain a budget planner, guidance on how to complete one and to find out more about priority and non-priority debts, there are free and impartial not-for-profit advice agencies that can assist you, some of which are listed further down this page.

If you have already spoken with a debt agency and completed an income and expenditure with them, we may be able to use this information to decide what support we are able to offer. We would also encourage you to talk to us where we can offer support or direct you to others that may be able to help. To get in contact with us, please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page and where possible, we will get back to you at a time convenient for you.

You may wish to obtain some independent advice. As well as Government Support, there are a number of free and impartial not-for-profit debt advice agencies that can offer money guidance and support:

Government support: Cost of living support: Overview - GOV.UK (www.gov.uk)

Get help with the cost of living | GOV.WALES

Provides information on the cost-of-living support available and benefits you may be entitled to.

Money Helper (formerly the Money Advice Service): www.moneyhelper.org.uk

Provides advice and information on how to manage your finances including budgeting, savings and pensions

T: 0800 138 7777 (England) and 0800 138 0555 (Wales)

Stepchange: www.stepchange.org

Provides advice and support on how to deal with debts.

T: 0800 138 1111

National Debtline: www.nationaldebtline.org / Business Debtline: www.businessdebtline.org

Provides help and support to both individuals and businesses on how to manage your finances including debt advice.

T: 0808 808 4000

Citizens Advice: www.citizensadvice.org.uk

Provides advice on a wide range of areas.

T: 0800 144 8848 (England) and 0800 702 2020 (Wales)

We appreciate that these times can also have an impact on your physical and mental health. For additional support, please complete the form at the bottom of this page or visit our 'Change in circumstances' page. Mind provides information and support to those that are suffering from mental health problems:

Mind: www.mind.org.uk

T: 0300 123 3393

If you are struggling to keep up with your payments or are already in arrears, we would always encourage you to speak to us as soon as possible.

To provide you with some further support we have a set of Q&As:

I’m struggling to keep up with my finance payments, can you help?

• If you are struggling to keep up to date with your finance payments, please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page so we can work with you to understand your circumstances and discuss the support and options available to you
• Alternatively, there are free advice agencies detailed above who can provide additional support and guidance

I can make my monthly payments at the moment but am worried about being able to make future payments. What should I do?

• You should continue to make your monthly payments if you can
• However, if in the future you feel you will struggle to make payments you should contact us by completing the form at the bottom of this page or telephone us on (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time), so we can work with you to understand your circumstances and discuss the support and options available to you

I’m currently in arrears, will the Bank repossess my home/rental property?

• If you are in arrears with your purchase plan, please contact us by completing the form at the bottom of this page or telephone us on (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time), so we can work with you to understand your circumstances and discuss the support and options available to you prior to taking legal action. We encourage you to speak with us regarding your situation
• We will ensure that you are fully informed of all next steps

Will my credit file be impacted if payments are not made?

Talking to us about your circumstances and the options available to you will not affect your credit file but not making your full monthly payments may do. We encourage you to speak with us regarding your situation. Please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page and where possible, we will get back to you at a time convenient for you.

Where you miss a monthly payment or don’t pay the full amount, this will be reflected on your credit file and may impact on your ability to obtain credit in the future. For example, when applying for a loan or credit card.

If any forbearance is agreed with you, your credit file will be updated to reflect this. Other creditors will then be able to see that we have a payment arrangement in place with you.

Please visit the Equifax website if you would like any further information about how your data is used.

My current fixed rate is coming to an end and I want to switch to a new fixed rate product. Can I apply for a new fixed rate?

Please contact us by completing the form at the bottom of this page or telephone us on (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time), so that we can discuss these options with you.

The Bank helped me in the past when I was struggling to make payments, will they be able to help me again?

If you are struggling to make payments, there are various options available to you listed in our Support and Guidance section. If you are worried that you are facing financial difficulties or are worried that you may do, we are here to support you and are keen to talk to you to find a suitable option based on your individual circumstances.

To get in contact with us, please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page and where possible, we will get back to you at a time convenient for you.

I am already speaking with an advice agency, can you speak with them on my behalf?

Yes – we will send you out the relevant form to complete and return to us. Once we have completed a few checks, we should be able to talk to them on your behalf.

If you have already provided them with an income and expenditure form, we may be able to use this information when working with the agency to decide what support might be available.

I am behind on payments with other companies, can you still offer me support?

Before deciding on the best options available to support you, we will take into consideration any debts you have with other companies. For example utilities, council tax or other essential living costs.

Please telephone (within UK) 08000 353 253 or (outside UK) +44 20 7070 6960, and select Option 2 (Mon-Fri, 9am-5pm UK time). Alternatively, complete the form at the bottom of this page and where possible, we will get back to you at a time convenient for you.

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Page content last updated on 4 November 2024.